2000 (1) TMI 867

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....idity and correctness of the order dated 17-6-1999 passed by the learned Single Judge dismissing the writ petition. 2. The brief facts of the case are : Petitioner Appellant was a member of the respondent No. 3 stock exchange. He was doing the business of the sharebroker in the name and style of Vimal & Co. at No. 4, II Floor, Sujatha Complex, Bangalore. He was, admittedly, a defaulter. His ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....wer to regulate admission or expulsion of members which is not a public duty amenable to writ jurisdiction. The learned counsel for the appellant relies on the decision in Rakesh Gupta v. Hyderabad Stock Exchange Ltd. [1999] 96 Comp. Cases 645 wherein the Andhra Pradesh High Court has laid down that the phrase 'any person or authority' contained in article 226 of the Constitution includes non-stat....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....erforms myriad functions. In the case on hand we are presently concerned only with the imposition of default fee. The two decisions referred to supra laying down, as they do, principles directly contrasting one another relate to the function performed by the stock exchange in relation to admission and expulsion of the members. Herein, what is in issue is not the expulsion as such but the limited q....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....erns the internal affairs of the stock exchange and every member of the stock-exchange who is a signatory to it is bound by the same. It is in the form of a concluded contract between the members and the stock exchange. Article 48(a) of the articles of association is to the following effect : "(a)The Exchange shall have a first and paramount lien upon the share registered in the name of each me....