Murari Sanwarmal Todi v. M/S Karvy Comtrade Ltd

15-GRN1411-17.DOC Atul

IN THE HIGH COURT OF JUDICATURE AT BOMBAY

ORDINARY ORIGINAL CIVIL JURISDICTION GARNISHEE NOTICE NO. 1411 OF 2017 IN EXECUTION APPLICATION NO. 23 OF 2006 IN ARBITRATION CASE NO. 025 OF 2014-15 Murari Sanwarmal Todi ...Applicant

Versus

Karvy Comtrade Ltd

...Respondent

Mr SL Shah, i/b Shah Legal, for the Applicant.

Mrs Pratiksha Mody, with Benita Kapadia, i/b K Ashar & Co., for the Garnishee.

CORAM: G.S. PATEL, J DATED:

5th February 2018 PC:- 1.

Prima facie the Garnishee Notice is not maintainable. The Respondent has placed a security deposit in the aggregate amount of Rs. 24,98,340/- with the National Commodity & Derivatives Exchange Ltd as security for the privilege of trading on that exchange. This is merely a security deposit which will be dealt with in accordance with the Rules and Bye-laws of the Exchange. This cannot be the subject matter of the Garnishee Notice; to allow the 5th February 2018

15-GRN1411-17.DOC application would mean that the Exchange must continue to permit the Respondent to trade without a security deposit or to initiate action for an additional security deposit. That is untenable. 2.

The Notice is dismissed. There will be no order as to costs. 3.

Affidavit in Reply to be filed in the Registry. (G. S. PATEL, J) 5th February 2018