AI Structured Summary
Not yet generated for this judgment
Judgment
Heard the learned Advocates for the parties and the following order is passed :
(i) It is agreed by and between the Petitioner and Respondent Nos.2, 3 and 5 that the Respondent No.3 and the Stock Exchange shall proceed with the allotment of right shares to the shareholders of Respondent No.3.
(ii) The issue as to whether the promoters of Respondent No.3 are required to make fresh payment/s for the right shares allotted to them or can be allowed to adjust the consideration for the right shares against the loans advanced by the promoters of Respondent No.3 Company shall be decided by the Respondent No.1 in the complaint already filed by the Petitioner before Respondent No.1 - SEBI.
(iii) The issues raised in the complaint filed by the Petitioner before Respondent No.1 - SEBI shall be finally decided by SEBI within a period of 12 weeks from today including the issues raised by the Petitioner under the take over code. Before deciding the complaint, SEBI shall give a hearing to the parties. All contentions of the parties are kept open.
(iv) Needless to add that the order passed by the SEBI may be appealed against by the aggrieved party.
(v) The learned Advocate for the Petitioner on instructions states that in view of the above order, the Petitioner is not pressing any other prayers sought in the above Writ Petition and seeks liberty to pursue the same before the appropriate Court/ forum, if so advised.
(vi) The above Writ Petition is accordingly disposed of with liberty as sought.