1995 (11) TMI 315

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....t No. 2, the Joint Secretary to the Government of India, Department of Economic Affairs in the Ministry of Finance, which order is under challenge in this petition. 2. During the course of hearing of the petitioner, our attention was drawn to the subsequent developments which have happened during the pendency of the writ petition. On 13 -9-1994, in exercise of power under section 29A of the Act, the Central Government notified in the Official Gazette that the powers exercisable by it under section 3, sub-sections (1), (2), (3) and (4) of section 4, section 5, sub-section (2) of section 7A, section 13, sub section (2) of section 18, section 22 and sub-section (2) of section 28 of the Act shall also be exercisable by the Securities and Exc....

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.... of the impugned order, Annexure-X, dated 5-11-1993. 4. We are not prepared to accept the submissions made by Mr. Madan Lokur, the learned counsel for the respondents, that while dealing with the applications for recognition, the SEBI may also be directed to take a decision as regards the feasibility of having a Stock Exchange at Trivandrum, since no decision in that regard has yet been taken by the Government. Considering the submissions and the material on record, it is too late in the day to contend that the Government has not taken any decision for establishing a new Stock Exchange at Trivandrum. The impugned decision, Annexure-X, dated 5-11-1993 at page 313 of the paper book is a composite decision of establishing a Stock Exchange a....

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....ondent No. 2 took note of the arguments on behalf of representatives of the SEBI that it was not necessary that Stock Exchange be set up in all capital cities. Para 6 of the impugned order records the submissions on behalf of the petitioner and the other material which was brought on record before the respondent No. 2 on the subsequent hearing for the need to establish recognised Stock Exchange at Trivandrum. It was after due consideration of the material fact that in the last para quoted above that a decision was taken. 6. Reading of the above-quoted paragraph would suggest that such a decision on the petitioner's application for not granting recognition to it was taken only after it was decided that there was need and it was feasible t....