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2010 (1) TMI 574 - SC - Companies LawWhether in the absence of publication of the rules and bye-laws of the Bombay Stock Exchange, which had been framed prior to its recognition in 1956 under the 1956 Act, its activities could be said to be without authority? Held that:- Appeal dismissed. Agreeing with the views expressed by the High Court that the petitioner has not been able to make out any case of mala fides or irregularity on the part of the Bombay Stock Exchange with regard to the listing and subsequent de-listing of the scrip of M/s. Presto Finance Ltd. and also of the view that the publication of the rules and bye-laws of the Stock Exchange was not intended in the Securities Contract (Regulation) Act, 1956, as otherwise some provision would have been made in the Act with regard to pre-recognition rules and bye-laws. While the Act provides for publication of amendments to the rules and bye-laws after grant of recognition, the Act is silent with regard to the publication of the pre-recognition rules or bye-laws which were already in existence and had been acted upon all along.
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