BEFORE THE SECURITIES APPELLATE TRIBUNAL
MUMBAI

Appeal No. 199 of 2011  

Date of Decision: 6.1.2012 

Palco Recycle Industries Limited
Opp. Khanwadi, Ramol Road,
Post: Jantanagar, Ahmedabad – 382449

            …… Appellant 

Versus

Securities and Exchange Board of India
Western Regional Office,
Unit No.002, Ground Floor,
Sakar-I, Nr. Gandhigram Railway Station,
Ashram Road, Ahmedabad -9.

            …… Respondent 

Mr. Ashish S. Asthavadi, Advocate for the Appellant.
Dr. Poornima Advani, Advocate with Mr. Ajay Khaire and Ms. Ruchita Romani,
Advocates for the Respondent.
CORAM : P. K. Malhotra, Member
S.S.N. Moorthy, Member
Per : P. K. Malhotra, Member (Oral)
The appellant before use is a company incorporated under the provisions of
Companies Act, 1956 having its registered o ffice at Ahmedabad. Its authorized share
capital is 20 crores and paid-up capital is 5 crores. The company decided to come out
with its maiden public issue and accordingly, fi led its draft Red Herring Prospectus with
the Securities and Exchange Board of I ndia (the Board) on November 1, 2010. The
Bombay Stock Exchange has also granted it s ‘in principle’ approval for listing of the
company on January 5, 2011. The appellant states that it has responded to all the queries
raised by the Board from time to time. Its gr ievance is that inspite of complying with all
the queries raised by the Board and repeated reminders, the Board has not issued its
approval for the proposed public issue of the company. It is, therefore, prayed by the
appellant that direction be i ssued to the Board to issue a pproval for the proposed public
issue by the company.

2. We have heard the learned counsel on both sides for sometime. Learned counsel
   for the Board has raised a preliminary objecti on with regard to maintainability of the

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appeal. Learned counsel for the appellant submitted that Board cannot keep its
application pending indefinitely when it has responded to all the que ries raised by the
Board.
Without going into these issues raised by the parties it is stated by the learned
counsel for the Board that it wi ll take a final decision on th e application within a period
of six weeks from today. On that understanding, learned counsel for the appellant, on
instructions, prays that he may be permitted to withdraw the appeal. The appeal is
dismissed as withdrawn.
Sd/-
    P.K. Malhotra
Member

                Sd/-  

S.S.N. Moorthy
Member
6.1.2012
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