provisions of the Securities Contracts (Regulation) Act, 1956
particularly Sections 31 , 21A , 23L and 23F of the Act of 1956 in support
of his contention ... Section 21A of the Securities Contracts (Regulation) Act, 1956.
Provisions of Section 23L of the Act of 1956 have also been relied upon
to suggest
involved in this case is a Bolero car bearing registration No. UP-23L-9083,
which at the relevant time of accident was being driven ... Road, all of a sudden, the offending
vehicle bearing registration No. UP-23L-9083, which was being driven by
respondent no. 1 on wrong side
entertaining the suit by the civil court by taking help of Section 23L of the Securities Contracts (Regulation) Act, 1956 (for short ... then the plaintiff could have preferred appeal under Section 23L of the Act of 1956. Not only this but in a case where the suspension
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Q 23L
Regulations) Act, 1956 provides for complete
mechanism for dealing with complaints. Section 23L of the SCRA provides
for a remedy to any person aggrieved
petition is
not maintainable. Respondent No.3-NSE has relied upon Section 23L of
the Securities Contracts (Regulation) Act, 1956 ( SCRA) which provides
for appeals ... decision of the recognised stock exchange.
20. In our view, Section 23L(1) provides for an appeal to the
Tribunal if a person is aggrieved
between the parties to the contract.
Insofar as the remedy under Section 23L of the
SCRA is concerned, it is argued that here, no
challenge ... safeguards in the economy of the country.
It is argued that Section 23L of the SCRA
operates as a bar to the present challenge, since
petitioner fairly concedes
that there is an alternate remedy under Section 23L of the Securities
Contracts (Regulation) Act 1956, (SCRA), therefore, he may be granted ... present petition is dismissed as withdrawn with
liberty to file under Section 23L of the SCRA.
5. Learned counsel, however, submits that by this time
maintainability of
this petition on the ground that under Section 23L of the Securities
Contracts (Regulation) Act, 1956 an appeal is provided to the Securities ... petitioner wants to agitate any grievance, he should take recourse
of Section 23L of the Act.
6. I have heard the learned counsel appearing
before the Securities Appellate Tribunal (SAT) as per Section 23L of the
Securities Contracts (Regulation) Act, 1956. Learned Senior Counsel also
placed reliance on Securities ... opinion that the petitioner can agitate its grievance in terms of
Section 23L of the Securities Contracts (Regulation) Act, 1956 before the
concerned Tribunal
