Sick industrial company --Scheme of rehabilitation--Stock exchange--BIFR issuing direction under rehabilitation scheme to stock exchanges and exempting company from various statutory provisions and SEBI guidelines for reducing equity capital and listing of reduced shares--Compliance with procedural formalities mandatory--SEBI and stock exchanges ought to have been heard before issue of such directions--BIFR directed to afford opportunity of hearing to all parties and pass orders in accordance with law--Sick Industrial Companies (Special Provisions) Act, 1985, s. 18-- Shree Karthik Papers Ltd . v . Securities and Exchange Board of India (Mad) .
