Section 108E Time within which refusal to be communicated

Every request made to the Central Government for according its approval to the proposal for the acquisition of any share referred to in section 108-A or the transfer of any share referred to in section 108-C shall be presumed to have been granted unless, within a period of sixty days from the date of receipt of such request, the Central Government communicates to the person by whom the request was made, that the approval prayed for cannot be granted.