This case pertains to the transfer of shares and the issuance of ...

Stock Exchange Overreach? Court Quashes Direction Blocking Share Transfer.

Case Laws Companies Law

November 13, 2024

This case pertains to the transfer of shares and the issuance of a duplicate share certificate. The key points are: The National Stock Exchange (NSE) issued a "stop transfer" direction to the transfer agent, citing default by a trading member in making payments. The petitioner challenged this direction, arguing that the shares did not constitute assets of the defaulting member. The court held that the NSE, being a stock exchange, is covered under the definition of 'State' and amenable to writ jurisdiction. The impugned communication was neither an order nor a decision under the Securities Contracts (Regulation) Act (SCRA), and the NSE failed to show authority for issuing such a direction. The court quashed the impugned communication and consequential proceedings by the NSE against the transfer agent, allowing the petition for the issuance of a duplicate share certificate as the shares were still recorded in the petitioner's name.

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This case pertains to the transfer of shares and the issuance of ...

Stock Exchange Overreach? Court Quashes Direction Blocking Share Transfer.

Case Laws Companies Law

November 13, 2024

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