RAMEL INDUSTRIES LTD Vs. STATE OF WEST BENGAL

JUDGEMENT

(1.) The petitioners complain of the inordinate delay on the part of the Securities and Exchange Board of India to consider the petitioners' request for appropriate permission being granted for mobilisation of funds from the public. SEBI is represented and it is submitted that an appropriate reply would be issued upon conducting all inquiries. SEBI says that the process would take at least six weeks.

(2.) The Petitioner Company has fairly submitted that the moneys already obtained from the public would not be used or utilised for any purpose without the SEBI's permission in such regard being received. WP No. 16460 (W) of 2013 is disposed of by directing SEBI to respond to the petitioners' request for permission to mobilise funds from the public within a period of eight weeks from date. If permission is to be denied to the petitioner company, due reasons therefor should be indicated in the relevant order.