The National Company Law Appellate Tribunal (NCLAT) has impleaded the market regulator SEBI as a party in a petition filed by Reliance Industries Ltd, which is seeking waiver in delisting procedure for Alok Industries.
A two-member NCLAT bench headed by Chairman Justice S J Mukhopadhaya has issued notice to the Securities and Exchange Board of India (Sebi) as a proforma respondent for this.
RIL has got debt-ridden Alok Industries in its fold after the Ahmedabad bench of National Company Law Tribunal (NCLT) approved its Rs 5,050-crore resolution plan earlier this year in March.
However, while approving the scheme, the NCLT did not considered RIL's plea to grant exemptions in delisting and the matter has been now brought before the appellate tribunal NCLAT.
"... taking into consideration the fact that the Appellant (RIL) has relied on SEBI Amendment Notification. Let SEBI be impleaded as proforma Respondent No 3," said NCLAT.
The order added, "Formal Notice be issued on SEBI."
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