The case involves an application filed by Kundan Minerals and Metals Limited (formerly known as Kundan Care Limited), the Successful Resolution Applicant (SRA) of the Corporate Debtor, Eastern Sugar & Industries Limited, under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, against the Respondent National Stock Exchange of India Limited, Mumbai. The SRA sought reliefs related to the implementation of the resolution plan, specifically addressing concerns raised by the NSE regarding the reduction of public shareholding below the minimum threshold stipulated by SEBI regulations.
Kundan Minerals and Metals Limited (formerly known as Kundan Care Limited) is the Successful Resolution Applicant (SRA) for Eastern Sugar & Industries Limited, the Corporate Debtor. The Corporate Debtor was admitted into CIRP on 2022-02-11. The resolution plan submitted by the SRA was approved by the Adjudicating Authority on 2023-10-04. The resolution plan, dated 2022-11-17, and its addendum, dated 2022-11-23, proposed a reduction in public shareholding to 2.28%, which the National Stock Exchange of India Limited (NSE) contended was in violation of Rule 19A(5) of the Securities Contracts (Regulation) Rules, 1957 (SCR Rules). The SCR Rules mandate a minimum public shareholding of 25%, later amended to at least 5%. The SRA argued that the reduction was an
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Eastern Sugar &…
The Adjudicating…
The case involves an application filed by Kundan Minerals and Metals Limited (formerly known as Kundan Care Limited), the Successful Resolution Applicant (SRA) of the Corporate Debtor, Eastern Sugar & Industries Limited, under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, against the Respondent National Stock Exchange of India Limited, Mumbai. The SRA sought reliefs related to the implementation of the resolution plan, specifically addressing concerns raised by the NSE regarding the reduction of public shareholding below the minimum threshold stipulated by SEBI regulations.
Kundan Minerals and Metals Limited (formerly known as Kundan Care Limited) is the Successful Resolution Applicant (SRA) for Eastern Sugar & Industries Limited, the Corporate Debtor. The Corporate Debtor was admitted into CIRP on 2022-02-11. The resolution plan submitted by the SRA was approved by the Adjudicating Authority on 2023-10-04. The resolution plan, dated 2022-11-17, and its addendum, dated 2022-11-23, proposed a reduction in public shareholding to 2.28%, which the National Stock Exchange of India Limited (NSE) contended was in violation of Rule 19A(5) of the Securities Contracts (Regulation) Rules, 1957 (SCR Rules). The SCR Rules mandate a minimum public shareholding of 25%, later amended to at least 5%. The SRA argued that the reduction was an
…Eastern Sugar &…
The Adjudicating…