R.D. GOYAL AND ANR. versus RELIANCE INDUSTRIES LTD.
Shares and debentures before allotment are not goods under Section 2(e) of the M.R.T.P. Act as it existed prior to the 1991 amendment; acts of inviting offer or issuing debentures do not amount to sale of goods or rendition of service under Section 2(r).
- Parties
- Appellant: R.D. Goyal; Appellant: Anup G. Choudhary; Respondent: Reliance Industries Ltd.
- Jurisdiction
- India
- Judgment Date
- 20 November 2002
- Procedural Posture
- Civil Appeal / Final Judgment
- Outcome
- Appeals dismissed
- Legal Topics
- Shares and Debentures, Definition of Goods, Monopolies and Restrictive Trade Practices, Interpretation of Statutes
Case Brief
Summary, issues, holding and outcome
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Parties
R.D. Goyal
Appellant
Anup G. Choudhary
Appellant
Reliance Industries Ltd.
Respondent
Procedural Posture
Civil Appeal / Final Judgment
Legal Issues
- 1 Whether shares or convertible debentures before allotment are goods under Section 2(e) of the Monopolies and Restrictive Trade Practices Act, 1969
- 2 Whether the issue of equity shares tied with debentures constitutes a restrictive trade practice under Sections 2(o)(ii), 33(l)(b) and 33(l)(g) of the M.R.T.P. Act
- 3 Whether the act of inviting applications for debentures amounts to providing services under Section 2(r) of the M.R.T.P. Act
Ratio Decidendi
Shares and debentures before allotment are not goods under Section 2(e) of the M.R.T.P. Act as it existed prior to the 1991 amendment; acts of inviting offer or issuing debentures do not amount to sale of goods or rendition of service under Section 2(r).
Court Disposition
Appeals dismissed
Orders
- Judgment of the Commission upheld
- No costs awarded
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