August, 2009 was a concluded contract between the parties, even then no specific performance could be granted of the same. He submitted that the current shareholding of the Plaintiff in MCX-SX is just under 5%. He submitted that the MIMPS Regulations, which were prevailing at the relevant time, and which have now been substituted by the SECC Regulations, clearly stipulate that no person resident in India shall at any time, directly or indirectly, either individually or together with persons acting in concert, hold more than 5% of the equity share capital of any recognized Stock Exchange. He submitted that in the present case, the Defendant is the promoter of FTIL and in turn, FTIL is the promoter of MCX Ltd. FTIL and MCX Ltd. are both promoters and shareholders of MCX-SX. In view of this admitted position, he submitted that if the Defendant is asked to specifically perform the Letter of Undertaking and purchase the Plaintiff’s shareholding in MCX-SX, then the provisions of the MIMPS Regulations and the SECC Regulations would be breached as the shareholding of the Defendant, FTIL and MCX Ltd, if taken together, would be far more than 5%. These entities would be taken to be acting in concert, as they were all connected, was the submission of Mr.
