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2005 (4) TMI 292 - SUPREME COURTWhether the Delhi Stock Exchange is State under Article 12 of the Constitution of India and is amenable to writ jurisdiction ? Whether the issue relating to the termination of service of the General Manager is purely in the realm of contract and, therefore, not amenable to writ jurisdiction ? Whether the termination of contract of employment of the General Manager of Delhi Stock Exchange by the Board of Directors after taking into account the material on record which leads to loss of confidence is not valid in law ? Whether in case where the Stock Exchange has lost confidence in its General Manager who was holding the post of trust should be reinstated on the Stock Exchange or is it not appropriate to grant him compensation in lieu of reinstatement? Whether the Writ Court committed an error of jurisdiction in not considering one of the fundamental contentions as was pressed that being a case of loss of confidence and the employee having the post of trust ? Held that:- Appeal allowed with modifications. Taking into consideration all circumstances although the termination of the appellant’s service was illegal and unjustified, the totality of the circumstances of the case rendered it improper and unjust to direct the relief of reinstatement with full back wages. The High Court, even while moulding the relief on agreement of the parties, directed a sum of Rs. 12 lakhs to be paid to the appellant as compensation from which the amounts already paid from time to time under orders of the High Court were to be adjusted which needs to be upheld with a slight modification on the issue of compensation as the compensation payable in lieu of reinstatement and back wages shall be increased to Rupees Fifteen lakhs.
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