Reliance Industries didn’t respond till press time Wednesday seeking comment.

The National Company Law Appellate Tribunal has denied a waiver sought by Reliance Industries to delist Alok Industries, which it had bought out of bankruptcy earlier this year.

The appellate tribunal has directed Reliance Industries to comply with the approved resolution plan, which did not contain either an exist price for minority shareholders or any procedure for delisting. The Securities and Exchange Board of India had last week recommended against the waiver, after the tribunal sought the market regulator’s views.

Reliance Industries didn’t respond till press time Wednesday seeking comment.

It had acquired the bankrupt textile firm in a Rs 5,050 crore deal in March. The resolution plan under the bankruptcy law had set a five-year moratorium on delisting of shares.

Subsequently, citing a May 2019 Sebi notification that relaxed the listing conditions for companies facing insolvency proceedings, Reliance Industries sought a waiver on the moratorium.

The Ahmedabad bench of the National Company Law Tribunal, which had approved the resolution plan, didn’t consider the plea. The company then approached the appellate tribunal, while relying its arguments on the amendments Sebi had brought in. A bench of the appellate tribunal, headed by Chairman Justice SJ Mukhopadhaya, sought the views of Sebi, directing it to implead in the case.

Meanwhile, two retail investors of Alok Industries, claiming to represent an informal group of around 2,000 retail investors, moved the appellate tribunal last month opposing the move to delist the textile firm, arguing that it would erode value of their stake.

The market regulator last week submitted its views, opposing the waiver unless the resolution plan clearly specified delisting of shares and provided for an exit option to the public shareholders at a specified price.

Citing Sebi’s views, the appellate tribunal on Monday ordered Reliance Industries to “act in accordance with the stand taken by Sebi and in accordance with the law, if not yet taken”. The bench, while disposing of the appeal, also asked the company to comply with resolution plan approved.