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2. The petitioner is a public limited company; it acquired shares of M/s. I. Trigger Technologies Private Limited, M/s. Web Net Technologies Private Limited, M/s. Linux Solutions Private Limited and M/s System Telecom and Data Services Private Limited on a "Stock Swap" basis in July,2002. Therefore, those companies became wholly owned subsidiaries of the petitioner company; the valuation report in respect of the aforesaid acquisition was given by Chartered Accountants and the valuation was done on 'discounted cash flow method' which is widely accepted method of valuation. The petitioner convened the extraordinary General Meeting on 27.08.2002 for the purpose of allotment of equity shares of the petitioner company to the members of the said four companies towards the Stock Swap and in consideration of the purchase of shares entered into an agreement. The notice of convening of EGM contains all necessary disclosures required to be made in respect of preferential allotment of shares as per SEBI (Disclosures and Investors) guidelines 2000. At the EGM, petitioner company approved the allotment of 3,63,27,271 equity shares of Rs.2 each at a premium of Rs.9/- to the promoters of the aforesaid four companies and the said pricing was also in accordance with the pricing formula prescribed under SEBI guidelines. The petitioner made application for listing of 3,63 ,27,271 equity shares with various Stock Exchanges. Madras Stock Exchange on 24.09.2002 and from Ahmadabad Stock Exchange on 07.02.2003 gave the approval. The respondent ought to have immediately granted the listing approval; the delay beyond the statutory prescribed period amounts to gross failure to exercise the discretion vested with the respondent; and it causes gross and irreparable hardship to the petitioner and the investors. The fairness of the valuation has been approved by this Court in the scheme of amalgamation sanctioned in the Company Petition Nos.281 to 284 of 2002, by which the four companies were amalgamated with the System Telecom and Data Services Private Limited, by order dated 10.03.2003 by this Court. The respondent failed in its duty to grant the listing within time prescribed. The respective Stock Exchanges have to accord permission within 10 weeks from the date of filing of the application. The appeal filed under Section 2 2(A) of the Securities Contracts (Regulation) Act to the Securities Appellate Tribunal was returned on the ground that the sole member presiding the said Tribunal is personally known to the petitioner. The petitioner has no other option except to approach this Court and hence the present writ petition.