M/S .RISHYASHRINGA JEWELLERY LTD. &ANR. vs THE STOCK EXCHANGE BOMBAY .

The Supreme Court interpreted the term 'each' in Section 73(1A) of the Companies Act, 1956, determining that the rejection of a stock exchange's application affects the entire allotment of shares. The Court held that if permission is not granted by 'each such stock exchange', the allotment becomes void, emphasizing the necessity of compliance with all stock exchanges mentioned in the prospectus. Consequently, the allotment of shares was deemed void due to the Bombay Stock Exchange's rejection of the application.