https://www.taxtmi.com/caselaws?id=195696 Paragraph 4 of Schedule III to the SEBI (Stock Brokers and Sub-Brokers) Regulations, 1992 was construed to allow fee continuity on corporatisation where the prescribed post-conversion director condition was met by qualifying partners of the erstwhile firm. Because two of the four partners became directors in the corporate entity, the regulatory condition was satisfied. A stricter requirement that all partners become whole-time directors was not found in the regulation and could not be imposed. The communication refusing fee continuity was therefore unsustainable, and the appellant was entitled to the benefit sought. en-us Thu, 04 May 2006 00:00:00 +0530 Wed, 08 Nov 2017 11:30:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=195696 Paragraph 4 of Schedule III to the SEBI (Stock Brokers and Sub-Brokers) Regulations, 1992 was construed to allow fee continuity on corporatisation where the prescribed post-conversion director condition was met by qualifying partners of the erstwhile firm. Because two of the four partners became directors in the corporate entity, the regulatory condition was satisfied. A stricter requirement that all partners become whole-time directors was not found in the regulation and could not be imposed. The communication refusing fee continuity was therefore unsustainable, and the appellant was entitled to the benefit sought. Case-Laws Companies Law Thu, 04 May 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=195696