4 days ago
Delisting of CMRL is BSE's call, SEBI tells Kerala HC
Kochi: The Securities and Exchange Board of India (SEBI) has submitted an affidavit in high court stating that the shares of Cochin Minerals and Rutile Ltd (CMRL) are listed on Bombay Stock Exchange (BSE), and that it is for the BSE to examine issues related to the company's delisting in light of the allegations raised.
The counter-affidavit, filed by SEBI general manager Nirmal Mehrotra, was in response to the public interest litigation (PIL) filed by senior journalist M R Ajayan, seeking a CBI probe into the financial transactions between CMRL and Exalogic Solutions Pvt Ltd. One of the prayers in the PIL is for a direction to SEBI to delist the shares of CMRL and to review whether the draft offer document was scrutinised properly to ensure transparency, adequate disclosures, and investor protection under the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018.
In its affidavit, SEBI pointed out that the petitioner has not impleaded BSE Ltd as a respondent in the case. As such, the relief sought against SEBI regarding the delisting of CMRL shares cannot be granted.
