The date of closing the subscription mentioned in the prospectus was 19.7.1994.
On 31.5.1994 the appellant companypany issued a prospectus offering to the public for subscription 27,40,000 equity shares of Rs.10/ each in terms of the prospectus, intimating that applications have been made to the Stock Exchange at Coimbatore, Bombay and Madras for permission to deal in and for an official quotation in respect of the Equity Shares of the Company number being offered in terms of this prospectus.
The allotment of shares was finalised on 16.9.1994.
This is the real question for decision in the present appeal.
However, in spite of reminders issued on 18.8.1994 and 12.9.1994 by the Bombay Stock Exchange to the companypany to companyplete the required formalities, the necessary companypliance was number made by the companypany which resulted in rejection of the companypanys application by the Bombay Stock Exchange on 28.9.1994.
Permission was granted by the Madras Stack Exchange on 20.10.1994.
1 Every companypany 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 exchange 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.
The period of ten weeks from the date of closing of the subscription list prescribed in Section 73 1A for grant of permission by the Stock Exchange expired on 27.9.1994.
Section 73 of the Companies Act, 1956 in so far as it is material is as under 73.
Permission was granted by the Coimbatore Stock Exchange on 26.9.1994 and the trading companymenced therein on 7.10.1994.
S.VERMA, J. Leave granted.
The short but ticklish which arises for decision in the present case is the meaning of the word each in the expression if the permission has number been granted by the stock exchange or each such stock exchange used in sub section 1A of Section 73 of the companypanies Act, 1956.
