BSE can exercise its Right of Lien over Security Deposits of member

Stock Exchange Bombay Vs Varughese P. Danial (Bombay High Court) So far as the prohibitory orders were issued by the Income Tax Department in respect of security deposit of the defaulting card holder is concerned, any amount in excess after meeting it’s liabilities should be handed over to the Income Tax Department. This is so as the amounts in excess in the hands of the petitioner stand attached in favour of the Income Tax Department. The defaulting member of the petitioner-Exchange would not have any right over the same. Mr. Banarjee, the learned Counsel for the petitioner does not dis...