J. S. Verma, J. - (1.) Leave granted.
(2.) The short but ticklish question which arises for decision in the present case is the meaning of the word 'each' in the expression "if the permission has not been granted by the stock exchange or each such stock exchange" used in sub-section (1A) of Section 73 of the Companies Act, 1956. This is the real question for decision in the present appeal.
(3.) Section 73 of the Companies Act, 1956 in so far as it is material is as under: "73. (1) Every Company intending to offer shares or debentures to the public for subscription by the issue of a prospectus shall, before such issue, make an application to one or more recognised stock exchanges for permission for the shares or debentures intending to be so offered to be dealt with in the stock exchange or each such stock exchange. (1A) Where a prospectus, whether issued generally or not, states that an application under sub-section (1) has been made for permission for the shares or debentures offered thereby to be dealt in one or more recognised stock exchanges, such prospectus shall state the name of the stock exchange or as the case may be each such stock exchange, and any allotment made on an application in pursuance of such prospectus shall, whenever made, be void, if the permission has not been granted by the stock exchange or each such stock exchange, as the case may be, before the expiry of ten weeks from the date of the closing of the subscription lists: Provided that where an appeal against the decision of any recognised stock exchange refusing permission for the shares or debentures to be dealt in on that stock exchange has been preferred under section 22 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956), such allotment shall not be void until the dismissal of the Appeal." (Emphasis supplied);