M/s Spacenet Enterprises India Limited vs THE UNION OF INDIA

HIGH COURT FOR THE STATE OF TELANGANA AT HYDERABAD (Special Original Jurisdiction) THURSDAY, THE TWELFTH DAY OF MAY TWO THOUSAND AND TWENTY TWO PRESENT THE HON'BLE SRI JUSTICE N.

V.

SHRAVAN KUMAR Between: 1.

M/s Spacenet Enterprises lndia Limited, Company registered under lndian Companies Act, '1956 Having office at Plot No.114, Survey No.66/2, Raidurgam, Prashanth hills, Gachibowli, Nav khalsa, sirilingampally, Rangareddy, Hyderabad-500008.

Represented by its Director, Mr.D.V.S Prakash Rao 2.

Sri.D.V.S.Praliash Rao, S/o.

Sri.D.Jaganadha Rao, Aged about 51 years,Occ.Director for [\//s Spacenet Enterprises lndia lndia Limited, Rl/o.Plot No.68 and 69, Siri Constructions, Flat No.401, Anjali Gardens, Puppalaguda, Manikonda'Hyderabad ...pETrroNERS AND 1.

THE UNION OF lNDIA, Represented by the Secretary to the Govt. of lndia, Ir/inistry of Corporate Affairs, Govt. of lndia, Sth Floor, A -wing, Shastri bhavan, Dr.Rajendraprasad Road, New Delhi- 110001.

2.

National Stock Exchange of india Limited, Represented by its Managing Director and Chief Executive Officer (lr/D and CEO), Office at.-Exchange Plaza Block G, C 1, Bandra Kurla Complex, G Block BKC, Bandra Kurla Complex, Bandra East, Mumbai, Maharashtra 400051.

3.

National Stock Exchange of india Limited, Rep by Vice President Surveillance,Office at.

National Stock Exchange of lndia Limited, Exchange Plaza Block G, C 1, Bandra Kurla Complex,G Block BKC,Bandra Kurla Complex, Bandra East, Mumbai, Maharashtra 400051.

4.

Securities and Exchange Board of lndia, SEBI Bhavan BKC, Address.PlotNo.

C4-A, G Block,Bandra-Kurla Complex, Bandra(East), Mumbai - 400051, Maharashtra, Represented by its chairman ..RES'.NDENTS Petition under Article 226 o'f the Constitution of lndia praying that in the circumstances stated in the affidavit filed therewith, the High Court may be pleased to issue a writ / order especially one or more particularly one in the nature of writ of lt/andamus by declaring the action of the Respondents especially 2nd cially 2nd Respondent by placing the Petitioner Company under stage lV by not allowing to trade on regular basis along with the other companies that are placed under Graded Surveillance Measures vide circular dated 1 110312022 vide circular Ref.

No.

15712022 issued by the NSE /2nd Respondent as illegal and void ab- WRIT PETITION NO: 20999 OF 2022 initio and in violat on of Article 14 and in passed in violation of principles of Natural justice lA NO: 1 OF 202:2 Petition undt r Section 151 CPC praying that in the circumstances stated in the affidavit filed i support of the petition, the High Court may be pleased to direct the respond rnts to allow the Petitioners Company (Petitioners scrip) to trade regularly by emoving the Companys scrip from Stage l\/ of the of GSM grade by placing th Company's under stage 0 of GSlr/ franrework Counsel for the Pe itioner: SRI SATHAKARNI K Counsel for Respo rdent No.

1: SRI N.

RAJESHWAR RAO ASSISTANT SOLICITOR GENE]TAL Counsel for Respo rdent No.

4: SRI VIKRAM POOSERLA The Court made th following: ORDER I THE HON'BLE SRI JUSTICE N.V,SHRAVAN KUMAR !7.P.No.20999 of 2022 ORDER The present writ petition is filed for a Mandamrs to declare the action of respondent No.2/National Stock Exchange of India Limited (NSEI) in placing the petitioner No.l/company under Stage IV, by issuing Grcular Ref.No.157l2022 dated 71.03.2022, and not ailowing it to trade on regular basis along with the other companies that are placed under Graded Surveillance Measures, as illegal.

Leamed counsel for the petirioners submitted that petitioner No.2, who is the Director of pedtioner No.1/company has submitted a representation in this regard to respondent Nos.2 and 3/NSEI, but the same has not yet been considered and disposed of.

Learned counsel representing leamed fusistant SoLicitor General of India for respondent No. ondent No.1 stated that the circulars are issued on quarterly basis and a fresh circuiar will be issued in the first week of June, 2022,, and that therefore, the representation I ) submited b; the petitioners in connection witf. the impugned circular woul become redundant.

Since t re representation made by the petitioners is pending consideratior this Court is of the opinion that th,: sanre needs to be considerer and disposed of at an earlydate.

Accorc ngly, without going into the merits of the case, this writ petitio is disposed of directing respond,:nt Nos.2 and 3/NSE. to consider and dispose of thc representation dated 03.03.1 J22, submitted bv the petitioners in accordance with law, within a period of ten dap from the dare of receip,t of a copy of this order.

No col ts.

As a : :quel, miscellaneous petitions, pending if any, stand closed ,TRUE COPY// STI/.T.KRISHNA KUMAR AS:IISTANT REGTSTRAR To, SECTION OFFICER 1.

The Secretar to the Govt. of lndia, Ministry of Corpora.:e Aff:rirs, Union Of lndia, Govt o tndia.

5th.

Ftoor, A _ri,t.g, SilstiiI'niuun Dr.Rajendraprasad Road, New D .thi-.1 10001. / I 2.

The Managing Director and Chief Executive Officer (MD and CEO),National Stock Exchange of india Limited, Office at.-Exchange Plaza Block G, C 1, Bandra Kurla Complex, G Block BKC, Bandra Kurla Complex, Bandra East, Mumbai, Maharashtra 400051.

The Vice President Surveillance, Office National Stock Exchange of indla Limited at National Stock Exchange of lndia Limited, Exchange Plaza Block G, C 1, Bandra Kurla Complex,G Block BKC,Bandra Kurla Complex, Bandra East, Mumbai, Maharashtra 40005'1 .

The chairman,Securities and Exchange Board of lndia, SEBI Bhavan BKC, Address.PlotNo.

C4-A, G Block,Bandra-Kurla Complex, Bandra(East), lvlumbai - 400051, Maharashtra, 5.

One CC to Sri Sathakarni K Advocate IOPUC] 6.

One CC to Sri Namavarapu Rajeswara Rao, Assistant Solicitor General (oPUC) 7.

Two CD Copies 8.

One Spare Copy MBC SB. py MBC SB., , wv I It HIGH COURT DATED: 1210512022 -fr:: oF -iPE s},iL ,( 7 k .)c 41 "-: II ar MAY 202? i ti a\ ; .....

ORDER WP.No.20999 of 2022 DISPOSING OF THE WRIT PETITION WITHOIJT COSTS oA I I -{ . fa^\ -.Yh/ k\