K.C. SHARMA vs DELHI STOCK EXCHANGE .

The Supreme Court upheld the Delhi High Court's decision that the termination of the appellant's service by the Delhi Stock Exchange was malafide and illegal, thereby violating Article 14 and Article 21 of the Constitution. The Court emphasized that the Stock Exchange qualifies as 'State' under Article 12, thus making it subject to constitutional scrutiny. The Court affirmed the High Court's ruling that the termination lacked justifiable grounds and was influenced by the appellant's actions against certain brokers.