9911796707
TMI Blog1999 (7) TMI 586X X X X Extracts X X X X X X X X Extracts X X X X ..... this court to allow the writ petition as prayed for, per contra , though no counter affidavit has been filed on behalf of the respondents the 3rd respondent contested the matter and the learned counsel appearing for the 3rd respondent submitted that the writ petition has to be dismissed for want of merits. 3. Heard the arguments of the learned counsel appearing for the respective parties. I have perused the contents of the affidavit and all other relevant material documents available on record in the form of typed set of papers. I have also taken into consideration the various points raised by the learned counsel appearing rival parties, together with the various decisions relied on by them in support of their respective cases. 4. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sel may waive compliance with any or all of the forgoing conditions contained in this sub-clause 8( b ) and in their discretion waive the requirements set out above if they are of the opinion that the person seeking admission though not qualified under the sub-clause referred to above is considered by the counsel to be otherwise qualified to be admitted as a member by reason of his means, position, integrity, knowledge and experience of business in Securities." Based upon this proviso and in the exercise of the power therein conferred, the counsel passed a resolution dated 1-9-1987 to request the existing authorised assistants of the member firm of the Exchange who have completed 18 months as authorised assistants to apply for the members ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... their members till such permission is received and such permission has been received only recently. Accord- ing to the petitioner herein only few months back they seem to have applied for and obtained the permission to increase to the sanctioned strength of 200. While so, the 1st respondent has directed that the members be admitted under clause 8( b ) which provides 2 years experience as authorised assistants. It is contended by the petitioner that the 1st respondent direction is ultra vires of its power and is in the nature of a letter in the exercise of their discretion as provided for in the proviso to clause 8( a )( b ) and that it will be acting in excess of their power under the Securities Contracts (Regulations) Act, 1956. Furthe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e has filed this writ petition for 2 reasons. Firstly aggrieved by non-decision of the 3rd respondent on his application for membership and secondly aggrieved by the decision of the 1st and 2nd respondents in restricting the eligibility criteria to clause 8( b )( i ) of the articles of association alone leaving the other sub-clauses. His contention is that the 3rd respondent is not justified in keeping quite on his application for membership. Hence this writ petition. 6. Having seen the entire material available on record and from the facts and circumstances of this case and also from the claims and counter claims made by the parties herein in the only grievance of the petitioner herein is not that the respondents herein have to consid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... st four years (at that time I was an authorised assistant qualified to be a member as per resolution dated 1-9-1987), I wrote a letter dated 14-12-1991 to the 3rd respondent and served it on them the same day requesting them that before any new member is elected, his application for membership has to be allowed." Thus it is a clear case where the petitioner herein has not at all sent the prescribed application form with the prescribed fee (if any) to the 3rd respondent and that there is no prescribed application from the petitioner seeking for the membership of the 3rd respondent exchange is pending with them and only he has sent a requisition to receive the prescribed application form. That being so, he has no locus standi at all to qu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the petitioner . There is every force in the said contention of the 3rd respondent. Further in support of his case, on behalf of him also several decisions were relied on. But this court has clearly come to a conclusion in this case that the petitioner has not at all forwarded any filled up application for the membership of the 3rd respondent. In such circumstances, the decision relied on by the petitioner herein are not helpful to him in any way. 8. Therefore, for all the aforesaid reasons and in the facts and circumstances of the case and also in view of my above discussions with regard to the various aspects of this case and also in the light of the decisions referred above. I am of the clear view that the petitioner herein has mi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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