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Mar 31, 2023

Bombay HC Upholds Validity and Enforceability of Put Option Under SCRA

In Percept Finserve (P) Ltd. v. Edelweiss Financial Services Ltd.[1], a Division Bench of the Bombay High Court (‘HC’), upheld the validity of a put option clause contained in share purchase agreements under the Securities Contracts (Regulation) Act, 1956 (‘SCRA’). The Court, inter alia, held that: (a) a put option clause would come into being at a future point in time, upon the happening of an event or contingency and the consequent exercise of the option by a party. Thus, the contract would be complete when such option is exercised and will not be considered as a forward contract; and (b) Section 18A read with Section 16 of the SCRA read with the SEBI’s Notification dated March 01, 2000 does not prohibit entering into a call or a put option for sale, but prohibits trading or dealing in such option and treating it as a security and thus, the same cannot be termed as trade or contract in derivatives.

[1] Percept Finserve (P) Ltd. v. Edelweiss Financial Services Ltd., 2023 SCC OnLine Bom 319.

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These are the views and opinions of the author(s) and do not necessarily reflect the views of the Firm. This article is intended for general information only and does not constitute legal or other advice and you acknowledge that there is no relationship (implied, legal or fiduciary) between you and the author/AZB. AZB does not claim that the article's content or information is accurate, correct or complete, and disclaims all liability for any loss or damage caused through error or omission.

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