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1993 (5) TMI 127 - HC - Companies LawContracts in notified areas illegal in certain circumstances - Plaintiff-company was established with main object of functioning as a stock exchange - It claimed that sections 13 and 19 of the Securities Contracts (Regulation) Act were brought in force in Ernakulam District under which no one other than the plaintiff was authorised to permit or organise dealings in securities in the Ernakulam District - Defendant-company had proposed to function as a parallel stock exchange - Plaintiff-company filed a suit for declaration that defendants were not entitled to carry on or establish or organise dealing in securities in any manner within Ernakulam District and for a decree of permanent injunction restraining defendants from establishing or carrying on or permitting dealing in stock, shares and securities from building of Corporation of Cochin within Ernakulam District - Whether plaintiff ought to have obtained sanction under Order 1, Rule 8, of Code of Civil Procedure so as to enable it to maintain suit - Held, no - Whether there is any express or implied bar created by Securities Contracts (Regulation) Act regarding maintainability of suit in civil court - Held, no - Whether plaintiff had made out a prima facie case for an injunction restraining defendant from carrying on business akin to that of a stock exchange within District of Ernakulam - Held, yes - Whether defendant was entitled to enter into spot delivery contracts - Held, yes
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