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2008 (1) TMI 609 - HIGH COURT OF ANDHRA PRADESHProcedure for corporatisation and demutualisation - whether the impugned proceedings be declared as invalid for the reason that though the SEBI is having the power to extend further time as stated by the writ petitioners? - Held that:- Merely because the regulations had been notified at a later date, by that itself, it cannot be said that the operation of section 5(2) can be controlled or restricted. Section 4B(8) of the Act is an enabling provision and may be in the light of the language of the said provision, an extension may be given. This Court is not inclined to express any further opinion relating to this aspect. With regard to the specific stand taken by the writ petitioners that since the time to be reckoned with from the date of notifying the regulations, the impugned action cannot be sustained, this Court is unable to accept the same for the reason that section 5(2) of the Act is not controlled by section 4B(8) of the Act and section 5(2) of the Act being mandatory, the same would be operative and, hence, in the light of the same, the impugned order in the present writ petition cannot be found fault. It is needless to say that in the result, the writ petition is bound to fail and, accordingly, the same shall stand dismissed.
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