Robert And Ardis James Company Limited

SAT-appeal

• Challenge to SEBI's exemption allowing Tamilnad Mercantile Bank to withdraw the OFS and avoid filing a fresh DRHP; appellants also sought participation in the OFS.
  Appeals were heard together because they raised common issues. · Questions concerning the appellants' eligibility to participate in the OFS were left for determination by the pending Bombay High Court writ proceedings.
  Appeal: Appeal Nos. 528, 529 and 530 of 2022 decided by SAT on 02 September 2022; Bombay High Court writ petitions concerning OFS eligibility were still pending.
• Alleged wrongful exclusion of disputed shareholders from OFS and illegal SEBI exemption allowing Tamilnad Mercantile Bank to withdraw OFS without fresh DRHP or shareholder resolution.
  All three appeals decided by common order; Tribunal observed DRHP/OFS eligibility issues are pending before Bombay High Court and cannot be considered at this stage
  Appeal: Appeal Nos. 528, 529 and 530 of 2022 with Misc. Applications 866-871 of 2022 decided on 02.09.2022; related writ petitions pending before Bombay High Court
• Challenge to SEBI’s exemption permitting Tamilnad Mercantile Bank to withdraw the OFS portion and avoid filing a fresh DRHP; appellants claimed entitlement to participate in the OFS.
  Commonly decided Appeals Nos. 528, 529 and 530 of 2022 were not entertained at this stage because related writ petitions remained pending before the Bombay High Court.
  Appeal: Appeal Nos. 528, 529 and 530 of 2022 decided by SAT on 02 September 2022; related Bombay High Court writ petitions were stated to be pending.