NDLI: Ifb Agro Industries Limited Vs. Sicgil India Limited and Others

Content Provider	Supreme Court of India
e-ISSN	30484839
Language	English
Access Restriction	NDLI
Subject Keyword	s. 59 Companies Act 2013 Rectification of register of members
Content Type	Text
Resource Type	Law Judgement
Jurisdiction	India
Act(s) Referred	Companies Act, 1956 (1 of 1956)
Case(s) Referred	Referred Case 0 Referred Case 1 Referred Case 2 Referred Case 3 Referred Case 4 Referred Case 5 Referred Case 6 Referred Case 7
Case Type	Appeal
Court	Supreme Court of India
Disposal Nature	Appeal Dismissed
Headnote	Companies Act, 2013 : s. 59 – Rectification of register of members – Scope of Rectificatory jurisdiction of National Company Law tribunal-NCLT – Violation of – On facts, respondent No.1 acquired shares of the appellant exceeding 5% of its total shares from the open market and failed to make disclosure as per Reg.7(1) of SAST Regulations and Reg. 13 of PIT Regulations – Appellant filed petition before NCLT u/s 111A of the 1956 Act (now s. 59 of the 2013 Act) for rectification of members register by deleting the name of the respondents as the owners of shares which are over 5% – Allowed by NCLT holding that the acquisition of shares in excess of 5% was in violation of the SEBI (PIT) Regulations and the SEBI (SAST) Regulations and directed the appellant to buy back its shares which were held by the respondent – However, the appellate court set aside this direction on the ground that the tribunal exceeded its jurisdiction – On appeal, held: Appellant is not justified in invoking the jurisdiction of the CLB (now NCLT) u/s. 111A for violation of SEBI regulations – Rectificatory jurisdiction u/s. 59 is summary in nature and cannot be exercised where there are contested facts and disputed questions – If a petition seeks an adjudication under the garb of rectification, then the NCLT would not have jurisdiction, and it would be duty-bound to re-direct the parties to approach the relevant forum – Further, the SEBI has a comprehensive role in regulating the securities market – Regulator cannot be circumvented by asking for rectification – It is only for the regulator to determine a violation of the provisions of the SEBI Act and the Regulations – NCLT exceeded its jurisdiction – Thus, the appellant was correct in setting aside the order of the NCLT – Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeover) Regulations, 1997 – reg. 7(1) – Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 1992 – reg. 13 – Companies Act, 1956 – s. 111A.
Judge	Hon'ble Mr. Justice Pamidighantam Sri Narasimha
Neutral Citation	2023 INSC 9
Petitioner	Ifb Agro Industries Limited
Respondent	Sicgil India Limited And Others
SCR	[2023] 1 S.C.R. 527
Judgement Date	2023-01-04
Case Number	2030

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