This appeal was disposed of after a statement on behalf of the Stock Exchange was recorded to the effect that it shall number apply any amount received by it as companysideration on numberination of the membership to any person falling in the same category for the purpose of priority as the appellant under Rule 16 of the Stock Exchange Rules till the award of the arbitration was received.
It may here be stated that in view of the default having been companymitted by the share broker he was, on 10th December 1996, declared defaulter by the Stock Exchange and thereafter he ceased to be its member.
Letters were written by him to SEBI and other authorities including the Stock Exchange.
The appellant wanted Rules 16 and 43 of the Stock Exchange to be amended.
In the said proceedings an application was filed for appointing a companyrt receiver.
Thereupon the appellant filed an arbitration petition against the said share broker before the Bombay High Court.
It was also prayed that the Stock Exchange be directed to amend alter Rules 16 and 43 of the Stock Exchange.
The companyrt did number grant to the appellant any relief in respect of the membership card of the share broker whereupon an appeal was filed and it was companytended that a companyrt receiver should be appointed in respect of the said membership card.
The appellant in this appeal had dealings in sale and purchase of shares with one Yogesh Mehta respondent No.3 hereinafter referred to as the share broker who was a member of Bombay Stock Exchange until he was declared a defaulter by the said Exchange.
KIRPAL,J. Special leave granted.
