LAWS(MAD)-2009-3-150

G RAMESH KUMAR Vs. MADRAS STOCK EXCHANGE LIMITED

Decided On March 31, 2009
G. RAMESH KUMAR Appellant
V/S
MADRAS STOCK EXCHANGE LIMITED Respondents

JUDGEMENT

(1.) THE petitioner in W.P.No.13769 of 1995 seeks to challenge the Circular No,282/95 issued by theMadras Stock Exchange Limited (for short 'MSEL') dated 29.9.1995. By the impugned Circular, the MSEL communicated the decision taken in the Council Meeting held on 29.9.1995 and it is as follows:-

(2.) IN W.P.No.14032 of 1995, the petitioner Stock Broker attached to MSEL challenged the Circular dated 29.9.1995 and also the demand for payment of Rs.10 lakhs and further ordered for investigation into the circumstances under which there was increase of price of shares in the third respondent Company from Rs.16/- to Rs.94/- per share within a span of 22 days.

(3.) SUBSEQUENTLY, when the matters were posted before a single bench, a clarification was sought as to whether the interim order dated 12.12.1995 covers all the members of the MSEL and just the petitioners alone. The learned Judge, by an order dated 06.3.1997, ordered as follows:-