The Bombay Stock Exchange (BSE) has told the Delhi High Court here that it has changed the relisting parameters for companies that are delisted from the bourse. It said the new guidelines took effect from May 16.
The BSE move came after Delhi-based Atul Agarwal took it to court for tightening relisting rules, making it difficult for companies. In a public interest litigation (PIL), Agarwal alleged the new relisting guidelines played into the hands of promoters and worked against the interests of investors. The earlier guidelines disputed by the petition were to take effect on May 15.
The petition had alleged the exchange’s delisting and suspension policies along with its earlier relisting rules put to jeopardy the interests of over one crore public shareholders/ investors in 1,405 suspended companies. “Enormous investment of more than Rs 1,79,560 crore invested in these suspended companies is at stake,” the suit had said.
However, BSE has not put the details of these new rules in the public domain yet.
Ajay Veer Singh, advocate for Agarwal, said, “They have submitted the details of the new rules in the court. They said the new rules have come into force on May 16. But they have not made any public announcement yet. We will study the rules and make our responses.”
This case has now been clubbed with another petition filed by Midas Touch Investors Association in the same matter and hearing will resume on June 11.