https://www.taxtmi.com/caselaws?id=265049 A licence under Section 25(1) of the Companies Act, 1956 was sufficient to enable an application for recognition as a self-regulatory organisation under the SEBI (Self Regulatory Organizations) Regulations, 2004, because the scheme allowed registration under Section 25(2) to be completed within the permitted time and did not require prior registration. SEBI was also required to afford the unsuccessful applicant a reasonable opportunity of hearing under Regulation 10 before selecting another applicant and granting in-principle approval, since selection of one applicant necessarily entailed rejection of the others. The impugned selection was therefore set aside and the matter remitted for fresh consideration. en-us Wed, 30 Sep 2015 00:00:00 +0530 Tue, 06 Oct 2015 06:01:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=265049 A licence under Section 25(1) of the Companies Act, 1956 was sufficient to enable an application for recognition as a self-regulatory organisation under the SEBI (Self Regulatory Organizations) Regulations, 2004, because the scheme allowed registration under Section 25(2) to be completed within the permitted time and did not require prior registration. SEBI was also required to afford the unsuccessful applicant a reasonable opportunity of hearing under Regulation 10 before selecting another applicant and granting in-principle approval, since selection of one applicant necessarily entailed rejection of the others. The impugned selection was therefore set aside and the matter remitted for fresh consideration. Case-Laws Companies Law Wed, 30 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=265049