Company member eligibility tightened: directors must have unlimited liability and majority be member-shareholders to join stock exchanges. Amendment substitutes clause (4) of rule 8 of the Securities Contracts (Regulation) Rules, 1957: a company shall not be eligible to be elected as a member unless it is formed in compliance with Section 322 of the Companies Act, 1956; all its directors have unlimited liability; and a majority of its directors are members of the stock exchange and shareholders of the company.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Company member eligibility tightened: directors must have unlimited liability and majority be member-shareholders to join stock exchanges.
Amendment substitutes clause (4) of rule 8 of the Securities Contracts (Regulation) Rules, 1957: a company shall not be eligible to be elected as a member unless it is formed in compliance with Section 322 of the Companies Act, 1956; all its directors have unlimited liability; and a majority of its directors are members of the stock exchange and shareholders of the company.
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