SANJIB BANERJEE,J. - (1.) A former member has sought winding up of the stock exchange company for its alleged inability to refund his security deposit.
(2.) THE principal claim is for Rs. 10,50,000/ -. According to the petitioner Rs. 3 lakh had been furnished by way of fixed deposit, Rs. 2.5 lakh had been deposited in the settlement guarantee fund and Rs. 5 lakh had been provided as interest free security amount. The petitioner has relied on the stock exchange's written confirmation that the petitioner had ceased to be a member with effect from June 9, 2000. Upon cessation of membership, the petitioner claims, the entirety of the security deposit, in various forms, ought to have been returned and the failure on the part of the stock exchange to refund the deposit amounts to inability to pay. The petitioner has also relied on a letter of August 28, 2001 issued by the stock exchange in response to the petitioner's demand for refund of the deposit, to substantiate his claim that a sum of Rs. 2.5 lakh had been kept deposited towards the guarantee fund and the remaining amount was on account of base minimum capital. A further letter of the stock exchange of February 25, 2002 has been placed which reads as follows: Dear Sirs, Sub : Withdrawal of your security lying with the Exchange. In respect of the above cited subject you are requested to confirm and ensure that you have paid the registration fees as per SEBI (brokers and sub -brokers) Rules and Regulations, 1992 read with R.S. Bhatt Committee report. You may please note that we shall proceed with the matter further on receipt of the aforesaid document.
(3.) IT is submitted on behalf of the petitioner that though a much larger demand had been made by the Securities and Exchange Board of India (SEBI) on account of turnover tax, the claim was later scaled down to Rs. 33,720/ -. In the r,eply the petitioner has annexed on the written request by SEBI for such reduced amount and has relied on a photostat copy of the cheque issued by the petitioner in favour of SEBI for such amount. It is not disputed by the stock exchange that the sum of Rs. 33,720/ - has been paid by the petitioner to SEBI.;