Home Case Index All Cases Companies Law Companies Law + SC Companies Law - 2013 (7) TMI SC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (7) TMI 606 - SC - Companies LawRegulating provisions for unlisted shares - Whether the shares of a public company which is an unlisted company on being transferred would attract the provisions of SCR Act - Held that:- The transactions were hit by the provisions of the SCR Act and the guidelines - the consideration for transfer of shares were duly paid – shares of public limited company though not listed in the stock exchange come within the definition of securities - the provisions of Regulation Act apply – relied upon East Indian Produce Ltd. v. Naresh Acharya Bhaduri & Ors (1985 (8) TMI 314 - HIGH COURT OF CALCUTTA) - whatever is capable of being bought and sold in a market is marketable – there was no warrant for limiting the expression “marketable securities” only to those securities which are quoted in the stock exchange - the provisions of the Regulation Act would cover unlisted Securities of Public Limited Company - shares of Public Limited Company not listed in the stock-exchange was covered within the ambit of Regulation Act. Nature of Contract - whether the contract in question is a spot delivery contract – Held that:- The contract in question is not a spot delivery contract – formal agreement was executed later on and the delivery also took place at a later date - decided against petitioner.
|