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TMI Blog1991 (2) TMI 329X X X X Extracts X X X X X X X X Extracts X X X X ..... xchange, for a direction to respondents Nos. 14 and 15 to investigate exhibit P-2 complaint and to ensure that no trading in securities is done on the floor of the first respondent, and also for a direction to respondents Nos. 11 to 18 to prosecute the offenders. The first respondent is, admittedly, a company registered under the Companies Act. Under section 12 of the Companies Act, any seven or more persons, or where the company to be formed will be a private company, any two or more persons, associated for any lawful purpose may, by subscribing their names to a memorandum of association and otherwise complying with the requirements of the Companies Act for registration, form an incorporated company, with or without liability. Once the re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d that the first respondent-company has not been granted recognition as a recognised stock exchange yet. Therefore, the position now is that the first respondent is purely a public limited company. It is not a Government company in which more than 51 per cent. of the shares are held by the Government. It is also not a public authority now. Therefore, a writ will not lie against the first respondent. A writ cannot be issued to cancel the registration of the first respondent-company or the commencement certificate issued to it under section 149 of the Companies Act. If the company is recognised as a recognised stock exchange, perhaps, to enforce a public duty or to prevent abuse of the powers vested in the first respondent under the Securitie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd teachers are paid from the public fund. When public duty is involved, then to enforce such a duty, writ will lie. But in this case, the first respondent is only a registered company. To enforce the duties and liabilities under the Companies Act, there are adequate provisions in that Act. Public duty will stem only after recognition is given under the Securities Act. Such recognition has not been given yet. The recognition may or may not be given. The authorities which grant recognition are respondents Nos. 11 to 13. The petitioner's case is that, in view of the fact that there is already a stock exchange functioning at Ernakulam, there is no need to have another stock exchange at Trivandrum, and that the persons who operate behind the so ..... X X X X Extracts X X X X X X X X Extracts X X X X
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