1999 (1) TMI 412

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.... The short question is whether the Bombay Stock Exchange, the 1st respondent herein, was justified in rejecting the Petitioner's application for readmission as member of Stock Exchange. On perusal of the report of the Defaulter's Committee ("the Committee"), it is obvious that al- though the membership of the Exchange is a personal permission from the Exchange and a member was prohibited from as....

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....ed for six months. In spite of that, he allowed VFSSL to carry on the business resulting in the liability of more than Rs. 4 crores. It is also pertinent to note that the Petitioner failed to produce the original books of account, receipts and vouchers when he was called upon to do so by the Committee. Thus, there was total non-compliance with the relevant rules relating to readmission of member t....