https://www.taxtmi.com/caselaws?id=112055 The court upheld SEBI's actions as legal and valid, dismissing the petition challenging SEBI's proceedings as arbitrary. It concluded that the automatic withdrawal of recognition under Section 5(2) of the Act due to the failure to complete the demutualisation process within the specified time was mandatory. The court rejected arguments regarding the extension of time and the starting point for calculating compliance, finding no fault with SEBI's order. en-us Thu, 17 Jan 2008 00:00:00 +0530 Mon, 15 Dec 2014 15:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=112055 The court upheld SEBI's actions as legal and valid, dismissing the petition challenging SEBI's proceedings as arbitrary. It concluded that the automatic withdrawal of recognition under Section 5(2) of the Act due to the failure to complete the demutualisation process within the specified time was mandatory. The court rejected arguments regarding the extension of time and the starting point for calculating compliance, finding no fault with SEBI's order. Case-Laws Companies Law Thu, 17 Jan 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=112055