Girdharilal Sugar and Allied Industries Ltd.

SAT-appeal

• Compulsory delisting of the appellant companies by BSE's Delisting Committee, allegedly without an opportunity to revoke suspension and without an opportunity of being heard.
  Impugned BSE Delisting Committee orders dated 16 August 2016 quashed and set aside. · Promoters to undertake not to sell, dispose of, alienate or encumber assets until fresh orders and for four weeks thereafter.
  Appeal: Appeal Nos. 349, 351, 352 and 393 of 2016 disposed of by SAT on 29 June 2017; impugned orders dated 16 August 2016 set aside subject to conditions.
• Compulsory delisting by BSE for prolonged suspension / non-compliance; promoters directed to acquire public shareholding at valuer-determined price.
  Impugned BSE delisting orders all dated 16.08.2016 quashed and set aside subject to promoter undertaking · Delisting Committee of BSE to pass fresh order on merits after fresh representation
• Compulsory delisting by BSE for suspension-related non-compliance without prior opportunity to seek revocation of suspension or hearing.
  Impugned BSE delisting orders all dated 16 August 2016 quashed and set aside · BSE Delisting Committee to pass fresh orders on merits after fresh representation
  Appeal: Appeal Nos. 349, 351, 352 and 393 of 2016 disposed on 29 June 2017 by remand to BSE
• Challenge to compulsory delisting orders passed by BSE's Delisting Committee, including directions requiring promoters to acquire delisted equity shares from public shareholders.
  Impugned BSE Delisting Committee orders dated 16 August 2016 quashed and set aside. · Promoters to undertake not to sell, dispose of, alienate or encumber assets until fresh orders and for four weeks thereafter.
  Appeal: Appeal Nos. 349, 351, 352 and 393 of 2016 disposed of by SAT on 29 June 2017; impugned orders set aside subject to conditions.