BEFORE THE SECURITIES APPELLATE TRIBUNAL

MUMBAI

Appeal No.251 of 2014

Date of decision : 10/11/2014
Visesh Infotechnics Ltd.
having its registered office at 703,
Arunachal Building,
19, Barakhamba Road, Connaught Place,
New Delhi 110 009.

Appellant

Versus

1.

National Stock Exchange of India Ltd.

Exchange Plaza,
Bandra-Kurla Complex,
Bandra (E), Mumbai 400 051.

2.

Bombay Stock Exchange Ltd.

Floor 25, P.J. Towers, Dalal Street,
Mumbai 400 001.

3.

Securities & Exchange Board of India

SEBI Bhavan, C-4A, G-Block,
Bandra Kurla Complex, Bandra (E),
Mumbai 400 051.

Respondents

Mr. Ashok Chhabra, Advocate for the Appellant.

Mr. Rashid Boatwalla, Advocate for Respondent No.1.
Mr. P.N. Modi, Senior Advocate with Mr. Manish Chhangani, Advocate for
Respondent No.2.
Mr. Kumar Desai, Advocate with Mr. Mihir Mody and Mr. Rushin Kapadia,
Advocates for Respondent No.3.

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CORAM :

Justice J.P. Devadhar, Presiding Officer

Jog Singh, Member
A. S. Lamba, Member

Per : Justice J.P. Devadhar (Oral)

1.

Appellant is aggrieved by the communications both dated 16th June,

2014 issued by the Bombay Stock Exchange Ltd. (BSE) and National Stock
Exchange Ltd. (NSE) whereby penalty is sought to be imposed on the
appellant for not filing the financial results for the quarter ended 31st March,
2014 by May 30, 2014 which is the stipulated time under clause 41 of the
Listing Agreement and also as per the SEBI Circular dated 30th July, 2013.

2.

Grievance of the appellant is that by its letter dated 26th May, 2014 they

had informed the stock exchanges that since the Excise authorities have taken
away the hard disk containing the financial data for the year 2013-14 stored
therein, appellant is unable to file financial results for the quarter ended 31st
March, 2014. Since the above contention of the appellant has not been
considered by both the stock exchanges, counsel for the BSE and NSE state
that the impugned orders may be quashed and set aside with liberty to
respective stock exchanges to pass fresh order on merits and in accordance
with law.

3.

Accordingly, by consent, the impugned communications both dated

16th June, 2014 issued by BSE and NSE respectively are quashed and set aside
and the matter is restored to the file of BSE and NSE for passing fresh order
on merits and in accordance with law. Contentions on both sides are kept
open.
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4.

On a request made by counsel for the appellant, appellant is permitted

to file additional affidavit before the respective stock exchanges, within one
week from today.

5.

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

Sd/Justice J.P. Devadhar

Presiding Officer
Sd/Jog Singh
Member
Sd/A.S. Lamba
Member
10/11/2014
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