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Judgement in WP(C). No. 18485 of 2005 (A) - CH Shameem Vs CoSE & SEBI

Nov 28, 2005
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Orders : Orders of Courts

IN THE HIGH COURT OF KERALA AT ERNAKULAM

 

PRESENT :

 

THE HONOURABLE MR. JUSTICE K. BALAKRISHNAN NAIR

 

MONDAY, THE 28TH NOVEMBER 2005 / 7TH AGRAHAYANA 1927

 

WP(C). No. 18485 of 2005 (A)

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PETITIONER:

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C.H. SHAMEEM, BISMILIAH MANZIL,

ASOKA ROAD, KALOOR.

 

 

BY ADV. SRI. M. MOHAMED NAVAZ

SRI. T.P. SAJAN

 

RESPONDENTS:

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1. COCHIN STOCK EXCHANGE LTD.,

M E S COMPLEX, 36/1565, 4TH FLOOR,

JUDGES AVENUE, KOCHI – 682 017,

REPRESENTED BY ITS EXECUTIVE DIRECTOR.

 

2. THE SECURITIES AND EXCHANGE BOARD OF INDIA,

REPRESENTED BY ITS CHAIRMAN, MITTAL COURT,

B-WING, NARIMAN POINT, MUMBAI.

 

BY ADV. SRI. BABY THOMAS, CGC for R2

SRI. KOSHY GEORGE for R1

SRI. K.M. JAMALUDHEEN for R2

 

THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 28/11/2005, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

 

K. BALAKRISHNAN NAIR, J.

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W.P. (C) NO.18485/2005 – A

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JUDGMENT

 

The petitioner is a non-trading member of the Cochin Stock Exchange Ltd. He submits, he has already surrendered his trading membership rights. So, he claims refund of the security deposit. Alleging that the Securities and Exchange Board of India (SEBI) has not considered his application for refund of the said deposit, this Writ Petition is filed.

 

2. The 1st respondent has filed a counter affidavit, in which it is submitted that the SEBI has already rejected the petitioner’s claim, by Ext.R1(d) proceedings, for the reason that he has failed to clear the arrears due to it. The 2nd Respondent SEBI has also filed a counter affidavit. It is submitted by the said respondent that if the petitioner clears the arrears and re-submits the application through the 1st respondent Cochin Stock Exchange, the same will be dealt with in accordance with law. This submission is recorded. If the petitioner clears the arrears due to the SEBI, the 1st respondent shall forward his application for refund of the security deposit without delay. Upon receipt of that application, the 2nd respondent shall dispose of the same within two months from the date of receipt of it.

 

The Writ Petition is disposed of as above.

  

sd/-

 28th NOVEMBER, 2005.

 
K. BALAKRISHNANA NAIR, JUDGE