( 1 ) THESE petitions under Art. 226 of the Constitution of India have in general questioned admission as members several persons in the Hyderabad Stock Exchange Limited. The Exchange, it is not in dispute, is a public limited company. It is, however, recognised by the Securities and Exchange Board of India (SEBI) as a Stock Exchange on its willingness to comply with the conditions under the Securities Contracts (Regulation) Act, 1956 and is thus subject to the control and regulations relating in general to its constitution and in particular, besides other items, to the admission into the Stock Exchange of various classes of members, the qualifications for membership and the exclusion, suspension, expulsion and re-admission of members therefrom or there into. The Exchange in its extraordinary General Body Meeting, on 24-8-1992, however, introduced an amendment to its Articles of Association and increased the maximum number of members from 200 to 300. In another General Body Meeting dated 8-10-1992, it has fixed entrance fee at Rs. 7,51,000. 00 for new members or as may be decided by the General Body. On 1-12-1992 it sent proposal of approval of the Screening Committee constituted b

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