(b) where the stock exchange has omitted or failed to dispose within the time specified in sub- section (1) of section 73 of the Co panies Act, 1956 (1 of 1956 .) (hereafter in this section referred to as the" specified time"), the application for permission for the shares or debentures be dealt with on the stock exchange, within fifteen days from the date of expiry of the 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, failure, as the case may be, and thereupon the Central Government may, after giving the stock exchange an opportunity of being heard,-
where the stock exchange has omitted or failed to dispose of the application within the specified time, grant or refuse the permission on, and where the Central Government sets aside the decision of the recog- nised stock exchange or grants the permission, the stock exchange shall act and conformity with the orders of the Central Government.] shall be accompanied by the instrument of transfer of the, to which it relates, the'- documentary evidence, if any, fur the company along With the instrument of transfer, and such other nature and such fees as may be prescribed.
On receipt of' a reference under sub- section (4), the Law Board shall, after causing- reasonable notice to be given to the company and also to the transferor and the transferee concerned and giving them a reasonable opportunity to make their representations, if any, in writing by order direct either that the transfer shall, be registered by the.- company or that it need not be registered by it.
Where on a reference under, subsection (4) the Company Law Board directs that the transfer of the securities to which it relates-
shall be registered by the company, the company shall give effect to the direction within ten days of the receipt of the order as if it were an order Made on appeal by the Company Law Board. in exercise of the powers under section 111 of the Companies Act 1956 ; (1 of 1956 .)
need not be registered by' the company,. the company shall,, within ten days from the date of such direction, intimate the transferor and the transferee accordingly.
If default is made in complying with the provisions of, this section, the company and every officer of the company who is in default shall be punishable with fine which may, extend to five thousand rupees.
If in any reference made under clause (c) of subsection (4) it of this section, any person, makes any statement-
which is false. in any material particular, knowing it to be false; or
which omits any material fact knowing it to be material, he shall be punishable with imprisonment for a term which a may extend to three years and shall also be liable to fine.
For the removal of doubts, it is hereby provided that nothing is this section shall apply in relation to any securities the instrument of transfer in respect whereof has been lodged with the company before the commencement of the Securities Contracts (Regulation) Amendment Act 1985 ."]