sebi:WTM/GA/MRD/DSA/58
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Interim directions issued restraining action on EGM resolutions and vesting day-to-day functioning in committee pending final decision
Provisions invoked
- s. 11
- s. 169
- s. 12A
- s. 12
Parties
- Council of Management of CSX
- CSX
Holding
SEBI restrained CSX from acting on the Extra-ordinary General Meeting resolutions of February 15, 2006 and March 31, 2006 and from transferring or altering exchange properties, and entrusted day-to-day functioning to a three-member committee chaired by the SEBI Nominee Director pending final decision on supersession.
Full text
9. On the basis of the aforesaid findings indicating violation by CSX of the SCRA, SEBI Act, SEBI Circulars and non-implementation of specific instructions / directives of SEBI i from time to time, a detailed show cause notice under Section 11 of SCRA, dated November 22, 2005 was issued to the Council of Management of CSX calling upon it to cause as to why appropriate directions including supersession of the Council of Management should not be passed in order to regulate the functioning of the exchange and o development of the securities market. 10. CSX, vide its letter dated December 06, 2005, submitted a detailed reply denying the allegations of irregularities / lapses in the functioning of the Exchange as alleged in the cause notice and requested for personal hearing.
23. It may also be noted that the Public Representative Directors / SEBI Nominee Director are appointed from amongst the persons of integrity, having necessary profes competence and experience in the areas related to securities markets. They are inducted in the Governing Boards of stock exchanges along with the elected broker membe synergy of sorts, to broad base the governing boards and to make them fully representative of various interests in the securities markets and in order to ensure that the affairs stock exchanges are conducted on healthy lines with the highest standards of professional conduct, good governance and transparency to inspire and sustain the confidence investing public.
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Source: SecMarx — sebi:WTM/GA/MRD/DSA/58. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.