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MUMBAI
Date of Decision: 16.06.2015
Misc. Application No. 214 of 2015
In
Appeal No. 437 of 2014
Financial Technologies (India) Limited
CTS No. 256 & 257, Suren Road,
Chakala Andheri (East),
Mumbai- 400 093
Appellant
Versus
1. Securities and Exchange Board of India,
SEBI Bhavan, Plot No. C-4A, G-Block,
Bandra-Kurla Complex, Bandra (East),
Mumbai - 400 051
Respondent No. 1
Respondent No. 2
Proposed
Respondent No. 3
1.
No. 437 of 2014 and pending disposal of the said appeal seeks an order
restraining MCX-SX Clearing Corporation Limited from taking steps
pursuant to resolution that may be passed in the Extra Ordinary General
Meeting scheduled on 16.06.2015 at 11.30 A.M. and if necessary SEBI
may be directed to issue suitable directions to MCX-SX Clearing
Corporation Limited.
2.
In this case, SEBI by its order dated March 19, 2014 had directed
3.
4.
5.
Fact that SEBI has declined to grant extension of time to sell the
shares held by the appellant and the appeal filed by the appellant against
the said order is pending before this Tribunal cannot be a ground to
implead MCX-SX Clearing Corporation Limited as party respondent to
the appeal and to restrain MCX-SX Clearing Corporation Limited from
passing any resolution to amend its Articles of Association. MCX-SX
Clearing Corporation Limited is neither a proper nor a necessary party to
the appeal pending before this Tribunal. Moreover, if the proposed action
of MCX-SX Clearing Corporation Limited is in contravention of the
provisions of Companies Act, 2013 then the proper course for the
appellant is to move the authorities under the Companies Act, 2013 and
not to implead MCX-SX Clearing Corporation Limited as party
respondent to the appeal.
6.
Sd/Jog Singh
Member
16.06.2015
Prepared & Compared By: PK