Supreme Court · 1999 INSC 295 · Decided 28 July 1999
Vinay Bubna v. Stock Exchange, Mumbai and Ors
- Court
- Supreme Court of India
- Citation
- 1999 INSC 295 · [1999] 3 S.C.R. 1222
- Case number
- CIVIL APPEAL No. 4120/1999
- Decided
- 28 July 1999
- Bench
- B.N. KIRPAL, S. RAJENDRA BABU (2-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Constitution
Headnote
Bombay stock Exchange Rules, Bye-laws and Regulations, 1957: Rules 5,53 and 54-Stock Exchange-Membership of-Rights and C 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 his personal property, which, on default being committed by him, cannot be sold and proceeds D distributed amongst his creditors-High Court rightly concluded that once a defaulting member ceases to be a member of the Exchange, no interest in his membership card remains and it cannot be regarded as
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