Newever Tradewings Ltd vs BSE Limited & Another

IN THE SECURITIES APPELLATE TRIBUNAL AT
MUMBAI

TH
DATED THIS THE 14 DAY OF JULY, 2026


CORAM : Justice P. S. Dinesh Kumar, Presiding Officer
Ms. Meera Swarup, Technical Member
Dr. Dheeraj Bhatnagar, Technical Member


Appeal No. 428 of 2025

Between

NEWEVER TRADE WINGS LIMITED
238B, A.J.C Bose Road,
Unit 4B, Fourth Floor,
West Bengal, India,
Kolkata – 700 020.




…. Appellant


By Mr. Saurabh Bachhawat, Advocate with Ms. Ira Mishra,
Advocate i/b. Mr. Lokanath Mishra, Advocate for the
Appellant.

And

1. BSE Limited
Floor 25, P. J. Towers,
Dalal Street, Mumbai - 400 001.

2. National Securities Depository Ltd.
rd
3 Floor, Naman Chamber,
Plot C-32, G- Block,
Bandra Kurla Complex,
Mumbai – 400 051.









…. Respondents

By Ms. Zarnaab Aswad, Advocate with Mr. Aayush Pandey,
Advocate i/b Khaitan & Co. for the Respondent No. 1 (BSE).

None for the Respondent No. 2 (NSDL).

2


THIS APPEAL IS FILED UNDER SECTION 15T OF SEBI
ACT, 1992 TO SET ASIDE ORDER DATED MAY 23, 2025
(EX-A) PASSED BY BSE.


TH
THIS APPEAL COMING ON FOR HEARING THIS 14 DAY
OF JULY 2026, THIS TRIBUNAL PASSED THE
FOLLOWING:

O R D E R

Per : Justice P. S. Dinesh Kumar, Presiding Officer (Oral)


This appeal is directed against order dated 23.05.2025
1
passed by the BSE delisting appellant Company’s equity
shares from BSE’s platform for non-compliance of SEBI
2
(LODR) Regulations, 2015 .

2. We have heard Mr. Saurabh Bachhawat, learned Advocate
for the appellant and Ms. Zarnaab Aswad, learned Advocate
for BSE. They submitted that the issue involved in this appeal
3
is similar to the one in Appeal No.692 of 2024 and this appeal
may be disposed of on similar terms. Their submission is
placed on record.

3. On previous dates of hearing, it was prayed on behalf of
the appellant that one more opportunity may be granted to
comply with the pending compliances. Considering
appellant’s prayer, we had granted some time.


1
Bombay Stock Exchange Ltd.
2
SEBI (Listing Obligations and Disclosure Requirements), Regulations,
2015
3
KD Leisures Limited v. BSE Limited decided on 17.03.2026 by the
Securities Appellate Tribunal, Mumbai

3
4. Today, Ms. Zarnaab Aswad, learned Advocate for the
BSE, on instructions submitted that the appellant has
complied with all the pending compliances and paid the
outstanding ‘SOP fines’, outstanding ‘Annual Listing Fees,
Processing Fees and Reinstatement Fees’. The process of
revocation of suspension remains to be undertaken. She
submitted that in the peculiar facts of this case, the listing
will be restored.

5. She submitted that in some similarly situated cases,
after obtaining order from this Tribunal, the appellants
therein have failed to comply with the pending compliances
after restoration.

6. In reply, Mr. Saurabh Bachhawat, submitted that if
appellant Company fails to comply with any pending
compliance within four weeks, BSE may restore appellant’s
‘delisted’ status pursuant to the impugned order passed by
the stock exchange.

7. In view of the above, the following:-

ORDER

I. The appeal is disposed of by placing the submission
of the learned Advocates on both sides on record.

II. The BSE Ltd. shall restore the listing of the appellant
Company forthwith.

III. The appellant Company shall ensure continuous
compliances of the LODR Regulations and other
applicable laws on an ongoing basis.

4

IV. In case the appellant Company fails to comply with
the extant norms within four weeks from the date of
the restoration, BSE shall be at liberty to take action
in accordance with law including to restore the
‘delisted’ status based on appellant’s undertaking
recorded in Paragraph No.6 above.

V. BSE shall direct defreezing of demat accounts of the
promoters and promoter group of the appellant
Company, only after the revocation of suspension in
the trading of securities of appellant Company.

8. The appeal stands disposed of in above terms. Pending
interlocutory application(s), if any, stand disposed of.

No costs.



Justice P. S. Dinesh Kumar
Presiding Officer


Ms. Meera Swarup
Technical Member


Dr. Dheeraj Bhatnagar
Technical Member
14.07.2026
VPM

MRS
PRAMILA
Digitally signed
by MRS PRAMILA
Date: 2026.07.20
15:24:08 +05'30'