IN RE: WORLDWIDE LEATHER EXPORTS LTD. Vs. STATE

JUDGEMENT

(1.) The Court: This application relates to the listing of Elite Leasings Limited with Calcutta Stock Exchange Association Limited. 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.

(2.) In this case, the scheme of the applicant was sanctioned by this Court by 17th January, 2000. On 13th June, 2007 the Calcutta Stock Exchange made its recommendation to SEBI for listing. It may be stated here that such application for listing is to be routed to SEBI through the said Stock Exchange. It has been submitted on behalf of the SEBI that from June, 2007 it was enquiring from the Stock Exchange as to the consequences of such delay and that in such circumstances it has treated the application as closed.

(3.) It was argued by Mr. Basak for the Calcutta Stock Exchange that they were not responsible for the delay and that the delay was caused by the applicant in submitting the application and subsequent documents before them.