The Bombay High Court has rejected Prime Brokings plea for a stay on being declared a defaulter by National Stock Exchange (NSE).
NSE, Indias largest bourse, withheld payout to the Mumbai-based broking firm last month (JUNE 2013) and barred it from trading as it owes more than. Rs..80 crore to the exchange,according to market sources.
Early this month, Prime Broking had moved the high court for a stay on being declared a defaulter. But, the High Court declined to grant the stay saying the brokerage would be given an opportunity to reply to the show-cause notice to be issued by the exchange.
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