Shah, J. - (1.) On May 29, 1965, the Allied International Products Ltd. -hereinafter called 'the Company' issued a prospectus offering to the public for subscription 5,00,000 equity shares of Rs. 10/- each and 10,000 cumulative preference shares of Rs. 100/- each, and intimating that "applications are being made to Bombay, Calcutta and Delhi Stock Exchanges for permission to deal in for official quotations of the shares of the Company".
(2.) On June 3, 1965, the Company submitted applications to the Stock Exchanges at Bombay, Calcutta and Delhi (which are recognised Stock Exchanges within the meaning of Section 2 (39) of the Companies Act 1956) , for "enlisting" its shares. The subscription list of the Company was closed on June 21. 1965. On June 22, 1965, the Bombay Stock Exchange extended the time for consideration of the application till the expiry of seven weeks from the date of closing of the subscription list and requested the Company to furnish certain particulars to facilitate compliance with S. 73 of the Indian Companies Act, 1956. August 6, 1965, the Exchange informed the Company that the application was receiving further consideration and requested that certain formalities be complied with. On September 13, 1965, the Exchange informed the Company that it had considered and approved the application for "enlisting" its shares.
(3.) On June 9, l965, the Calcutta Stock Exchange called upon the Company to modify certain Articles of Association and by letter dated July 12, 1965, asked for particulars in respect of specified matters. On July 27, 1965, the Calcutta Stock Exchange granted time for compliance till the end of the seventh week from the date of the closing of the subscription list. On November 5, 1965, the Calcutta Stock Exchange rejected the application of the Company for "enlisting the shares".;