https://www.taxtmi.com/caselaws?id=77382 The Supreme Court upheld the Bombay High Court's decision that Rules 16 and 43 of the Stock Exchange Rules were valid and fair. It was ruled that the membership of the Stock Exchange is not an asset of the share broker and upon default, the membership vests in the Exchange. There was no conflict found between the Stock Exchange Rules and the Insolvency Act. The distribution of proceeds from the sale of a defaulting member's membership card was deemed just and fair, prioritizing payments to the Exchange and creditors. The appeal was dismissed, affirming the decisions of the lower courts. en-us Wed, 28 Jul 1999 00:00:00 +0530 Tue, 28 Feb 2012 12:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=77382 The Supreme Court upheld the Bombay High Court's decision that Rules 16 and 43 of the Stock Exchange Rules were valid and fair. It was ruled that the membership of the Stock Exchange is not an asset of the share broker and upon default, the membership vests in the Exchange. There was no conflict found between the Stock Exchange Rules and the Insolvency Act. The distribution of proceeds from the sale of a defaulting member's membership card was deemed just and fair, prioritizing payments to the Exchange and creditors. The appeal was dismissed, affirming the decisions of the lower courts. Case-Laws Indian Laws Wed, 28 Jul 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=77382