Supreme Court of India
Bhagwati Developers Pvt. Ltd. v. Peerless General Finance & Investment Company Ltd and Anr.
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.
2 Supreme Court benches have cited this judgment.
What the Court ordered
We are of the opinion that the aforesaid decision of the Bombay High Court is clearly distinguishable.
Judgment, page 18
From the headnote
SECURITIES CONTRACTS (REGISTRATION) ACT, 1956: s. 13 - Contract in notified areas illegal in certain circumstances - Transfer of shares of Peerless General Finance and Investment Company (Peerless) - Held: In the instant case, the place where the contract for sale of shares in question has been entered is a notified area for the purpose of s. 13 -- Further, the contract is not between the members of a recognized stock exchange and, therefore, as held by the Company Law Board, is in violation of s. 13. s. 2(h)(i) - 'Securities' - 'Shares of Pearless General Finance and Investment Company -
Authorities it was built on
Where later benches applied it
- 2021 The Chairman, State Bank of India and v. M. J. James
- 2016 Securities and Exchange Board of India v. M/s. Opee Stock-link Ltd. & Anr.
Of those, 2 referred to
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