In the Hon’ble High Court of Madhya Pradesh Technocrat Limited (Petitioner) Vs. Securities Exchange Board of India (Respondent) and Technocrat Limited (Petitioner) Vs. Competition Commission of India (Respondent)
1. Technocrat Limited (“Company”) is an unlisted public company incorporated in late 2000 and registered under the Companies Act, 1956. Its registered office is at 444B, M.P Nagar, Zone - I in Bhopal. While the Company commenced its functions primarily as an investment advisor, over a period of time, it shifted its primary focus to areas of software development with the intention of aiding investors in the area of capital markets. Additionally, its efforts in the field of investor education have been highly applauded by several newspapers and blogs.
2. In early 2007, the Company felt the need to diversify its activities and on this count, it invested in technology related infrastructure and personnel. This led to the Company developing various websites and applications (apps). The apps were for various tablets and smart phone operating systems. Over a period of time, the Company emerged as one of the leading market participants in the Indian apps development market. This well calculated expansion led to a considerable appreciation in the turnover of the Company and by the year 2009-10, the annual turnover was INR 55 crores and witnessed a further increase to INR 75 crores in the year 2010-2011.
3. Of all the developers, Manjeet, an employee of the Company, was identified and recognised as one of the key personnel for making efficient and creative apps. One such app – “Smart Stock” was launched in February 2011. Smart Stock is an investment advisory app that collates market information from different sources for stocks chosen by the user. Smart Stock became instantly popular and several investors, including certain high net worth individuals, found it very beneficial to have stock information at their fingertips.
4. In December 2011, Manjeet commenced work on a new project called Stock Khoj. Stock Khoj turned out to be an elegant and sophisticated app that provides a platform for any member, registering with a membership fee, to post information of shares of Indian unlisted public companies, including those of delisted companies, that such person would like to sell/buy. In return, any other interested registered member can respond to the post with the proposed purchase/sell price. Such registered members can then contact each other based on the information provided on their profile available on the app and then sell and purchase the shares. It may be noted that the app mainly stands out for its multi operating system compatibility and its unique ‘invitation only’ format. Effectively, the format is such that only a person who has received an invite from another Stock Khoj registered member can register on the website and download the app. Upon downloading it, such registered member can send invites to not more than three persons.
5. When a person downloads the app, the person would see a pop up window with terms and conditions and the disclaimer. The relevant extract of the disclaimer is set out below:
INDORE INSTITUTE OF LAW, INDORE (Affiliated To Devi Ahilya Vishwavidyalaya, Indore & Bar Council of India, New Delhi) NATIONAL MOOT COURT COMPETITION
It is hereby notified that the following rules shall govern the National Moot Court Competition to be held on 4th & 5th May, 2013. All participants must submit Memorials/ Written Submissions for both sides. All Memorials shall contain the following parts:
I. Cover Page
II. Table of Contents
III. Index of Authorities
IV. Statement of Jurisdiction
V. Summary of Facts
VI. Summary of Arguments/Pleadings
VII. Arguments Advanced/Pleading [not more than 10 (ten) Pages]
VIII. Prayer for Relief
IX. Annexures (if any)
The Cause Title
Identify brief as Petitioners/Appellants or Respondents.
The Memorial shall be typed on A4 size paper and shall adhere to the following requirements:
Font type: Times New Roman
Font size: 12 in 1.5 line spacing & 1 inch margin on each side.
Footnotes: Times New Roman, Font Size 10 and Single Line.
The Memorial Cover Page should follow the following Colour Scheme:
Blue : Petitioner/Appellants
Red : Respondent
Memorials that do not follow the above mentioned specifications shall be penalised. All participants must submit Six (6) copies of the Memorial for both sides.
The soft copy of the memorial shall also be sent through e-mail on email@example.com before April 15th, 2013. One copy of the memorial for the Applicant and one copy of the memorial for the Respondent are required to be sent in advance by speed post to the organizers as before 20th April, 2013. The remaining five copies of the memorial (for the Applicant as well as Respondent) will be submitted at the time of arrival/draw of lots. Each team will be awarded a code number and that number alone shall be marked on the memorials and no induction shall be made for identifying the Institution/College of the participants.
Names of the participants should not be revealed in the Memorial in any manner whatsoever. The type of paper used for the printing of the memorials is not a criterion for marking of memorials and shall have no bearing on the marks obtained by a participant. Annexure may be passed to the bench during the rounds with the permission of the Judges. Team composition – Each team shall comprise of two speakers and one researcher. (Only two speakers are allowed) Language – The competition shall be conducted strictly in English.
1. There shall be two (2) preliminary rounds of arguments per team, one from each side.
2. Here shall be quarter-finals and semi-final round of teams as per their rank in the preliminary round (the numbers of rounds are subject to the number of teams participating).
3. Final Round.
The marking criteria for memorials shall be as provided herein under:
|Adhering to specifications on memorial||
|Substance of memorial (including legal research)||
|Application of facts to the law||
Each team shall get a total of 20 minutes to present their case including rebuttal & Sur-rebuttal during the competition rounds. The time to present the case during the final round will be 30 minutes including rebuttal & sur-rebuttal.
2. The division of time is at the discretion of the team members.
2. The division of time must be communicated to the court clerks before commencing arguments.
2. If any speaker continues to speak after the completion of the allocated time, the additional time which he or she speak for will be deducted from the time allocated to his or her co-speaker, as the case may be. However, no speaker shall be allowed to present his arguments beyond the maximum time.
2. Each speaker must introduce himself or herself to the court using only his identification code and team code given to him/her at the time of memorial submission.
The marking criteria for oral submissions shall be as provided herein under.
|Knowledge and Application of law||35|
|Answer to Court Questions||20|
|Perusal of facts||15|
|Perusal of Memorials in the Course of Oral Submissions||10|
The team score shall be the total marks awarded to both the speakers valid up to preliminary rounds only.
a) No member of any team will be permitted to hear the arguments in any court rooms in which that team is one of the contesting teams whilst that team is still in the competition.
b) No member of any team shall interact with any person except fellow participants.
c) Any team found in the violation of the above-mentioned rule shall be disqualified forthwith.
d) Team found attempting to approach and influencing Judges/Administrators/ Organizers shall be disqualified.
All participants are expected to maintain the decorum in the court during the competition and are expected to conduct themselves in a manner befitting the legal profession.
a) The Moot Court Society reserve the right to take appropriate action for any unethical, unprofessional and immoral conduct.
b) The dress code for the Participants shall be Advocate’s attire.
c) The researcher is not allowed to argue in the Court room. However, he/she can pass on the hand written notes to the Speakers with the permission of the Judges.
a) The participating teams in the competition shall honour and respect the spirit of the competition and endeavour top conduct by themselves accordingly. b) In case of any dispute or difficulty arising out of or during the course of the competition, the Moot Court Society shall have the sole and absolute authority to remove such difficulty and resolve the dispute.