https://www.taxtmi.com/caselaws?id=98791 The Supreme Court upheld the High Court's decision, confirming the validity of the permission granted by the Bombay Stock Exchange after the expiry of seven weeks under Section 73(1) of the Companies Act, 1956. The Court clarified that if the Stock Exchange intimates further consideration within the prescribed period, the application is not deemed refused. Additionally, the Court ruled that the allotment of shares remains valid even if only one out of three Stock Exchanges grants permission. The Court emphasized the importance of subscribers being able to convert their holdings into cash by obtaining permission for share quotation on a recognized Stock Exchange. en-us Mon, 19 Oct 1970 00:00:00 +0530 Fri, 08 Aug 2014 09:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=98791 The Supreme Court upheld the High Court's decision, confirming the validity of the permission granted by the Bombay Stock Exchange after the expiry of seven weeks under Section 73(1) of the Companies Act, 1956. The Court clarified that if the Stock Exchange intimates further consideration within the prescribed period, the application is not deemed refused. Additionally, the Court ruled that the allotment of shares remains valid even if only one out of three Stock Exchanges grants permission. The Court emphasized the importance of subscribers being able to convert their holdings into cash by obtaining permission for share quotation on a recognized Stock Exchange. Case-Laws Companies Law Mon, 19 Oct 1970 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=98791