Delisting order set aside upon compliance with listing regulations and payment of outstanding statutory dues.

The Appellant company’s equity shares were delisted by the Bombay Stock Exchange (BSE) via an order dated May 23, 2025, due to non-compliance with the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The Appellant sought a further opportunity to rectify these defaults and subsequently complied with all pending requirements, including the payment of "SOP fines," Annual Listing Fees, and Reinstatement Fees during the pendency of the appeal.

Both parties agreed that the matter was similar to KD Leisures Limited v. BSE Limited (Appeal No. 692 of 2024).

Whether the delisting order passed by the BSE should be set aside and the listing status restored in light of the Appellant’s subsequent compliance with regulatory norms.

SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR Regulations), which govern the continuous disclosure and compliance obligations of listed entities.

The principle of rectification and reinstatement, as seen in KD Leisures Limited v. BSE Limited, which allows for the restoration of listing status if a company demonstrates full compliance with pending requirements and payment of statutory dues.

The Tribunal noted that the Appellant had successfully fulfilled all outstanding compliance obligations and cleared all financial dues (fines and fees) owed to the BSE.

While the Respondent (BSE) expressed concern regarding future non-compliance based on experience with other entities, the Appellant offered a legal undertaking to maintain continuous compliance.

The Tribunal reasoned that since the underlying cause for delisting (non-compliance) had been cured, the delisting status could be revoked, provided there was a safeguard allowing the BSE to restore the "delisted" status if the Appellant failed to maintain these norms within a stipulated four-week window.

The Appellant was ordered to ensure continuous compliance with LODR Regulations; the BSE was granted liberty to restore the "delisted" status if the Appellant fails to comply with extant norms within four weeks; and the demat accounts of the promoters be defrozen only after the formal revocation of the suspension in trading.