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Supreme Court Upholds Expulsion of Trading Member for Violating Gross Exposure Limits and Failing to Maintain Capital Adequacy. Securities Contracts (Regulation) Act, 1956 - Section 22F - Appeal against Securities Appellate Tribunal order upholding expulsion from National Stock Exchange membership.

The appellant, Rusoday Securities Ltd., was a trading member of the National Stock Exchange of India Ltd. (NSE) since November 1994 and gave an undert...

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Bombay High Court Dismisses Revenue's Appeal in Income Tax Case Regarding Transaction Charges. Transaction charges paid to stock exchanges are not fees for technical services under Section 194J of the Income Tax Act, 1961, as stock exchanges perform regulatory and administrative functions.

The case involves an appeal by the Commissioner of Income Tax against the order of the Income Tax Appellate Tribunal (ITAT) regarding the assessment y...

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Supreme Court Upholds SEBI Order Against Corporate Giant in Futures Manipulation Case. The Court held that cornering 93.63% open interest through agents and dumping shares to depress settlement price constituted fraud under PFUTP Regulations.

The case involves appeals by Reliance Industries Limited (RIL) against orders of the Securities Appellate Tribunal (SAT) which upheld SEBI's findings ...

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Bombay High Court Dismisses Revenue's Appeal in Income Tax Derivative Transaction Case. Exchange Traded Derivatives Held Not Speculative Under Section 43(5) of Income Tax Act, 1961, with Retrospective Application of Clause (d) of Proviso.

The case involves an appeal by the Commissioner of Income-tax, Central-IV against the order of the Income Tax Appellate Tribunal (ITAT) in favor of th...

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Supreme Court Allows State's Appeal in Excise Duty Case — Licensee Liable for Duty on Liquor Destroyed in Fire. Absolute liability under Rule 7(11)(a) of UP Bottling of Foreign Liquor Rules, 1969 and Rules 708/709 of UP Excise Manual; act of God no defense.

The case arises from a fire incident on 10.04.2003 at the godown of the respondent company, a distillery licensee, which destroyed 35,642 cases of Ind...

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High Court of Bombay Dismisses Petitions Challenging Arbitral Award in Stock Broker Dispute. Court Upholds Arbitral Tribunal's Findings of Fact and Rejects Challenge Under Section 34 of Arbitration and Conciliation Act, 1996.

The judgment concerns multiple arbitration petitions filed under Section 34 of the Arbitration and Conciliation Act, 1996, challenging an arbitral awa...

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Bombay High Court Allows Writ Petition Challenging Civil Court's Dismissal of Suit on Ground of Arbitration Clause Under Stock Exchange Bye-laws. Transaction Not Through Stock Exchange Member, Hence Civil Court Has Jurisdiction to Entertain Recovery Suit.

The petitioners, M/s. Prashant Commercial, filed a suit for recovery of Rs. 23 lakhs against the respondent, Rajratan R. Mohta, claiming that the amou...

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Bombay High Court Dismisses Petitioner's Challenge to Arbitral Award in Stock Exchange Dispute Due to Limitation. Claim Filed Beyond Six-Month Period Under BSE Regulation 252(2) Is Barred.

The petitioner, Kalpana Munish Bumb, was a constituent of respondent no. 1, a trading member of the Bombay Stock Exchange. The last transaction betwee...