2017 (3) TMI 1800

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

...., Senior Advocate with Mr. Kingshuk Banerjee and Mr. Arnav Mohanty i/b. Wadia Ghandy & Co., Mr. Nishant Thakkar with Ms. Shruti Sardesai and Ms. Jasmin Amalsadvala i/b. Mr. Ashok V. Jain, for the Respondent ORDER P.C. Heard. 2 RULE. 3 These two Petitions under Article 226 of the Constitution of India, challenge communications dated 4th May, 2016 and 9th June, 2016 issued by Respondent No.1 Ex....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....t the aforesaid amounts are in the nature of ex-gratia payments, being made to defaulting members. Therefore, provisions to Section 226(3) of the Act, would not apply as it is neither a debt due from Respondent No.1 Exchange to the defaulting members (Mr. Khona and Mr. Dalal) nor according to them, is the Respondent No.1 Exchange holding the money on account of Respondent No.2 (Mr. Khona and Mr. D....