https://www.taxtmi.com/caselaws?id=188581 A stock exchange's default machinery under the Securities Contracts (Regulation) Act, 1956 must be read harmoniously with its rules and bye-laws: a defaulter-member's membership right vests absolutely in the exchange on default, while other realised assets are held only for distribution under the prescribed scheme. The membership-right proceeds are not automatically attachable as garnishee debt without first applying that statutory framework. Realised assets from other properties are to be distributed pro rata among admitted claims, but unresolved questions on claim cut-off dates, enforceable non-member decrees, and interest on deposited funds require fresh factual verification and accounting before final enforcement. en-us Fri, 17 Oct 2003 00:00:00 +0530 Fri, 05 Jul 2024 15:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=188581 A stock exchange's default machinery under the Securities Contracts (Regulation) Act, 1956 must be read harmoniously with its rules and bye-laws: a defaulter-member's membership right vests absolutely in the exchange on default, while other realised assets are held only for distribution under the prescribed scheme. The membership-right proceeds are not automatically attachable as garnishee debt without first applying that statutory framework. Realised assets from other properties are to be distributed pro rata among admitted claims, but unresolved questions on claim cut-off dates, enforceable non-member decrees, and interest on deposited funds require fresh factual verification and accounting before final enforcement. Case-Laws SEBI Fri, 17 Oct 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=188581