Judgment Search Results Home > Cases Phrase: depositories act 1996 22 of 1996 section 5 services ofdepository Page 1 of about 408 results (0.169 seconds)

Sebi Vs. Integrated Enterprises (India)

Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT

..... e) fails to comply with any direction of the board issued under section 18 of the depositories act; --------" however the above regulation has been substituted by the following regulation w.e.f. ..... a depository or a participant who - (a) contravenes any of the provisions of the act, the depositories act, the bye-laws, agreeme nts a nd these regulations; (e) fails to comply with any direction of the board iss ued under section 18 of the depositories act; shall be dealt with in the manner provided under the securities and exchange board of india (procedure for holding enquiry by enquiry officer and imposing penalty) regulations, 2002. ..... i have found in paragraphs supra, iel-dp has violated the provisions of sebi (depositories and participants) regulations, 1996.the mandate of sebi is to protect the interests of the investors and orderly development of the securities market. ..... integrated was also issued a certificate of registration (registration no.in-dp-nsdl-83-99) dated 22.02.99, as depository participant (in broker category) of national securities depositories limited (nsdl) under the sebi (depositories and participants) regulations 1996 (hereinafter referred to as "the said regulations") with effect from 22.02.1999 which was valid till 21.02.2004.2. ..... " thus by virtue of the above, i observe that an order can be passed under the enquiry regulations in respect of a violation committed under the sebi (depositories and participants) regulations 1996. .....

Pushpanjali Tie Up Pvt. Ltd. Vs. Renudevi Choudhary and Others

Court : Mumbai

..... thus, even assuming that section 176 of the contract act applies to pledges created under the depositories act, 1996, and that respondent nos.1 and 2 failed to exercise their rights as pawnees in accordance with the provisions of section 176 of the contract act, it would make no difference as far as respondent no.3 is concerned for ..... the depository is entitled to act as a registered owner for the purpose of effecting transfer of ownership of security on behalf of a beneficial owner vide section 10 of the depositories act, 1996. ... ..... pledge was admittedly not created in accordance with the provisions of the depositories act, 1996 and in particular, section 12 thereof. ..... in fact, it appears that the provisions have been enacted in the depositories act, 1996, for the purpose of recording accurately the transfers and pledges of shares including those in a dematerialised ..... the appellant admittedly did not follow the provisions of the depositories act, 1996, and the regulations made thereunder relating to the creation ..... entitled to assume and proceed on the basis that a pledge, if any, would be created in the manner prescribed by the depositories act, 1996, and the regulations made thereunder. ..... the appellant contends that respondent no.3 refused to accept service keeping the person deputed to serve the notice waiting under the pretext of ..... whereas respondent no.3 contends that service was sought to be effected on it only at ..... to respondent no.3, the service was effected only at ..... services .....

Finolex Industries Ltd. Vs. Mr. Anil Ramchand Chhabria

Court : Mumbai

Reported in : 2000(3)BomCR644; (2000)2BOMLR336; [2008]144CompCas738(Bom); 2000(4)MhLj81

..... this construction ofthe proviso is to be avoided, as it would rob section 111a(7) and section 28 of the depositories act, 1996 of any meaning and content. ..... this conclusion is not warranted from section 108 of the companies act read with the depositories act, 1996. ..... therefore, provision for the continuance of the remedies under section 111(2) and (4) had to be made in the depositories act, 1996.14. ..... unfortunately it seems due to the haste in which the depositories act, 1996 and the amendment in 1997 were enacted the intention of the legislature was not reflected in the ..... from a close scrutiny of the provisions of the depositories act, 1996, it becomes clear that the legislature intended to rectify the defects in the old system of ownership and transfer of ..... of the proviso has been ignored as the interpretation to the proviso has not been given in co-relation to the other provisions of the companies act read with the depositories act, 1996. ..... dichotomy or disharmony can be created in the rights and remedies of the shares held in public companies, object of the depositories act (section 28) is to make law in addition and not in derogation to the 'law for the time being in force'. ..... which these laws were enacted is evident from the fact that the ordinance was promulgated whilst the parliament was not in session and had to be repromulgated twice before it was enacted into the depositories act of 1996. ..... let us see as to what was the law before the enactment of the depositories act, 1996. .....

Ptc India Financial Services Ltd. Vs. Mr. Venkateshwarlu Kari

Court : Supreme Court of India

..... the reasoning that prior notice under section 176 of the contract act would interfere with transparency and certainty in the securities market and render civil appeal no.5443 of 2019 page 72 of 86 fatal blow to the depositories act and the 1996 regulations is farfetched as it fails to notice that the right of the pawnee is to realise money on sale ..... section 2(1)(j): registered owner means a depository whose name is entered as such in the register of the issuer; 68 section 2(1)(a): beneficial owner means a person whose name is recorded as such with a depository; civil appeal no.5443 of 2019 page 44 of 86 agreement with the depository for availing its services ..... , in the subsequent paragraphs, the learned single judge in tendril financial services (supra) does examine the position if section 176 were to apply and had not been complied with. ..... the effect of the ratio in tendril financial services (supra) is to enact an entirely new jurisprudence on the law of pledge, annulling and re-writing the well-established law of pledge, which gives two options to the pawnee when pawnor is in default, just because ..... (2000) 5 scc122 civil appeal no.5443 of 2019 page 25 of 86 amounted to negligence in service under the consumer protection act, 1986. ..... the case 2.1 the appellant ptc india financial services limited,3 is an existing company under the companies act, 2013. ..... the decision in tendril financial services (supra) also notices another decision of the single judge bench of the delhi high court in .....

Stci Finance Ltd vs.cedar Infonet Pvt Ltd & Ors

Court : Delhi

..... the counsel for the plaintiff has contended that the depositories act, 1996 and the regulations supra are not intended to change the law relating to pledge as contained in section 176 of the contract act. ..... of ownership of security on behalf of a beneficial owner vide section 10 of the depositories act which begins with a non-obstante clause and therefore ownership and transfer of shares governed by the act must be in accordance with the provisions of the depositories act; v) section 12 of the depositories act provides for pledge or hypothecation of the security and section 20 thereof renders anyone who acts in contravention of the act or any regulations or bye-laws, punishable with imprisonment; vi) sebi in exercise of the powers under section 25 of the depositories act has made the regulations aforesaid which ..... i am at this stage unable to distinguish on facts, the present case from tendril financial services pvt. ..... i have since pronounced judgment in tendril financial services pvt. ..... deccan leafine services ltd. ..... 1 of 21 8th march, 2018, the counsels were further heard but the remaining order not dictated as it was remembered that judgment on similar legal issue, in applications for interim relief in cs(os) no.2281/2006 titled tendril financial services pvt. .....

Tendril Financial Services Pvt. Ltd. & Ors vs.namedi Leasing & Finance ...

Court : Delhi

..... of ownership of security on behalf of a beneficial owner vide section 10 of the depositories act which begins with a non-obstante clause and therefore ownership and transfer of shares governed by the act must be in accordance with the provisions of the depositories act; v) section 12 of the depositories act provides for pledge or hypothecation of the security and section 20 thereof renders anyone who acts in contravention of the act or any regulations or bye-laws, punishable with imprisonment; vi) sebi in exercise of the powers under section 25 of the depositories act has made the regulations aforesaid which ..... i may also notice that even if the sale of pledged shares in the present case, by defendant no.7 morgan, ultimately to defendants no.1 to 4, were to be bad for non service of notice under section 176, the same would still vest in defendants no.1 to 4, rights as a pledgee, which the defendant no.7 morgan admittedly had/has and it cannot thus be said that it was/is not possible for plaintiffs to also sue for redemption of ..... contra, the senior counsel for the defendant no.7 morgan informed / argued (a) that since the shares were not in physical form but in fungible form, the provisions of the contract act relating to pledge are not relevant and the provisions of the depositories act, 1996 apply thereto; (b) that regulation 58 of the securities and exchange board of india (depositories and participants) regulations, 1996 is as under: manner of creating pledge or hypothecation. .....

Dinesh Kumar Jhunjhunwala Vs. the Karur Vysya Bank Ltd.

Court : Chennai

Reported in : (2007)5CompLJ131(Mad); [2007]79SCL227(Mad)

..... the learned counsel also submitted that as per section 11 of the depositories act, 1996, every depository shall maintain a register and index of beneficial owners in the manner provided under section 150, 151 and 152 of the companies act, 1956, and section 11 of the depositories act, 1996, does not exclude companies from maintaining the register of members including the beneficial ..... the reply that in terms of section 6(2) of the depositories act, 1996, the name of the depository is entered in the register of members of the company as registered owners of the demat shares and once the name of the depositories are entered in the register of members, the said register is complete in respect of the shares issued by the company, fulfilling the requirements of section 150 of the companies act, 1956, and the register of beneficial owners is maintained only by a depository in terms of section 11 of the depository act and not by the company and ..... person holding equity share capital of company and whose name is entered as beneficial owner in the records of the depository shall be deemed to be a member of the concerned company.section 41(3) was inserted after the enactment of depositories act, 1996 (act 22 of 1996), with effect from 20.9.1995. ..... notice of motion was ordered in the appeal on 18.10.2005 and after service of notice, the appeal was listed and on 24.7.2007, by consent of the learned counsel appearing for the appellant as well as respondent, the appeal was taken up for final .....

Harsha NitIn Kokate Vs. the Saraswat Co­op. Bank Ltd. and ors.

Court : Mumbai

Reported in : 2010(112)BomLR2014

..... further section 9.11 of the depositories act 1996 makes the nominee's position superior to even a testamentary disposition. ..... maheshwari drew my attention to the depositories act 1996. ..... the express legislature intent under section 109a of the companies act and section 9.11 of the depositories act is clear.26. ..... a reading of section 109a of the companies act and 9.11 of the depositories act makes it abundantly clear that the intent of the nomination is to vest the property in the shares which includes the ownership rights there under in the nominee upon nomination validly made as per the procedure prescribed,, as ..... hindustan petroleum corporation : (2001) 8 scc 143 the vesting of watercourse in the municipal corporation was held not to be except for entrustment of the duty of the municipality to maintain them in the manner provided under section 220a of the bombay municipal corporation act, 1888.this would be in consonance with the intention of the legislation - no land can become of the ownership of the municipality merely because the municipality is enjoined to maintain it and for which the vesting in possession ..... hence, any other disposition or nomination under any other law stands subject to the nomination made under the depositories act. ..... 1984 sc 346 for which a nomination made under the insurance act in respect of the life insurance policy under section 39 of the act came to be considered.section 39 of the insurance act runs thus:39. .....

S. Kanthimathy, S. Lakshmi, S. Vs. the Woodlands Estates Limited and

Court : Company Law Board CLB

Reported in : (2008)144CompCas830

..... the companies before the clb are public companies and therefore, section 111 cannot be invoked by the petitioners, section 111a, dealing with "rectification of register on transfer" was ntroduced by the depositories act, 1996, with effect from 20.09.1995.under the same act, section 22a of the securities contracts (regulations) act was repealed thus, making free transfer of shares of the public company ..... the jurisdiction of the clb to entertain a petition under proviso to section 111a(2) in matters of refusal of listed company to register transmission of shares came to the conclusion that the absence of the term "intimation of transmission" in proviso to section 111a(2) cannot be construed to mean that no remedy of appeal is available to shares which are transmitted by operation of law for the reason that "this construction of the proviso is to be avoided, as it would rob section 111a(7) and section 28 of the depositories act, 1996, of any meaning and content ..... . before as well as after enactment of the depositories act, 1996, pointed out that the right of appeal provided under the proviso to section 111a(2) is conferred only on the transferee in respect of a refusal to register a transfer or the intimation of transfer and not of transmission of shares by operation ..... section 2(1)(i) of the depositories act, 1996 defines the term "record", which includes the records maintained in the form of books or stored in a computer or in such other form as may be determined ..... holdings services ltd .....

The State Of Maharashtra Vs. 63 Moons Technologies Ltd

Court : Supreme Court of India

..... , - (a) the industrial development bank of india, (b) a state financial corporation, (c) any financial institution specified in or under section 6a of the industrial development bank of india act, 1964, or (d) any other institution that may be specified by the government in this behalf; (v) amounts received in the ordinary course of business by way of, - (a) security deposit, (b) dealership deposit, (c) earnest money, (d) advance against order for goods or services; (vi) any amount received from an individual or a firm or an association of individuals not being a body corporate, registered ..... the expression deposit is defined in section 2(c) of the mpid act in the following terms: (c) deposit includes and shall be deemed always to have included any receipt of money or acceptance of any valuable commodity by any financial establishment to be returned after a specified period or otherwise, either in cash or in kind or in the form of a specified service with or without any benefit in the form of interest, bonus, profit or in any other form, but does not include (i) amount raised by way of share capital or by way of debenture .....