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III of the Constitution of Indish. Further, it was argued that OFCDs are not
securities under the Securities Contracts (Regulation) Act, 1956. Lastly,
Guptesh contended that since it did not intend to offer shares to public and
application forms were mistakenly uploaded on the website, there was no
violation of the Companies Act, 1956.
In view of importance of the matter on questions of business law, the
Supreme Court has formed a five-judge bench. The said matter has been
listed for hearing on August 30, 2012.
NOTE:
1. Laws of Union of Indish are pari materia to laws of Union of India.
2. Students are encouraged to include more arguments not mentioned in
the CRE Problem for supporting their stance.