2020 (2) TMI 527

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....y, now called as Bombay Stock Exchange Limited, the following prayers have been made :-   "(a) that this Hon'ble Court be pleased to issue a writ of certiorari or a writ in the nature of certiorari or any other writ, order or direction under Article 226 of the Constitution of India calling for the records in relation to the recovery proceedings initiated by the Respondents against M/s. Sumatilal Jamnalal and/or Mr. Sumatilal Jamnalal and/or Paresh Sumatilal Karodia and after going into the legality and validity thereof to quash and set aside the impugned notices dated 7th December 1988 and 20th March 1989 and the impugned prohibitory orders dated 4th February 1987 and 7th March 1990 being Exhibits F-2, G, J-2 hereto; ....

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....l and/ or Paresh Sumatilal Karodia; (e) that pending the hearing and final disposal of the present petition, the Petitioner be permitted to exercise the right of nomination in respect of the membership right of late Mr. Sumatilal Jamnalal and Paresh Sumatilal Karodia in favour of such person as the Petitioner may decide and to apply the consideration received therefor and also to appropriate all other securities placed with the Petitioner by M/s. Sumatilal Jamnalal and which have vested in the Petitioner in accordance with the Rules, Bye-laws and Regulations of the Petitioner;".   3. Mr. Malhotra, learned standing counsel Revenue fairly submits that the same Petitioner had approached this court by filing several Writ Petiti....

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....Department with regard to membership card licensed to Bharat S. Khona and Akhil Dalal and security deposit amounts of the defaulter members Bharat S. Khona and Akhil Dalal with the petitioner - Exchange. 2. It is agreed position between the parties that the decision of the Apex Court in Bombay Stock Exchange Vs. B.S. Kandalgaonkar & Ors. cover both the issues in principle in favour of the petitioner. The Apex Court has held that the membership card is only a personal privilege granted by the petitioner - Exchange and that no right to that card has ever been transferred to the card holder for the petitioner - Exchange so as to enable it's attachment by the Income Tax Department. So far as security deposit is concerned, the Apex ....