Jumbo Bag Limited vs Securities and Exchange Board of India & Another on 9 December 2014

1. Securities and Exchange Board of India & Anr. SEBI Bhavan, Plot No.C-4A, G Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400 051.

2. BSE Limited

Floor 25, P.J. Towers, Dalal Street,

Fort, Mumbai – 400 001.

… Respondents

Mr. Ankit Lohia, Advocate and Mr. Ajai Achutan, Advocate for the Appellant.

Mr. Kumar Desai, Advocate with Mr. Rushin Kapadia, Advocate i/b K. Ashar & Co. for Respondent No.1.

Mr. P.N. Modi, Senior Advocate with Mr. Anubhav Ghosh, Advocate i/b The Law Point for Respondent No.2.

CORAM :

Justice J.P. Devadhar, Presiding Officer

Jog Singh, Member

A. S. Lamba, Member

Per : Justice J.P. Devadhar (Oral)

Misc. Application No. 175 of 2014

By this Misc. Application, Appellant seeks condonation of delay of 235 days and 53 days in filing the Appeal against communications of SEBI and BSE, respectively. For the reasons stated in the application, the delay is condoned. Misc. Application is disposed of accordingly with no order as to costs.

Appeal No.399 of 2014

Appellant is aggrieved by communication dated 18th February, 2014 issued by SEBI as well as two communications issued by BSE on 24th July, 2014 and 19th August, 2014, respectively.

2. Dispute in the present case relates to the question as to whether SEBI as well as BSE are justified in rejecting the application of the appellant seeking extension of time to file quarterly financial results for the quarter ended December 31, 2013, without assigning any reason. Since the impugned communications do not contain any reason, counsel on both sides state that the said communications may be quashed and set aside with liberty to BSE to pass a fresh order on merit and in accordance with law. Accordingly impugned communications issued by SEBI & BSE are quashed and set aside and BSE is directed to pass fresh order on the application filed by the Appellant after giving personal hearing to the Appellant. Since BSE has expressed difficulty in construing SEBI Circular dated September 30, 2013 especially clause 6 thereof, we direct SEBI to intimate to all the Stock Exchanges including BSE as to the circumstances under which Stock Exchanges can grant extension of

time to file quarterly financial results under the listing agreement preferably by giving any illustration in that behalf. SEBI is directed to issue such direction within two weeks from today so that the Stock Exchanges can henceforth effectively dispose of the applications filed seeking extension of time to file quarterly financial results under the listing agreement.

3. Appeal is disposed of in the above terms with no order as to costs.

Sd/-

Justice J.P. Devadhar Presiding Officer

Sd/-

Jog Singh

Member

Sd/- A.S. Lamba

Member 09/12/2014 Prepared & compared by-ddg