FIRST Vs. SECOND

JUDGEMENT

(1.) THE Petitioner/Appellant has filed this Miscellaneous Petition praying to condone the delay of 479 days in preferring the A.S.SR.No.41496 of 2006.

(2.) IN the affidavit filed by the Petitioner/Appellant/Executive Director, it is averred that the present Appeal has been projected against the Judgment in O.S.No.9880 of 1996 dated 09.01.2004 and that a permanent injunction restraining the Petitioner/Appellant from auctioning the membership interest of late V.K.Sundaram has been granted and further that the Securities and Exchange Board of INdia, by its circular dated 30.01.2003 informed the Appellant about its proposal to corporatise the stock exchanges based on Kania Committee Report.

(3.) IT is the case of the Petitioner/Appellant that it has come to its notice that certain members who have been declared defaulters/ stopped trading but not declared defaulters has not applied for shares and the Petitioner has realised that in respect of one V.K.Sundaram, none of his legal heirs has applied for Equity Shares and after the scheme for corporatisation has been notified in the Gazette of India, the concept of membership has not existed any longer and that the Petitioner/Appellant Exchange is converted now as one with paid-up share capital only and hence, the auction of the membership interest will not arise.