Midas Touch Investors Association has petitioned the Securities Appellate Tribunal (SAT), challenging the BSE exchange's delisting last year of several companies.
It has alleged the delisting did not follow procedures laid down by the Securities and Exchange Board of India (Sebi). It wants SAT to set aside the decision to delist 194 companies and restrain BSE from further delisting without following the procedure prescribed in the Sebi (Delisting of Equity Shares) Regulations. The plea will come up for admission before the SAT on Friday.
In August, the BSE published a list of 194 companies in newspapers, delisted for remaining suspended seven years or