DEBANGSU BASAK, J.

1. The writ petitioners have challenged the decision of the Calcutta Stock Exchange, refusing to grant in principle approval for delisting of the equity shares of the first petitioner, as contained in the writing dated April 21, 2017 issued by the Calcutta Stock Exchange. The writ petitioners have also sought in principle approval for delisting of the equity shares of the first petitioner as made in the application dated October 7, 2016.

2. Learned Senior Advocate appearing for the writ petitioners has submitted that, the equity shares of the first writ petitioner is listed with the Calcutta Stock Exchange. Such shares are infrequently traded. The first petitioner has decided to delist its equity shares from the Calcutta Stock Exchange. It had applied on October 7, 2016 for such purpose. He has referred to the various correspondence exchanged between the petitioners and the Calcutta Stock Exchange and has submitted that, the petitioners had answered every query raised by the Calcutta Stock Exchange. He has referred to the provisions of the Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009 and submitted that, a stock exc