Serene Lifestyle Limited has been into the business of manufacturing wooden furniture. In order to expand its business operations, the company has decided to list its securities. Accordingly, it submitted a preliminary a

As per Section 22 of the Securities Contracts (Regulation) Act, 1956 and the Rules made thereafter, where a recognised stock exchange refuses to list the securities of any public company or collective investment scheme, the company or the scheme shall be entitled to be furnished with reasons for such refusal, and may: within 15 days from the date on which the reasons for such refusal are furnished to it, or where the stock exchange has omitted or failed to dispose of, within the time specified in the Companies Act (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 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 or failure, as the case may be, and thereupon, the Central Government may, after giving the stock exchange an opportunity of being heard, vary or set aside the decision of the stock exchange, or 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. However, 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.