Suspension of trading does not end listing status; annual listing and reinstatement fees remain payable under exchange regulations.

Suspension of trading did not terminate listing status, so the listed entity remained bound by the exchange regulations, listing agreement and applicable SEBI framework to pay annual listing fees while suspension continued. The same regulatory and contractual framework also supported levy of a reinstatement fee as a condition for revocation of suspension. The challenge failed because the obligation attached to continued listing, not to active trading, and the company had undertaken to pay the prescribed fees for continued listing and re-admission to trading.

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Issues: Whether a listed company whose trading in securities remains suspended is still liable to pay annual listing fee and reinstatement fee for revocation of suspension.

Analysis: The regulatory framework under the securities law, the exchange bye-laws and regulations, the listing agreement, and the applicable SEBI regulations empowered the exchange to levy and recover fees from listed entities. The company had agreed to pay annual listing fee so long as its securities continued to be listed and had also undertaken to pay reinstatement fee if its securities were suspended and sought to be re-admitted to trading. The Court distinguished between listing of securities and trading in securities, holding that suspension of trading did not end the listing status. Since the securities continued to remain listed, the obligation to pay annual listing fee survived the suspension. The revocation norms and the exchange regulations also justified levy of reinstatement fee as a condition for revocation of suspension.

Conclusion: The company remained liable to pay both annual listing fee during the suspension period and reinstatement fee for revocation of suspension, and the challenge to the impugned order failed.

Ratio Decidendi: Suspension of trading does not terminate listing, and a listed entity remains bound by the exchange regulations and listing agreement to pay the fees prescribed for continued listing and for revocation of suspension.

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