SECURITIES AND EXCHANGE BOARD OF INDIA
SECONDARY MARKET DEPARTMENT
CIRCULAR NO. 02/SMD/96
The High Court for Rajasthan in its order dated February 6, 1996 in the writ petition No 5409/1995. Shyam Sunder Sultania Vs union of India and others has held that amendments made in the Articles of Association are inoperative and can not be acted upon till they are published in the Gazette of India and also in the official gazette of Rajasthan as required under Sub-section (3) of Section (8) of Securities Contracts (Regulation) Act, 1956. Officers are also aware that amendments to Bye-laws are similarly required to be published in the official gazette of India as well as that of State for them to become operative as per Securities Contract (Regulation) Act, 1956.
While communicating approval to amendments to the Bye-laws and Rules or Articles of Association, concerned officers may advise the Stock Exchanges to get the amendments published as stated above.
R. C. GUPTA DC, SMD March 22, 1996