UNION OF INDIA vs ALLIED INTERNATIONAL PRODUCTS LTD. & ANR.

The Supreme Court examined the validity of share allotment under Section 73(1) of the Companies Act, 1956, determining that approval from one stock exchange is sufficient for allotment, even if others reject the application. The Court held that the Bombay Stock Exchange's approval, despite being granted after the statutory period, did not invalidate the allotment. The Court affirmed the High Court's decision to issue a mandamus to the Calcutta and Delhi Exchanges to enlist the shares, thereby upholding the validity of the allotment.