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Thursday, September 23, 1999

Final hearing in VSE case today -- city court

EXPRESS NEWS SERVICE  
VADODARA, Sept 22: Following a petition filed by a member of the Vadodara Stock Exchange (VSE) before a city civil court on Wednesday, pleading a stay on the VSE Director's elections scheduled for September 25, the court fixed the final date of hearing for the case on Thursday.

In the petition, VSE member N L Shah contended that his nomination for the post of Director had been rejected by the scrutiny committee of the VSE on September 15, while advocate R Golani, appearing for the member, contended that the rejection of the member's nomination was unconstitutional and amounted to deprivation of fundamental rights. The petitioner, therefore, pleaded before the court that a stay should be granted on the elections.

In his submission, advocate for the VSE, D Patel submitted before the court that the decision of the scrutiny was not unconstitutional as the petitioner had not fulfilled certain basic requirement for filing nominations.

The advocate contended that for being eligible for election, a member ought to have completed three years as VSE member. Besides, the member was supposed to transfer the shares and FDRs to the VSE. Both these requirements were not fulfilled by the member, he claimed.

The advocate said a State government notification clearly stated that a stay cannot be granted until the election process was completed. After hearing the submission of both the sides, the court fixed the final date for hearing as Thursday.

Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.


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