( 1 ) - The writ petitioner No. 1 is a company registered under Companies Act, 1956 (hereinafter called the petitioner company) and the writ petitioner No. 2 is one of the directors of the petitioner company. The petitioner-company is a registered stock broker and is a trading member of National Stock Exchange of India Limited (hereinafter called NSE ).

( 2 ) THE respondent No. 5 is also a company, registered under Companies Act and it has opened an account with the petitioner-company.

( 3 ) THE petitioner's case is that in the year 1996 under instruction from respondent No. 3, the petitioner-company opened an account being No. K 005 in the name of the respondent No. 3. Thereafter, in 1997 respondent No. 3 introduced his son, the respondent No. 4, and on their joint requests, the petitioner-company opened another account being No. S025 in the name of respondent No. 4 with respondent No. 3. The further case of the petitioner-company is that on 17th April, 1999 in terms of instruction given by respondent Nos. 3 and 4, the petitioner-company purchased 4000 equity shares of GMDC Limited with its own fund and the said purchase was duly entered in the account No. S02