22A. Right of appeal to Securities Appellate Tribunal against refusal of stock exchange to list securities of public companies.-(1) 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 company, the company shall be entitled to be furnished with 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 (M) 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 the specified time or within such farther period, not exceeding one month, as the Securities Appellate Tribunal may, on sufficient cause being shown, allow,
appeal to the Securities Appellate Tribunal having jurisdiction in the matter against such refusal, omission or failure, as the case may be, and thereupon the Securities Appellate Tribunal 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 Securities Appellate Tribunal 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 Securities Appellate Tribunal.
(2) Every appeal under sub-section (1) shall be in such form and be accompanied by such fee as may be prescribed.
(3) The Securities Appellate Tribunal shall send a copy of every order made by it to the Board and parties to the appeal.
(4) The appeal filed before the Securities Appellate Tribunal under sub-section (1) shall be dealt with by it as expeditiously as possible and endeavour shall be made by it to dispose of the appeal finally within six months from the date of receipt of the appeal. *[Inserted by the Securities Law (Second Amendment) Act, 1999]
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