SAMANT vs BOMBAY STOCK EXCHANGE

The Supreme Court upheld the High Court's dismissal of the writ petition filed by a partnership firm and its partner, challenging their declaration as defaulters by the Stock Exchange. The Court found that the appellants were not denied natural justice as they were given opportunities to respond, and the High Court's decision was justified based on delay and laches. The Court emphasized that the principles of natural justice were not violated, and the action taken against the appellants was lawful and justified under the relevant bye-laws.