IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 8TH DAY OF APRIL 2019 BEFORE THE HON’BLE MR. JUSTICE ALOK ARADHE WRIT PETITION NO.9989/2014 (GM-RES) BETWEEN:
FALCON TYRES LIMITED, K.R.S ROAD, METAGALLI, MYSORE-570016. KARNATAKA, INDIA.
REPRESENTED BY ITS COMPANY SECRETARY MR. M.C BHANSALI AGED ABOUT 59 YEARS.
(BY SRI. MANJUNATH K. V., ADV. - ABSENT) AND:
1. BOMBAY STOCK EXCHANGE LIMITED 1ST FLOOR, P.J.TOWERS, DALAL STREET, MUMBAI-400001. MAHARASHTRA. INDIA.
THROUGH ITS GENERAL MANAGER. DEPT. OF CORPORATE SERVICES.
... PETITIONER 2. SECURITIES AND EXCHANGE BOARD OF INDIA SEBI BHAVAN, PLOT NO.C-4A, G BLOCK, BANDRA KURLA COMPLEX, MUMBLAI-400 051.
MAHARASHTRA, INDIA. THROUGH ITS CHAIRMAN.
... RESPONDENTS (BY SRI. VIVEK B. S., ADV. FOR SRI. NANDIPUR K DILIP, ADV. FOR R1 SRI. VIDUR NAIR, ADV. FOR SRI. T. SURYANARAYANA, ADV. FOR R2) THIS WRIT PETITION IS FILED UNDER ARTICLE 226 OF THE CONSTITUTION OF INDIA PRAYING TO DIRECT THE RESPONDENT TO CONSIDER AND PASS APPROPRIATE ORDERS ON THE APPLICATION DTD.26TH APRIL 2012 FILED BY THE PETITIONER FOR IN PRINCIPLE APPROVAL UNDER CLAUSE 24 (A) OF THE LISTING AGREEMENT WITH REGARD TO ISSUE AND ALLOTMENT OF 4,33,87,048 EQUITY SHARES OF FACE VALUE RS.5 PER SHARE AT AN ISSUE PRICE OF RS.33.26 PER SHARES ON RPEFERENTIAL BASIS AT ANNEX-A.
THIS WRIT PETITION COMING ON FOR PRELIMINARY HEARING IN ‘B’ GROUP THIS DAY, THE COURT MADE THE FOLLOWING:
O R D E R None for petitioner.
Sri. Vivek B. S., learned counsel for Sri. Nandipur K. Dilip, learned counsel for respondent No.1 and Sri. Vidur Nair, learned counsel for Sri. T. Suryanarayana, learned counsel for respondent No.2.
2. When the matter was taken up today, learned counsel for the respondent No.1 submitted that the petitioner has an alternative and efficacious remedy under Section 22A of the Securities Contracts (Regulation) Act, 1956, and the petitioner be relegated to avail of the remedy provided to him under the law.
3. In view of the aforesaid submission and in the facts of the case, petition is disposed of with liberty to the petitioner that in case the petitioner approaches the appellate authority by filing an appeal within a period of four weeks from today, the appellate authority shall deal with the appeal which may be preferred by the petitioner, on merits and shall decide the same after affording an opportunity of hearing to the parties.
5. With the aforesaid liberty, the petition stands disposed of.
Sd/-
Judge RD