MEHTA SECURITIES LTD Vs. OTC EXCHANGE OF INDIA

JUDGEMENT

(1.) THIS petition has been preferred challenging the action of the respondent Exchange declaring the petitioner as a defaulter in accordance with the provisions of Chapter XIV of the bye-laws of the respondent Exchange.

(2.) IT is an admitted fact that the petitioner, a Limited Company became a member of the respondent Exchange as on 20. 10. 1995. As per bye-laws of the respondent Exchange, the petitioner had paid an amount of Rs. 20 lacs for acquiring the membership and further the petitioner has been paying the requisite annual fees regularly from time to time and no amount is outstanding towards the annual fees.

(3.) THE learned Advocate for the petitioner has assailed impugned order dated 18. 5. 1999 (Annexure-A) on the following grounds :