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IN THE HIGH COURT OF JUDICATURE AT BOMBAY

ORDINARY ORIGINAL CIVIL JURISDICTION

WRIT PETITION (L) NO.32739 OF 2023

Kotak Securities Limited

through its authorised representative
Sandeep Gupta ...Petitioner
Versus
National Stock Exchange of India Limited & Ors. ...Respondents
__________

Mr.Darius Khambata, Senior Advocate, Mr.Sharan Jagitani, Senior

Advocate a/w Mr. Rohaan Cama, Ms.Vidhi Shah a/w Mr. Ashwath Rau,
Ms.Anshika Misra, Mr.Akilesh Menezes and Mr.Devavrat Nimbalkar i/by
AZB & Partners for the Petitioner - Kotak Securities Limited.

Mr.V.R. Dhond, Senior Advocate a/w Ms.Shruti Rajan, Mr.Anubhav

Ghosh, Mr.Joran Diwan, Mr.Anurang Gupta, Ms.Rebecca Cardoso i/by
Trilegal for respondent no.1-NSE.

Mr.Rafique Dada, Senior Advocate a/w Mr.Nishit Dhruva, Ms.Niyati

Merchant, Mr.Yash Dhruva, Mr. Harsh Sheth, Mr.Darshit Rupda i/by
MDP & Partners for respondent no.2 -SEBI.

Mr.Ashish Mehta a/w Mr.Shawn Fernandes i/by Ethos Legal Alliance for
respondent no.3-UOI.
__________
CORAM : G. S. KULKARNI &
JITENDRA S. JAIN, JJ.
DATE : DECEMBER 18, 2023
P.C.:

. In pursuance of our order dated 11th December 2023, Union

of India has entered appearance, Mr.Ashish Mehta represents the Union of
India.

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2. Considering the issues involved, it would be imperative to

consider the stand to be taken by the Union of India. We accordingly
direct that a reply affidavit on behalf of the Union of India, be placed on
record on or before 9 th January 2024. Copy of the same be served on all
the parties well in advance.

3. Let reply affidavit on behalf of the SEBI be also placed on

record.

4. Mr.Dhond, learned senior counsel for the NSE at this stage,

submits that respondent no.1-NSE would also be inclined to file a detailed
affidavit within one week from today. NSE is permitted to do so.
Rejoinder, if any, be placed on record on or before 15th January 2024.

5. In the meantime, without prejudice to the rights and

contentions of the parties, Mr.Dhond has fairly stated that time for
compliance of the impugned decision dated 13 th October 2023, for the
petitioner to submit a restructuring plan shall stand extended upto 30 th
January 2024.

6. All contentions of all the parties are expressly kept open.

7. Stand over to 16th January 2024 H.O.B.

[JITENDRA S JAIN, J.] [G. S. KULKARNI, J.]

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