NIKHIL T PARIKH - SOLE PROPREITOR OF PARIKH & PARIKH vs UNION OF INDIA THRO SECRETARY

Judicial Analysis Court Copy Headnote Facts Arguments Court observation

2014 Supreme(Guj) 134

BHASKAR BHATTACHARYA, J.B.PARDIWALA
NIKHIL T PARIKH - SOLE PROPREITOR OF PARIKH & PARIKH – Appellant
Versus
UNION OF INDIA THRO SECRETARY – Respondent

Advocates:
Advocate Appeared
MR MIHIR THAKORE, SR.ADVOCATE with MS AMRITA M THAKORE, ADVOCATE for the Petitioner(s) No. 1 -56
MR ANSHIN H DESAI, ADVOCATE for the Respondent(s) No. 1
MR SN SHELAT, SR.ADVOCATE with MS DHARMISHTA RAVAL, ADVOCATE for the Respondent(s) No. 2 MS. SHAILI A KAPADIA, ADVOCATE for the Respondent(s) No. 3
NOTICE SERVED for the Respondent(s) No. 5 - 12 , 15
NOTICE UNSERVED for the Respondent(s) No. 4 , 13 -14

JUDGMENT

(PER : HONOURABLE MR.JUSTICE J.B.PARDIWALA)

1. As the issues raised in both the above captioned petitions are the same, those were heard analogously and are being disposed of by this common judgment and order. However, we have considered the Special Civil Application No.17040 of 2012 filed by the Trading Members and shareholders of the Vadodara Stock Exchange Limited as the lead matter.

2. By this writ application under Article 226 of the Constitution of India, the petitioners herein claiming to be the Trading Members and shareholders of the Vadodara Stock Exchange Limited (for short, 'VSEL') seeks to challenge the legality and validity of the circulars dated 30th May 2012 and 13th December 2012 and the Securities Contracts (Regulation) (Stock Exchange and Clearing Corporations) Regulations, 2012, issued by the Securities Exchange Board of India (for short, 'SEBI') including the notice dated 28th November 2012 issued by the VSEL on the grounds, inter alia, that the impugned circulars, regulations and notice are ultra vires the Constitution of India and are contrary to

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2014 Supreme(Guj) 134

BHASKAR BHATTACHARYA, J.B.PARDIWALANIKHIL T PARIKH - SOLE PROPREITOR OF PARIKH & PARIKH – AppellantVersusUNION OF INDIA THRO SECRETARY – Respondent

BHASKAR BHATTACHARYA, J.B.PARDIWALA
NIKHIL T PARIKH - SOLE PROPREITOR OF PARIKH & PARIKH – Appellant
Versus
UNION OF INDIA THRO SECRETARY – Respondent