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1 - 7 of 7 (0.80 seconds)Section 23H in The Securities Contracts (Regulation) Act, 1956 [Entire Act]
Section 2 in The Securities and Exchange Board of India Act, 1992 [Entire Act]
Jry Investments Private Limited vs Deccan Leafine Services Ltd. And Ors. on 11 March, 2003
In the case of JRY Investments Private Limited (supra)
it was contended by the plaintiff therein that shares were
transferred to the defendant No. 1 therein with the intention of
creating security only. There was no intention of transferring
the shares to defendant no. 1 therein. It was therefore
submitted that the defendant no. 1 has no right to transfer the
shares in favour of the rest of the defendants therein. The
Bombay High Court in paragraph 31 noted that the plaintiff
therein did not make any application to the depository for the
creation of a pledge as contemplated by regulation 58 of the
Securities and Exchange Board of India (Depositories and
Participants) Regulations 1996 (hereinafter referred to as
'Depository Regulation'). The shares were undisputedly
transferred in favour of defendant no. 1 and the shares were
held with the depository herein was shown as the beneficial
owner of the shares. The Bombay High Court therefore held
that the plaintiff had conveyed their property in the shares to
defendant no. 1. and the transaction had the effect of transfer.
Section 150 in The Companies Act, 1956 [Entire Act]
Section 10 in The Depositories Act, 1996 [Entire Act]
Section 15H in The Securities and Exchange Board of India Act, 1992 [Entire Act]
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