https://www.taxtmi.com/caselaws?id=108439 A recognised stock exchange incorporated as a company limited by guarantee may validly include articles providing for suspension or expulsion of members, because the special securities law regime permits disciplinary rules and bye-laws governing member conduct, and such provisions are not repugnant to the Companies Act, 1956. A member who became managing director of another company engaged in a business unconnected with securities incurred a disqualification under the Securities Contracts (Regulation) Rules, 1957, making expulsion permissible. Once the substantive basis for the member's continuance failed, later contempt and compensation orders founded on interim protection could not survive and were set aside. en-us Tue, 25 Feb 2003 00:00:00 +0530 Sat, 31 Mar 2012 15:15:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=108439 A recognised stock exchange incorporated as a company limited by guarantee may validly include articles providing for suspension or expulsion of members, because the special securities law regime permits disciplinary rules and bye-laws governing member conduct, and such provisions are not repugnant to the Companies Act, 1956. A member who became managing director of another company engaged in a business unconnected with securities incurred a disqualification under the Securities Contracts (Regulation) Rules, 1957, making expulsion permissible. Once the substantive basis for the member's continuance failed, later contempt and compensation orders founded on interim protection could not survive and were set aside. Case-Laws Companies Law Tue, 25 Feb 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=108439