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SEBI filed a review application before SAT for review of its order Rajeev Thakkar & Ors. v. SEBI & Ors. pertaining to exit option for minority shareholders of companies listed on regional stock exchanges.

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SEBI had inter alia contended that such an order by SAT may have the effect of unsettling the position with respect to exclusively listed companies which were part of the dissemination of BSE and NSE. Regstreet Law Advisors appeared as advocates for the minority shareholders.

The Tribunal dismissed the application holding that they do not find any manifest error requiring reconsideration.

With this order, the period for filing an appeal with the Supreme Court has restarted. This being second of two such order by SAT criticising SEBI’s handling of SCORES mechanism, SEBI may once again approach the Apex Court and seek to dilute SAT’s adverse observations.

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