https://www.taxtmi.com/caselaws?id=235448 The Court held that the Securities Contracts (Regulation) Act, 1956 applies to unlisted shares of a public limited company, defining "securities" broadly to include such shares. The contract for the sale of shares violated Sections 13 and 16 of the Act as it was not a spot delivery contract and was not between members of a recognized stock exchange. The transaction did not meet the criteria for a spot delivery contract as payment was made long after share transfer. The Court upheld lower decisions, dismissing the appeal. en-us Mon, 15 Jul 2013 00:00:00 +0530 Wed, 11 Oct 2017 12:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=235448 The Court held that the Securities Contracts (Regulation) Act, 1956 applies to unlisted shares of a public limited company, defining "securities" broadly to include such shares. The contract for the sale of shares violated Sections 13 and 16 of the Act as it was not a spot delivery contract and was not between members of a recognized stock exchange. The transaction did not meet the criteria for a spot delivery contract as payment was made long after share transfer. The Court upheld lower decisions, dismissing the appeal. Case-Laws Companies Law Mon, 15 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=235448