The Stock Exchange Investor Protection Fund, Through Shri. Balkishan Mohta vs. Bse Limited And Ors.

Held

The Court held that the petitioner should be permitted to amend the cause title of the writ petition to incorporate the change in their description from 'The Stock Exchange Investors’ Protection Fund' to 'BSE Investors Protection Fund'. The Court reasoned that since the name change was effected by a statutory authority and had been acted upon, including obtaining a GST registration under the new name, it was necessary to allow the amendment to accurately reflect the petitioner's identity. Consequently, the Court also held that the operative order dated October 20, 2023, needed to be corrected to refer to the petitioner by its new name, 'BSE Investors Protection Fund'. The Court further directed that the Registry should permit the petitioner to apply for the withdrawal of funds under the new name and disburse the amount accordingly. The Praecipe was disposed of in these terms.

Facts

The petitioner, originally named 'The Stock Exchange Investors’ Protection Fund', filed a writ petition before the Bombay High Court. The petition was disposed of on October 20, 2023, based on an agreement between the parties for a settlement amount of Rs. 15 lakhs to be paid to Respondent No. 2. The remaining funds were to be paid to the amicus curiae and the petitioner. The court clarified that Respondent No. 3 was the award debtor and the principal liability lay with them, absolving the petitioner and Respondent No. 1 from further claims under the arbitral award. Subsequently, the petitioner filed an application to amend the cause title, stating that their name was changed to 'BSE Investors Protection Fund' by an order of the Assistant Charity Commissioner dated January 2, 2017, and this change was reflected in their GST registration.

Key Issues

1. Whether the petitioner should be permitted to amend the cause title of the writ petition to reflect a change in their name, even though the petition has already been disposed of? 2. Whether the operative order dated October 20, 2023, needs to be corrected to reflect the amended name of the petitioner? Petitioner's Arguments: The petitioner argued that their name was officially changed to 'BSE Investors Protection Fund' by an order of the Assistant Charity Commissioner on January 2, 2017, and this change had been acted upon, including obtaining a fresh GST registration under the new name. Therefore, they sought permission to amend the cause title and correct the previous order to reflect this change. Revenue/State's Arguments: No specific arguments were recorded for the revenue or state in relation to the amendment application, as the matter primarily concerned the correction of the cause title and operative order based on an agreed settlement and a subsequent administrative change in the petitioner's name.