Allotment of shares and debentures to be dealt in on stock exchange.

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...., states that an [4][application under sub-section (1) has been] made for permission for the shares or debentures offered thereby to be dealt in one or more recognized stock exchanges, such prospectus shall state the name of the stock exchange or, as the case may be, each such stock exchange, and any allotment made on an application in pursuance of such prospectus shall, whenever made, be void, [5][* * *] if the permission has not been granted by the stock exchange or each such stock exchange, as the case may be before the expiry of ten weeks from the date of the closing of the subscription lists: Provided that where an appeal against the decision of any recognised stock exchange refusing permission for the shares or debentures to be deal....

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....such money is not repaid within eight days, from the day the company becomes liable to pay it, [13][the company and every director of the company who is an officer in default shall, on and from the expiry of the eighth day, be jointly and severally liable to repay that money with interest at such rate, not less than four per cent and not more than fifteen per cent, as may be prescribed,[14] having regard to the length of the period of delay in making the repayment of such money.] [15][* * *] [16](2B) If default is made in complying with the provisions of sub-section (2A), the company and every officer of the company who is in default shall be punishable with fine which may extend to [17][fifty thousand rupees], and where repayment is not ....

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.... is for any other reason unable to make the allotment of share.]      (4) Any condition purporting to require or bind any applicant for shares or debentures to waive compliance with any of the requirements of this section shall be void.      [21][(5) For the purposes of this section, it shall be deemed that permission has not been granted if the application for permission, where made, has not been disposed of within the time specified in sub-section (1).]      (6) This section shall have effect__      (a) in relation to any shares or debentures agreed to be taken by a person underwriting an offer thereof by a prospectus, as if he had applied therefor in purs....

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....he Companies (Amendment) Act, 1988, section 10, w.e.f. 15-6-1988. [5] Substituted for the words The words "if the permission has not been applied for before the tenth day after the first issue of the prospectus, or, where such permission has been applied for before that day" omitted by the Companies (Amendment) Act, 1988, section 10, w.e.f. 15-6-1988. [6] Prosecution powers are exercisable, delegated to DCA and SEBI officials concurrently, vide Notification No. 727(E), dated 18-9-2000. [7] Substituted by the Companies (Amendment) Act, 1988, for the words "applied for as aforesaid". section 10, w.e.f. 15-6-1988 [8] Substituted by the Companies (Amendment) Act, 1974, 41 of 1974, section 8, for the words "or has not been granted as aforesa....