2020 (1) TMI 1439

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....pondent in settling an amount of Rs. 8,27,559/- including interest and applicable taxes towards the Annual Listing Fees ("ALF") paid to the Applicant. The details of transactions leading to the filing of this application as averred by the Applicant are as follows: i. The Applicant is a recognized stock exchange under the provisions of the Securities Contracts (Regulation) Act, 1956 (SCRA). The Applicant is constituted to provide a platform for the purpose of assisting in the business of buying, selling or dealing in securities of the companies which have been granted listing permission by the applicant. ii. The applicant states that the Respondent was incorporated in the month of January 1986 and is engaged in the Ferro Al....

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....der the uniform listing agreement for admission and continued admission of the securities to dealings on the platform of the applicant, the Respondent in terms of clause 3 was obligated to pay listing fees as may be specified/levied by the applicant from time to time within the prescribed period. In this matter, the circular No. DCS/LISTOPS/25/2016-17 dated 01.03.2017 and DCS/COMP/13/2014-15 dated 27.02.2015 issued by the applicant are relevant. v. The applicant submitted that the present application is being filed in respect of an operational debt of Rs. 8,27,559/- as on 20.12.2018, which accrued on 01.04.2015 and continued to accrue till the date of the issuance of the demand notice. The Applicant also issued a consolidated invoi....

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....atutory timeline of 10 days under section 8(2) of the code. 2. Since the application filed by the Applicant fulfilled all the conditions required under Section 9 of the Code, this Tribunal ordered issue of notice to the Respondent by all modes. However, the Applicant during the hearing on 24.09.2019 has contended that the affidavit of service has been filed and also e-service has been made, No one has represented on behalf of the Respondent. However, despite service of notice by all modes, none appeared on behalf of the Respondent and as a result the Respondent was proceeded ex-parte on 24.09.2019. 3. The Respondent was absent even on the hearing on 17.12.2019 and was set ex-parte. We heard the arguments made by the counsel for the op....