Supreme Court of India
M/s. Discovery Wealth Management Services Pvt. Ltd. & Ors. v. Mis. Padmini Engineering Pvt. Ltd. & Ors.
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
What the Court ordered
In view of the aforesaid analysis, we are disposed to think that the construction ·placed by the learned senior counsel for SEBI commends acceptation and we give the stamp of approval to the same.
Judgment, page 14
From the headnote
Securities Contracts (Regulation) Rules, 1956: r.19(2)(b)- Securities and Exchange Board of India (Listing of Securities) Guidelines, 2003: clauses 8.1 to 8.5, 12.1 - Delisting of shares- BSE did not al/ow the delisting of shares of Hefla· Ltd. as level of public shareholding in Hella India did not go below 10% - Held: The offer of delisting would fail if the public shareholding does not fall below the minimum . listing conditions or the listing agreement- In the instant case, as per the agreement between the company He//a India and BSE, the level of public shareholding fixed for continuous
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