The writ petition challenges the validity of Regulation 3(2)(b)(i) of the SEBI (Delisting of Equity Shares) Regulations, 2021, arguing it is ultra vires the SEBI Act, 1992. The petitioner also challenges the NCLT order dated 27 February 2024, which approved a resolution plan providing for the delisting of shares of Reliance Capital Limited (RCL). The petitioner contends that the impugned regulation allows delisting without due compliance with restrictions and safeguards, prejudicing investors' interests. The Reserve Bank of India (RBI) had superseded the Board of Directors of RCL and initiated Corporate Insolvency Resolution Process (CIRP). The NCLT approved a resolution plan that nullifies a significant portion of RCL's public shareholding. The petitioner, an investor
…The petitioner, Harsh Mehta, challenges the validity of Regulation 3(2)(b)(i) of the SEBI (Delisting of Equity Shares) Regulations, 2021, and the NCLT order dated 27 February 2024, approving the resolution plan for Reliance Capital Limited (RCL). The RBI superseded RCL's board on 29 November 2021, and initiated CIRP on 2 December 2021. The petitioner purchased 6,700 shares of RCL in November 2022, after the company was admitted to CIRP. The NCLT approved a resolution plan on 27 February 2024, assigning nil value to equity shareholders and providing for delisting. The petitioner did not appeal the NCLT order to the NCLAT. The petitioner argues that the impugned regulation allows delisting without following the Delisting Regulations, prejudicing investors. The
…Sign in to view the parties.
The Reserve Bank of India (RBI) superseded the…
The RBI filed an application before the NCLT…
The writ petition challenges the validity of Regulation 3(2)(b)(i) of the SEBI (Delisting of Equity Shares) Regulations, 2021, arguing it is ultra vires the SEBI Act, 1992. The petitioner also challenges the NCLT order dated 27 February 2024, which approved a resolution plan providing for the delisting of shares of Reliance Capital Limited (RCL). The petitioner contends that the impugned regulation allows delisting without due compliance with restrictions and safeguards, prejudicing investors' interests. The Reserve Bank of India (RBI) had superseded the Board of Directors of RCL and initiated Corporate Insolvency Resolution Process (CIRP). The NCLT approved a resolution plan that nullifies a significant portion of RCL's public shareholding. The petitioner, an investor
…The petitioner, Harsh Mehta, challenges the validity of Regulation 3(2)(b)(i) of the SEBI (Delisting of Equity Shares) Regulations, 2021, and the NCLT order dated 27 February 2024, approving the resolution plan for Reliance Capital Limited (RCL). The RBI superseded RCL's board on 29 November 2021, and initiated CIRP on 2 December 2021. The petitioner purchased 6,700 shares of RCL in November 2022, after the company was admitted to CIRP. The NCLT approved a resolution plan on 27 February 2024, assigning nil value to equity shareholders and providing for delisting. The petitioner did not appeal the NCLT order to the NCLAT. The petitioner argues that the impugned regulation allows delisting without following the Delisting Regulations, prejudicing investors. The
…The Reserve Bank of India (RBI) superseded the…
The RBI filed an application before the NCLT…