1 950 wp 1080.99.doc K IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION WRIT PETITION NO. 1080 OF 1999 Fawn Trading Co. Pvt. Ltd. & Ors. ..Petitioners. Vs. Union of India & Ors. ..Respondents. Mr.F Devitre, Senior Advocate i/b Mr. Amol V. Doijode for Petitioners. Mr.J.J.Bhatt i/b Mr. Daya Gupta for Respondent no.2. CORAM : D.K.DESHMUKH & K.K.TATED, JJ. DATED : 03/03/2011. PC: 1 This Petition is directed against the order passed by the Chairman of SEBI (Securities and Exchange Board of India) dated 15.01.1999. The operative part of the order reads as under: “Therefore, in exercise of powers conferred upon me under the provisions of sub-section (3) of Section 4 of the SEBI Act, 1992 read with regulation 44 of Takeovers Regulations and taking into consideration the facts, the totally of the circumstances in the interest of the shareholders of SCL and the interest of securities market, I, D.R. 2 950 wp 1080.99.doc Mehta, Chairman- SEBI, direct the five preferential allottees namely, Fawn Trading Co.Pvt. Ltd., Fern Trading Co. Pvt. Ltd., Tejashree Trading Co. Pvt. Ltd., Willow Trading Co.Pvt.Ltd. and Pallor Trading Co. Pvt. Ltd. to make a public announcement to acquire shares from the remaining shareholders (i.e. other than promoters, their associates and persons acting-in-concert) of SCL an aggregate minimum of 20% of voting capital of SCL within a period of two-months of this order at a price in accordance with the Regulations.” 2 We have been informed that this order has also been confirmed by the Appellant Authority. This order admittedly was stayed by this court in the year 1999 itself and that stay continues to operate even till today. After having heard learned counsel appearing for both the sides, we find that due to passage of time and that the circumstances have changed, it is for SEBI to consider whether even after lapse of so many years it still wants, the Petitioner to make offer to the public, as is directed by the order impugned in the Petition. In our opinion, due to passage of time and change in the circumstances, following order would meet the ends of justice: 3 950 wp 1080.99.doc i) The Petitioner shall be at liberty to make the representation to the SEBI within a period of six weeks from today seeking appropriate reliefs from SEBI. In case, such a representation is made, the SEBI shall consider it in accordance with law and make appropriate orders. In case, the representation is made within the aforesaid period, the interim order passed by this court shall continue to operate till SEBI takes a decision on the representation. ii) In case, the decision of the SEBI is adverse to the interest of the Petitioner, the Petitioner shall be entitled to adopt such remedies as may be available to them in law. iii) All the contentions of both the sides are kept open. 3 Petition disposed of. 4 Rule is discharged. 5 No order as to costs. (D.K.Deshmukh, J.) (K.K.Tated, J.)