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Mrs. Sejal Rikeeh Dalal And Others vs Stock Exchange, Bombay, And Another on 12 April, 1990 cites

Anandi Mukta Sadguru Shree Mukta ... vs V.R. Rudani & Ors on 21 April, 1989

In the case of Shri Anadi Mukta Sadguru Shreee Muktajee Vandasjiswami Suvarna Jayanti Mahotsav Smarak Trust v. V.R. Rudani, , the Supreme Court said that the term "authority" used in article 226 in the context must receive a liberal meaning unlike the term in article 12. It said (headnote) : "The words 'any person or authority' used in article 226 are, therefore, not to be confined only to statutory authorities and instrumentalities of the State. They may cover any other person or body performing public duties. The form of the body concerned is not very much relevant. What is relevant is the nature of the duty imposed on the person or authority to the effected party, no matter by what means the duty is imposed. If a positive obligation exists, mandamus cannot be denied." The first respondent stock exchange is a recognised stock exchange under Securities Contracts (Regulation) Act, 1956. The preamble to the Act to prevent undesirable transactions in securities by regulating the business of dealing therein, by prohibiting and by providing for certain other matters connected therewith. Under section 3 of the Act, any stock exchange which is desirous of being recognised for the purposes of this Act make an application in the prescribed manner to the Central Government. Under section 4, the Central Government is empowered to grant recognition to a stock exchange. Among the factors to be considered in granting recognition, the Government has to consider whether the rules and bye-laws of the stock exchange applying for registration are in conformity with such conditions as may be prescribed with a view to ensure fair dealing and to protect investors. It has also to consider whether it would be in the interest of the trade as also in the public interest to grant recognition to the stock exchange. The first respondent has been recognised by the Central Government under this Act and a notification to that effect being Notification No. SRO 27828, dated August 31, 1957, has been published in the Gazette of India, Extraordinary, Part II, section 3, dated August 31, 1957. The first respondent is, therefore, a statutory body and the Central Government is vested with supervisory powers under the said Act over the functioning of the first respondent. The stock exchange is, inter alia, established to assist, regulate and control dealings in securities and to ensure fair dealings. These are objects of public interest. Therefore, looking to the wide interpretation given in article 226 of the Constitution, the first respondent can be considered, for the purpose of this petition, as amenable to the jurisdiction of the High Court under article 226 of the constitution.
Supreme Court of India Cites 11 - Cited by 559 - K J Shetty - Full Document
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