2011 (3) TMI 1844

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....urt : This application relates to the listing of Elite Leasings Limited with Calcutta Stock Exchange Association Limited. 2. The matter in issue is clause 8.3.5.3 of SEBI (DIP) Guidelines, 2000. It says that steps have to be taken for listing of the shares with SEBI within thirty days inter alia of sanction of the scheme. 3. In this case, the scheme of the applicant was sanctioned by this Co....

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....) Guidelines, 2000 (clause 8.3.5.3). This guideline does not say that for any delay beyond thirty days or for a particular period of delay a company will not be listed at all. Therefore, where no consequences are provided for the delay, the time limit in these guidelines, according to well-settled rules of interpretation, is to be taken as directory and not mandatory. 7. Therefore, for delay in....