VINAY BUBNA vs STOCK EXCHANGE,MUMBAI

The Supreme Court upheld the Bombay High Court's dismissal of a writ petition challenging Rules 16 and 43 of the Stock Exchange Rules, Bye-laws and Regulations 1957, which the appellant claimed were unconstitutional under Articles 14, 19(1), and 300A. The Court ruled that the membership of the Stock Exchange, once declared a defaulter, does not constitute an asset for distribution among creditors as per insolvency laws, affirming that the rules were fair and reasonable. The appeal was dismissed, affirming the High Court's decision.