https://www.taxtmi.com/caselaws?id=104573 Stock exchange articles and bye-laws permitting suspension, expulsion and cancellation of a defaulting member's membership were treated as consistent with the Companies Act, 1956 and the SEBI Act, 1992, because membership and SEBI registration were distinct and continued eligibility depended on maintaining exchange membership. The Court found the member was in admitted default and had not cleared liabilities, so the challenge to the vires of the governing provisions failed and the suspension and expulsion were upheld. It further held that the auction of the membership card, undertaken after notice to recover dues and without any statutory prohibition, was valid and not liable to be quashed. en-us Tue, 17 Feb 1998 00:00:00 +0530 Wed, 29 Feb 2012 16:03:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=104573 Stock exchange articles and bye-laws permitting suspension, expulsion and cancellation of a defaulting member's membership were treated as consistent with the Companies Act, 1956 and the SEBI Act, 1992, because membership and SEBI registration were distinct and continued eligibility depended on maintaining exchange membership. The Court found the member was in admitted default and had not cleared liabilities, so the challenge to the vires of the governing provisions failed and the suspension and expulsion were upheld. It further held that the auction of the membership card, undertaken after notice to recover dues and without any statutory prohibition, was valid and not liable to be quashed. Case-Laws Companies Law Tue, 17 Feb 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=104573