Securities Appellate Tribunal
Sellwin Traders Ltd. vs BSE Limited on 7 September 2026
IN THE SECURITIES APPELLATE TRIBUNAL AT
MUMBAI
DATED THIS THE 7TH DAY OF SEPTEMBER, 2026
CORAM : Justice P. S. Dinesh Kumar, Presiding Officer Ms. Meera Swarup, Technical Member
Appeal No. 243 of 2026
And
Misc. Application No. 703 of 2026
Between
Sellwin Traders Ltd.
214, Jodhpur Gardens,
P. S. Lake,
Kolkata – 700045.
…. Appellant
By Mr. Mandeep Singh Saluja, Advocate for the Appellant.
And
BSE Ltd.
Floor 25, P. J. Towers,
Dalal Street, Mumbai - 400 001.
…. Respondent
By Mr. Pesi Modi, Senior Advocate with Mr. Manish Chhangani, Mr. Neville Lashkari, Mr. Sumit Yadav, Mr.
Karthik K.P., Mr. Devya Shah, Advocates i/b. The Law Point for the Respondent.
THIS APPEAL IS FILED UNDER SECTION 23L OF SCR
ACT, 1956 TO SET ASIDE ORDER DATED JUNE 3, 2026
(EX-A) PASSED BY BSE.
THIS APPEAL COMING ON FOR HEARING THIS 7TH DAY
OF SEPTEMBER 2026, THIS TRIBUNAL PASSED THE
FOLLOWING:
Citations and Judicial Treatment
Cited by
0
Decisions in the index citing it
Cites
0
Decisions referred to
In this index
0
Of the decisions it cites
Overruled / Questioned
0
No negative treatment found
Loading the citing and cited decisions…
This judgment in the centre: on the left the decisions it cites, on the right the decisions citing it. Colour is the treatment; choose a decision to open it.
O R D E R
Per : Justice P. S. Dinesh Kumar, Presiding Officer (Oral)
This appeal is directed against show cause notice cum ex parte ad-interim order dated 03.06.2026 passed by the BSE Limited (‘BSE’ for short).
2. We have heard Mr. Mandeep Singh Saluja, learned Advocate for the appellant and Mr. Pesi Modi, learned Senior Advocate for the BSE.
3. Brief facts of the case are, Sellwin Traders Limited (‘Company/appellant’ for short) is a limited company. It has challenged the show cause notice cum ex parte ad-interim order in this appeal.
4. Mr. Mandeep Singh Saluja, learned Advocate for the appellant submitted that BSE conducted an inspection on 09.07.2026. BSE’s allegation is that the case is, the Company was not in existence at the registered office at the time of inspection. He submitted that appellant Company had some issues with the landlord and the same has been resolved. According to Mr. Saluja, the only allegation against the Company is violation of Section 12 of the Companies Act, 2013 with regard to the registered office.
5. In reply, Mr. Pesi Modi, learned Senior Advocate submitted that when the BSE officials visited on 09.07.2026, they found only three staff members. No records were made available to the BSE officials. The Company Secretary claimed that the salaries were paid in cash and all records were kept in the corporate office. BSE official visited corporate office on the next day. They did not find Company’s name board, but Company’s name was written on a piece of paper and stuck on the wall inside the premises. On 13.07.2026, BSE officials again visited the corporate office. It was informed that there were three employees and later on, they were informed that there is only one employee and he was also on leave.
6. In substance, Mr. Modi submitted that appellant has not furnished the financials and during the course of inspection there were no staff members, no records were made available. He submitted that BSE does not desire to take harsh action to suspend the trading or to delist an entity unless compelled by circumstances. In the instant case, the facts noted above have compelled the BSE to pass the interim order. He submitted that if appellant complies with all requirements, BSE officials shall make another inspection and pass appropriate order within a fixed timeline.
7. Having heard the learned advocates on both sides, we are of the opinion that it is just and appropriate to direct the appellant to complete all the required compliances.
8. Hence, the following :-
ORDER
i. Appellant shall complete all required compliances.
ii. BSE shall conduct a fresh inspection and grant an opportunity of hearing to the appellant on 21.09.2026. After hearing the appellant’s advocate/ authorised representatives, BSE shall pass appropriate orders.
iii. The above exercise shall be completed within an outer limit of 30 days from today.
iv. The appeal is disposed of with above directions.
v. Pending interlocutory application(s), if any, stand disposed of.
vi. No costs.
Justice P. S. Dinesh Kumar Presiding Officer
Ms. Meera Swarup Technical Member
07.09.2026 PTM MRS PRAMILA Digitally signed by MRS PRAMILA Date: 2026.09.09 00:25:25 -07'00'