A.K. MENON Vs. BOMBAY STOCK EXCHANGE

JUDGEMENT

(1.) This application is by the Custodian that this Court fix a last date by which Applications for certification of shares can be accepted by the respondents.

(2.) A few facts need to be stated. After the Court was established, the respondents filed Miscellaneous Petition Nos. 1 of 1992, 2 of 1992 and 3 of 1992 praying for directions that bona fide purchasers of shares get a title as owners of the shares purchased by them. By orders dated 27-7-1992 and 31-7-1992, the Court established a procedure for certification by the stock exchanges. This was to obviate necessity of coming to Court by bona fide purchasers. Since then the certification process is in operation. It is this certification process which the Custodian now wants to be stopped.

(3.) Almost 3 years have lapsed. All Transfer Forms executed in 1992 would now not be valid. I am in agreement with the Custodian. The process cannot be continued indefinitely.