Court : Mumbai
Reported in : 1995(3)BomCR313; (1995)97BOMLR779
..... of powers under s. 250 of the companies act has become final.4. the parliament enacted securities contracts (regulation) act, 1956 to prevent undesirable transactions in securities by regulating the business or dealing therein by prohibiting options and by providing certain matters connected therewith. the parliament, by securities contracts (regulation) amendment act, 1985 inserted new s. 22a and which came into force in january 1986. the amended section deals with free transfer-ability and registration of ..... these three petitions. shri shah, learned counsel appearing on behalf of the petitioners, challenged the constitutional validity of sub-section (3)(c) of s. 22a of securities contracts (regulation) act 1956 claiming that the provision violates art, 14 of the constitution. it was also claimed that the section does not confer power upon the company law board to do justice in case where transfer is refused, though ..... first question which requires determination is about the constitutional validity of sub-section (3)(c) of s. 22a of the act.5. section 22a of the securities contracts (regulation) act, 1956 was inserted by amending act no. 48 of 1985. the statement of reasons and objects of the amendment act sets out that ss. 82 and 111 of the companies act permit board of directors of companies to assume powers under the articles of .....Tag this Judgment!
Court : Chennai
Reported in : 2008BusLR908; 2009(1)CTC227; (2008)8MLJ261
..... in 'derivatives' stormed the market. to begin with, 'derivatives in securities/shares', were statutorily recognised under amendment act 31 of 1999 to the securities contracts (regulation) act, 1956. by the said amendment act, which came into force with effect from 22.2.2000, section 18a was inserted in the securities contracts (regulation) act, 1956. section 18a reads as follows:18a.contracts in derivative: notwithstanding anything contained in any other law for the time being ..... document opt 727. such a stand cannot also be taken by the plaintiff since the plaintiff received usd 100,000 on 27-6-2007 in pursuance of opt 727. moreover, the plaintiff claims in para-3 of the plaint that it is a listed company whose shares are traded in the bombay stock exchange and national stock exchange. by ..... 7.2006 and master circular no. 6/2007-08 dated 2.7.2007. these circulars had a validity period of one year with a sunset clause. therefore, they are always replaced by new circulars every year. 100. thus the transactions in derivatives are age old, in so far as commodities and stocks and securities are concerned. these transactions are atleast about ..... there is any definite head or principle of public policy evolved by courts or laid down by precedents which would directly apply to wagering contracts. even if it is permissible for courts to evolve a new head of public policy under extraordinary circumstances giving rise to incontestable harm to the society, we cannot say that wager is one of .....Tag this Judgment!
Court : Supreme Court of India
Reported in : AIR1992SC847; 73CompCas762(SC); JT1992(1)SC463; 1992(1)SCALE264; (1992)2SCC255; 1SCR481
..... in on that stock exchange has been preferred under section 22 of the securities contracts (regulation) act, 1956 (42 of 1956), such allotment shall not be void until the dismissal of the appeal.(2) where the permission has not been applied for as aforesaid, substituted for 'or has not been granted as aforesaid' by the companies (amendment) act, 1974, w.e.f. 1.2.1975 substituted for ..... may be prescribed having regard to the length of the period of delay in making the repayment of such money.21. sub-section (2a) was inserted by the companies (amendment) act, 1974 which came into force w.e.f. 1.2.1975. section 73, as it stood prior to 1975, contained no specific provision compelling the company or its directors to repay the amounts received ..... for permission for the shares or debentures intending to be so offered to be dealt with in the stock exchange or each such stock exchange.13. this sub-section was inserted by the companies (amendment) act, 1988 with effect from 15.6.1988. it has application only to a company intending to offer shares or debentures to the public for subscription by the issue ..... mills co. ltd. v. commissioner of income tax, delhi, new delhi : 123itr429(sc) . '4. penalties - if any person defaults in payment of cess imposed under subsection (1) of section 3, or, contravenes any provision of any rule made under this act, he shall without prejudice to his liability therefore under sub-section (5) of section 3 be liable to imprisonment upto six months or to a .....Tag this Judgment!
Court : Allahabad
Reported in : 120CompCas18(All); (2004)2CompLJ446(All); 49SCL77(All)
..... meaning as in section 2 of the securities contracts (regulation) act, 1956.section 2(h) of the securities contracts (regulation) act, 1956 defines securities to include :-- '(i) shares, scrips, stocks, bonds, debentures, debenture stock or other marketable securities of a like nature in or of any incorporated company or other body corporate;(ii) government securities;(iia) such other instruments as may be declared by the central government to be securities; and(iii) rights or interest ..... , and therefore, would encapsulate within its fold various activities which have been found to have certain specific characteristics. it is alleged that the definition of collective investment schemes as inserted by the securities laws (amendment) act, 1999 is substantially the same as mentioned in the dave committee report. the expression 'collective investment scheme' though not initially defined under the statute, was generally understood to ..... democratic society it ultimately rests. hence rather than exercise judicial review courts should ordinarily allow legislatures to correct their own mistakes wherever possible.'97. similarly in his dissenting judgment in new state ice co. v. liebmann 285 us 262  mr. justice brandeis, the renowned judge of the u.s. supreme court, observed that the government must be left free to .....Tag this Judgment!
Court : Gujarat
Reported in : 87CompCas186(Guj)
..... ', it will mean a place or institution where the business of selling or buying of securities is carried on. selling, buying or dealing with securities is the essential ingredient of a market. though 'securities market' has not been defined, the definition of 'stock exchange' under section 2(i) of the securities contracts (regulation) act means any body of individuals whether corporated or not, constituted for the purpose of ..... are stock exchanges, mutual funds, other persons associated with the securities market and intermediaries and self-regulatory organisations in the securities market. the persons referred to as 'associated with the securities market' according to learned counsel, refers only to persons enumerated in clause (ba) of sub-section (2) which has been inserted by the securities laws (amendment) act, 1995, [see  83 comp cas (st.) 25. ] with effect ..... given, it may, by an order in writing and recording the reasons as far as practicable, direct that the investigation be undertaken without such notice. (3) subject to the provisions of this regulation, an order passed under regulation 7 shall be a sufficient authority for the investigating officer to undertake the investigation and, on production of an authenticated copy of the order, the .....Tag this Judgment!
Court : Supreme Court of India
Reported in : (2013)1SCC1
..... sebi.84. as against the aforesaid, the term securities has been defined in section 2(45aa) of the companies act (consequent upon an amendment made in 2000 with effect from 13.12.2000). section 2(45aa) of the companies act, is being extracted hereunder:2(45aa) securities means securities as defined in clause (h) of section 2 of the securities contracts (regulation) act, 1956 (42 of 1956), and includes hybrids;the ..... by the definition clause 2(19a) hybrid or by the insertion of the definition of securities in section 2(45aa) as including hybrid even though section 67(3) of the act was amended, by the amendment act 53 of 2000, by which the definitions of securities and hybrid were introduced. it was also pointed out that non- substitution/non-amendment of section 67(1) and (2), by not including the word ..... and fraudulent schemes of company flotation, a classic example is scheme formulated by the south sea company, which collapsed in 1720, which heralded the start of security law in england. great crash of new york in 1929 also contributed in equal measure apart from other high-profile corporate fraud cases in u.s.a. various ventures, undertakings by the companies registered ..... sahara india c junxion corporation limited on 28.10.2005 as a public limited company under the companies act and it changed its name to sirecl on 7.3.2008. as per the balance sheet of the company as on 31.12.2007, its cash and bank balances were rs.6,71,882 and its net current assets worth rs.6,54 .....Tag this Judgment!
Court : Mumbai
Reported in : AIR1995Bom194; 1995(3)BomCR656; 84CompCas910(Bom)
..... 5-1991. under old section 111 an appeal was provided under sub-section 3 of the said section to the central government. in the new amended section the said power of appeal is given to the company law boardand if all these provisions are read it does appear that there is not much of a change made in section 22a of the securities contracts (regulation) act 1956 under which now ..... which gives right of an appeal. under the companies act also the company law board is assigned several functions under the companies act. the present impugned order is obviously an order passed under section 22a of the securities contracts (regulation) act 1956 as amended in 1985 and therefore it is tried to be contended though section 10f provides that any person aggrieved by any decision or ..... coming into force of the provision of section 22a of the securities contracts (regulation) act 1956 is very well settled. he also pointed out that prior to 31-5-1991 the companies act provided power of rectification of register of members of the company under section 155 of the companies act and the said provision was omitted by companies (amendment) act, 1988 with effect from 31-5-1991 ..... and third parties which is not possible until the transfer is registered in the company's register, is entitled to rectification of the share register of the company by insertion of his name therein as a registered shareholder of the share transferred to him. this right of the transferee can be defeated by the company or its directors .....Tag this Judgment!
Court : Mumbai
Reported in : AIR1995Bom377; 1995(4)BomCR71; 1996(1)MhLj50
..... , dated 16th march 1985, that the. securities contracts (regulation) act, 1956, would be amended to ensure free transferability of securities of public limited companies whose securities are listed on the stock exchanges. for this purpose, it is proposed to incorporate a new section, namely, section 22a, in the securities contracts (regulation) act, 1956, and also make necessary consequential amendments in the act, to provide for free transferability of listed securities with adequate safeguards against undesirable take over ..... stock exchange. when 1st petitioner company desires to enjoy privileges attached to listed companies, the 1st petitioner-company has to agree to be bound by the regulatory provisions of the securities contracts act. section 22a(3)(c) does not unreasonably restrict grounds on which company may refuse registration oftransfer. it is not against healthy growth of capital market. it protects interest of bona fide investors ..... healthy growth of the capital market. it was felt that unrestricted transferability is particularly necessary for securities of public limited companies which are listed on the stock exchanges. 9. section 22a of the act was inserted with effect from january 17, 1986. the object of the section was stated in the statement of objects and reasons appended to the bill and are as under:-- 'at .....Tag this Judgment!
Court : Andhra Pradesh
Reported in : 2006(6)ALD778
..... of any such law.37. application of other laws not barred:- the provisions of this act or the rules made thereunder shall be in addition to, and not in derogation, the companies act, 1956 (1 of 1956), the securities contracts (regulation) act, 1956 (42 of 1956), the securities and exchange board of india act, 1992 (15 of 1992), the recovery of debts due to banks and financial institutions ..... due within 60 days. the petitioner did not make any representation nor raised any objection as contemplated under section 13(3-a) of the securitisation act. under sub-section (3-a) of section 13 of the securitisation act which was inserted by amendment act 2004 with effect from 11.11.2004, the secured creditor is bound to consider the objections raised by the borrower and in case the objections are not ..... act, 1993 (51 of 1993) or any other law for the time being in force.16. from .....Tag this Judgment!
Court : Mumbai
Reported in : 109CompCas18(Bom)
..... of debenture holders as they apply in relation to the rectification of the register of members'.' 170. on january 17, 1986, the securities contracts (regulation) (amendment) act, 1985 (40 of 1985) came into force which inserted new section 22a to emphasise free transferability and registration of shares and making provision with respect to the circumstances wherein transfer of shares may be declined. ..... that section was deleted from september 20, 1995, to bring about complete transferability. 256. the alternative submission of mr. dada was that ..... created for the following three purposes : (a) to protect the interest of the investors in securities ;(b) to promote the development of and to regulate the securities market ; and(c) for matters connected therewith or incidental thereto. section 3 of the act provides that the board shall be a body corporate and it is for the central government by ..... this court also cannot give any such declaration. it would be against the spirit of the statute. mr. dada referred to section 22a(3)(c) of the securities contracts regulation act, 1956, and pointed out that under that erstwhile section, a likely change in the composition of board of directors was a ground on which a company could refuse registration of transfers. .....Tag this Judgment!