The Gujarat High Court today vacated the ex-parte injunction granted by it on August 24 restraining the Bombay Stock Exchange (BSE) from moving 15 scrips to trade-to-trade segment from the weekly settlement mode.
Following the filing of a petition by an Ahmedabad-based investor Dhawal Shah, the high court had on August 24 granted an interim stay of 15 days and ordered the BSE to maintain a status quo in the case of Mukta Arts, Balaji Telefilms, Fourth Generation, Estar Infotech and 11 other scrips and continuation of their trading in the weekly settlement mode till the date of next hearing on September 7.
However, in response to that order, the BSE filed a 26-page counter appeal saying that based on the petition of one investor, such a major issue where the interest of thousands of other investors were involved, should not be decided.
Pursuant to the appeal, the hearing took place today and a single judge bench of justice Rekha Doshit vacated the injunction.
Sources said, technically, the BSE is at liberty to bring back those 15 scrips to the trade-to-trade segment. Now it is up to the bourse to shift the scrips to the trade-to-trade segment or maintain the status quo and continue them in the weekly settlement mode.
However, till filing of this report late on Wednesday, the BSE had not issued any notice stating that it would be shifting the scrips to trade-to-trade segment with effect from August 30.
