Supreme Court of India
Vinay Bubna v. Stock Exchange, Mumbai and Ors
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
What the Court ordered
In the result of the sale provided for under these rules nor can he require a sale to be made.
Judgment, page 8
From the headnote
Bombay stock Exchange Rules, Bye-laws and Regulations, 1957: Rules 5,53 and 54-Stock Exchange-Membership of-Rights and privileges-Held: Membership is a personal permission from the Exchange to exercise the rights and privileges attached thereto-Once a member is declared a defaulter, right of membership vests in the Exchange under Rules 53 and 54-Membership card of a share broker is not his personal property, which, on default being committed by him, cannot be sold and proceeds distributed amongst his creditors-High Court rightly concluded that once a defaulting member ceases to be a member of…
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