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TMI Blog2003 (4) TMI 404X X X X Extracts X X X X X X X X Extracts X X X X ..... . by its Secretary. The prayer in W.P. No. 18735 of 1996 is to the following effect: "...issue a writ of declaration or any other writ in the nature of declaration or such other appropriate order, declaring that section 12 of the Securities and Exchange Board of India Act, 1992 (15 of 1992) Regulation 10 and Schedule III of the Securities Exchange Board of India (Stock Brokers and Sub-Brokers) Regulations, 1992 as void and ultra vires the constitution of India and also pass such further or other orders as this Hon ble Court may deem fit and proper in the circumstances of the case and thus render justice." The prayer in the connected writ petition is also substantially the same. 2. It appears that many such writ petitions had been ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed afresh. 4. The petitioners have sought to include three paragraphs in the petition and additional prayer in the prayer portion. It is convenient to extract the proposed amendment: "20. For all these reasons and circumstances, I respectfully submit that the very basis and the gravamen of the levy which is found on the concept of turnover and annual turnover in itself indefinite and capable of multiple interpretation resulting in consequential levy being arbitrary and indefinite. This is clearly violative of Article 14 of the Constitution of India. 21. I respectfully submit that if the SEBI is allowed to collect fees without adhering to the netted out process i.e., aggregate of the sale and purchase price of securities received ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ase and sale transaction of a stockbroker and consequently restrain the 2nd Respondent from insisting for payment of any further fees from each of the members of the Association of NSE Members of India the Writ Petitioner, for registration and continuation of registration with the 2nd Respondent on any other basis of computation other than as stated herein above and pass such further or other orders as this Hon ble Court may deem fit and proper and thus render justice." 5. Learned counsel appearing for the respondents has vehemently opposed the prayer for amendment on the ground that in view of the decision of the Supreme Court, the writ petitions must be disposed of in accordance with the said decision and it is impermissible to amend ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y of the appeal and it was observed by the Supreme Court that the power to allow amendment can be exercised at any stage of proceedings in the interest of justice on the basis of the guidelines laid down by various High Courts and this Court. 8. The above proposition of law relating to consideration for prayer of amendment by an appellate court while the matter is pending in appeal before such court, obviously is not applicable to a case where a court is required to dispose of the matter strictly in accordance with the decision already rendered by the appellate authority. 9. Under Article 139A of the Constitution, where cases involving the same or substantially the same questions of law are pending before the Supreme Court and one o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed by the Supreme Court cannot be countenanced as any such attempt would amount to seeking review of the decision of the Supreme Court before the High Court. 12. In Smt. Somawanti v. State of Punjab AIR 1963 SC 151 it was observed that the binding effect of a decision does not depend upon whether the particular argument is considered or not, provided that the point with reference to argument which was subsequently advanced was decided. 13. What is true in respect of the Supreme Court is obviously more so in respect of High Court. Since one of the matters has been transferred to the Supreme Court and a decision has been rendered, the High Courts, wherever such cases were pending and had been stayed, are bound to follow the decisi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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