2017 (3) TMI 1800

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....i, for the Petitioner Mr. Pesi Modi, 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....

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....it is the case of the Respondent No.1 Exchange that 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 ....