22Right of appeal against refusal by stock exchanges to list securities of public companies

²[22. Right of appeal against refusal by stock exchanges to list securities of public companies.--Where a recognised stock exchange acting in pursuance of any power given to it by its bye-laws, refuses to list the securities of any public company ³[or collective investment scheme], the company ¹[or scheme] shall be entitled to be furnished with the reasons for such refusal, and may,--

(a) within fifteen days from the date on which the reasons for such refusal are furnished to it, or

(b) where the stock exchange has omitted or failed to dispose of, within the time specified in sub-section (1) of section 73 of the Companies Act,1956 (1 of 1956) (hereafter in this section referred to as the "specified time"), the application for permission for the shares or debentures to be dealt with on the stock exchange, within fifteen days from the date of expiry of specified time or within such further period, not exceeding one month, as the Central Government may, on sufficient cause being shown, allow,

appeal to the Central Government against such refusal, omission of failure, as the case may be, and thereupon the Central Government may, after giving the stock exchange an opportunity of being heard,--

(i) vary or set aside the decision of the stock exchange, or

(ii) where the stock exchange has omitted or failed to dispose of the application within the specified time, grant or refuse the permission,

and where the Central Government sets aside the decision of the recognised stock exchange or grants the permission, the stock exchange shall act in conformity with the orders of the Central Government:]

⁴ [Provided that no appeal shall be preferred against refusal, omission or failure, as the case may be, under this section on and after the commencement of the Securities Laws (Second Amendment) Act, 1999 (32 of 1999).]