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2015 (8) TMI 575 - AT - Companies LawFailure to maintain minimum net worth – Deactivation of trading terminal – Refund of membership subscription fees – Held that:- Deactivating terminal does not ipso facto amount to cancellation of membership, so long as membership subsists, appellant was obliged to pay yearly membership subscription – Appellant was repeatedly informed prior and subsequent to making application for cancellation, that payment of annual subscription fees was mandatory – Yet payment was not paid – In these circumstances decision of respondent in refunding Base Minimum Capital amount after deducting annual subscription amount cannot be faulted – Inspite of approval granted by SEBI, appellant could not complete sale/transfer of membership and hence sought cancellation, thus appellant cannot blame respondent for charging enhanced membership fees – No merit in appeal and hereby dismissed – Decided against Appellant.
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