.,~-$

I.A. NO. ·OF 20J.7.

Il\(

LVr::rsus

........ ; .. : ...Appellant

Securil:ie~~ .i'.\:-icJ Exch::mgc: Board of Ii1dia (SEBI)

G i ..J D •:::ir• ,.: '/ ·'EQV,nCI r l :..:,3·..i 1':..i-·sl ,:~

.... Respondent: ·

·. ~.r±$+ti-­

lLA. NG.i.

Viil'l'H

CF 20.i.7

£[\PER BOOK... ·:·,1

I. . ·'_i

..,I

EOE ND;KINDLY SEE TARSI2E- ~

INDEX

':-.5:.3R81&:£2:232:3232£155282%5:

S.No...

PARTICULARSI

PAGE NO.

-1. Application for I111ple$dment

'\iVith ailidav1t. ·

2. Application for Direction with

Affidavit.

3. ANNEXURE A-1

A true copy of the acknowledgment

receiptsdated 27.03.2009 & 14.12.2009

Issued by PACL.

1 to 5

6 to 12

13 to '16

4. ANNEXURE A-2 : ..A true copy of the order dated 02.02.2016

passed by _this Hon'ble Court _in Civil Appeal

No.133O1 of 2015 .•

2o2¢I I

5. ANNEXURE A-3: ·

A true copy of the reply dated 17.10.2016 received ;2,.S-..fr:,_2-.1,-by the Applicant from Justice (Retd.) R.M. Lodha

Committee.

t

IN THE SUPREME COURT OF INDIAI

CIVIL APPELLATE JURISDICTION

I.A. NO. OF 2017.IN

. .Civil Appeal No. 13301 of 2015

I

IN THE MATTER OF:

Subrata Bhattacharya ...............Appellant

Versus

Securities And Exchange Board of India (SEBI) .... Respondent

AND

IN THE MATTER OF:>

Govind Prasad Koshta. .

R/o Plot. No. 435, Gali No. 21, Shanti Nagar,

Damoh Naka, District Jabalpur, Madhya Pradesh

A 1·..... pptcapz ,

. ,

APPLICATION FOR IMPLEADMENT

. TO,

The Hon'ble Chief Justice of India and His Companion..Judges of the Hon'ble Supreme Court of India

This humble petition of the

Applicant above named ..

MOST RESPECTFULLY SHEWETH:

1. That, the present Application has been filed by the Applicant..who is a senior citizen seeking refund of his hard earned

money which was deposited with the PACL in pursuance of

I

2

the schemes introduced by them promising higher returns.gr

allotment of land on the maturity/expiry of the scheme.

2. That, the Respondent · Company/PACL influenced and·

deceived the innocent people to invest in the schemes

introduced by them wherein the investors were promised the .

higher returns or the allotment of land on their investments:..Later on to their dismay the investors found that all these ·

schemes of promising higher returns were sham ·and a well

hatched plan of the Respondent Company to embezzle the

money deposited by the investors.

3. That, the Applicant has also invested Rs. 1,$J,000/- in the

scheme of the Respondent Company with the assurances of

the higher return: The Respondent Company issued an

acknowledgment receipts dated 27.03.2009 & 14.12.2009•

which mentions the return which the scheme will fetch on its

maturity.

4. That, the investors for the refund of their hard earned money

approached this Hon'ble Court and this Hon'be Court in order

to secure the return of the investments made by the

investors vide its order dated 02.02.2016 passed in Civil

Appeal· No. 13301 of 2015 appointed Justice (Retd.) R.M.

Lodha Committee for undertaking the sale of the assets of.the PACL. Company and to return the investments made by.

»

the investors.

3•5. That, the Applicant herein who has attained the ageof 67.. -.,.

years now has his last hope from this Hon'ble Court which is ­seized of the matter for refund of his hard earned money and

. .therefore, is constrained to approach this Hon'ble Court with

the present application for refund of the amount deposited

by him with the Respondent Company.

6. That, in view of the above facts and circumstances, the

present application preferred by the Applicant; for

impleadment may kindly be allowed.

PRAYER

I

In view of the above facts and circumstance, it is most

humbly prayed that this Hon'ble Court may kindly be

pleased to:

a) Allow the present application and implead the ApplicahtI .

in Civil Appeal No. 13301 of 2015; and

b) Pass such other and further orders as this Hon'ble

Court may deem fit and proper in the interest of

justice.

AND FOR THIS ACT OF KINDNESS YOUR HUMBLE

PETITIONERS AS IN·DUTY BOUND SHALL EVEN PRAY.

DRAWN By:

M.P. SINGH

Advocate

ante/ff@2.2017. '

FILED BY:..

( RAJEEV KUMAR BANSAL}

ADVOCATE FORTHE APPLICANT

.a----- ii:. .. .---... .. fz.ii till'tall.ta ut.tt tr#tu+rs«a ".. -+ -·.-·- -- ··­

.at.uant.twees.trot»,it.2pp.tigr£tot.hespzigdhsL;git[Huss

IN THE SUPREME COURT OF INDIA

CIVIL APPELLATE JURISDICTION:-:;,·~:· -~x--. __ ·>~

•

.... .,,

I.A. NO. OF 2017

IN

I •, · • ~

·;ii'{i:,

Civil .Appeal No. 13301 of 2015

IN THE MATTER OF:

Subrata Bhattacharya.. ...............Appellant

Versus

Securities And Exchange Board of India (SEBI) ....Respondent .

. .

AND

IN THE MATTER OF:

Govind Prasad l<oshta .....Applicant

AFFIDAVIT

i, Govind Prasad Kosta S/o Shri Moti Lal Koshta,aged about years, R/o.Plot No.435, Gali No.21,Shanti

I

. Na.gar, Darnoh Naka: District- Jabalpur, Madhya Pradesh,

presently at New Delhi. do hereby solemnly affinn 'and

declare as under:

1 ..That I run the Applicant in the. present case and as

such I am conversant with the facts and circumstances ­;t;:%;

of the case and therefore, competerit-:to swear' this.- .• Cl

affidavit.. .

2. That l have gone through the Application 'for; .

Impleaclment' from pages No. to 3. Which has been

drafted as er mv instructions and the contents thereofl ,.I .

. ..are true and cor:·ect to· the best ofmy Knowledge andbelie[ , .

{,:

. ,..... :

. •. ,.

3. That the c·ontents of this affidavit are true and correct· ..

to the best of ray kno·.vledge and nothing material ha;·-~: -'>-,_

; ..·.i.%av1i°4, That the annexures/documents filed herewith are true

_. copie;s of their respective originals,· J:ft:: .• t

\.DEPONENr

VERIFICATION .'

I, Givind Prasad Kosh.ta , the deponent nam.ed above

do hereby most affirm and verify that the contents of'

this affidavit in Paias 1 to 4 are true t6 my Knowledge. .and I belief the same to be true.,·

Verffied & Si91ed this sth day of December, 2017 atNew Delhi.

%

II

,:±·

Eh, L., • ,. I•

,1, . f, ~_· -: ' 1 I

•'

DEPONENT .

..

,·

I •

·--.

.. ·· ...

• l : : . ~

. ·'

IN THE SUPREM·E COURT-Of !NDIA..CIVIL APPELLATE JURISDICTION

I.A. NO. OF 2017

IN

Civil Appeal No. 13301 of 2015

IN THE MATTER OF:

· . i

hits

.Subrata Bhattacharya ' ' ...............Appellant

·Versus

Securities And Exchange Board of India ·(SEBI) ....Respondent,I

%

AND

INTHE MATTER OF:

Govind Prasad Koshta '

R/o Plot No. 435, Gal_i No. 21, Shanti Nagar,. .

Damoh Naka, District Jabalpur, Madhya Pradesh

APPLICATION FOR DIRECTION

TO-' «»'

.....Applicant .

I '

The Hon'ble Chief Justice of India and His Companion _ '. _

Judges of the Hon'ble Supreme Court of Iridia..This humble petition of the

Applicant above named .

MOST RESPECTFULLYSHEWETH:. . ~ .

. · . ..... . . .·..

• '"..... -..c,

1. That, the present. Application has been fileq . ')Jy-~e-~

........Applicant who is a senior citizen seeking refund of hjs. t1ard

. - .,-· ·&&'i, ··· . j#

earned money' which was deposited with the PACI, in:3:.- · .

pursuance of the schemes introduced· by .them promising

higher returns or ailotment of ·land on. the- maturity/expiry­

of the scheme.I

2. · That, the Respondent Company/PACL influenced. and. . .

deceived the innocent people to invest in the· schemes

introduced by them wherein the investors were promised. . .

· the higher returns or the allotment of land on their ·.

investments. Later on to their dismay the investors found. ..' · • .

that all these schemes of promising h-igher returns were. J

sham and a well hatched plan of the Respondent•.. -

Company to embezzle the money deposited . by the...investors.

3. That, the Applicant has also invested Rs. 1,$,000/- in the..) . ... . -

sch_eme of the Respondent Companywith the assura.r:,ces

of the higher returi1r The Respondent Company issued- an.23.

acknowledgment receipts dated 27.03.2009 & 14.12.2009

which· mentions the return which the:scheme will fetch on

its maturity. _A tr-ue' and typed - copy bf the

acknowledgment receipts dated 27.03.2009 & 14.122009 ..

· issued by PACL is annexed herewith and marked as ·1 ••.... '.·

ANNEXURE A--1. :·-:. --·-,:,

,

.. ··; . ··.·: ....

. , ....

. ' .

4. ­.. ··---~-That, the Resp?nc'.ient Company has committed fraud. arid'-- ,

deceived the investors all over the country and variousis»

offences were registered ·under ffie Indian · Penal Code

1860 against them.' l.- .

5. That, the investors for the refund of their hard earned.

money approached this Hon'ble Court and · tbis Hon'ble. .

Court in order tr) secure the return of the investments. .

made by the investors vide its order dated 02.02.2016 • · ~• I

passed in Civii Appeai No. 13301 of 2015 appointed

Justice (Retd.) R.M. Lodha Committee for.,.undertaking the ·

sale of the assets of the PACL Company and to return the ·..investments made by the investors. A true arid typed copy ·

of the order dated 02.02.2016 passed by this Hon'bler

Court in Civil Appeal No. 13301 of 2015 is annexed

'herewith and marked as Annexure A - 2.

'

6. That, when the .L\pplic;ant app_roached the Respondent· :!i t

Company for return of the moneyinvested by h_irh on the

given address it was found that the Respondent Company. .

has alreadywinded up its business from the said address ·. .

and embezzled . the deposits made by the investors

including the Applicant herein.

. . .. ; .

. '.• . , - ·.. . .-•.

.. . , ·.•. •'

. .

.. ·-· - ·• ..... ··---- . - .

. 7. • · "ra,

That, th-e Applicant on 15.05.2016 i?sued legai noticeJo". ----the Respondent Company seeking refund of the amount'#

invested by him along with the returns as promised_ in theI • ., • . •

s};' a .

scheme but received no interest., .. •_.,:

8. . That, the Applicant on 17.10.2016 received a reply from

Justice (Retd.) R.M. Lodha Committee . wherein the .

Applicant was informed that the Committee in terms of

the order passed by this · Hon1ble Court has already·

undertaken identification and sale of the assets of the

Respondent Company in order to refund the money. -~- ..

invested by the investors. A true a11ci 'ty'ped copy' of the.

reply dated 17.10.2016 received, by the Applicant from

Justice (Retd.) R.M. Lodha Committee is annexed herewith

and marked as Armexure A - 3. ·

9. That, the Applicant herein who has-attained the age of67

years now has· his last hope f,rorn this Hon1ble Court which

is seized of the matter for refund of,his hard earned; I

money . and. therefore, is constrained to approach . this'. - .

. \ . '

Hon1ble Court with the present application for refund of '

'the amount_deposited by him with the Respondent

Company.

10. - That, the·· present application has been preferred by .the

Applicant bonafidely and in the interest ofjustice. • ;

. - ••• - _Q_•• -· - - - ----·Eu4A±MaxLG:23'32""(ZLIT

·. -1~o · ·· ·.J.. .

PRAYER.·.

pleased to:

--..,-----... " -~---...

In view bf the above facts atid circumstance:. it . is most ·.--'· set8• s ·el}

humbly prayed that this Hon'ble Court may kindly be#°a) Direct the Respondent Company/PACL to refund the

.amount with the higher returns as mentioned in the

receipt dated 27.03.2009 8 14.12.2009 marked· as­t I

• I

Annexure A - .1 to the· Applicant herein; and

b) .Request Justice (Retd.) R.M. Lodha: Comm'ittee ··recover

the amount with the higher returns as mentioned in the

receipt dated 14.12.2009 marked as Annexure A -· 1 from. ·...-:1.:·. . . \ !

the Respondent Company/PACL and refund the same to·

· the Applicant herein; and

c) Pass such other and further. orders as this Hon'ble Court.f .

may deem fit and proper in the interest of justice; '

A'ND FOR THIS ACT OF KINDNESS YOUR HUMBLE.PETITIONER AS IN DUTY BOUND SHALL EVEN PRAY.

. ·,DRAWN BY!

M.P. Singh

Advocate

Date: _M'Jf2.2017

:,7 ··-~- : •

FILED BY:(RAJEEV KUMAR BANSAL) ·

ADVOCATE FOR THE- APPLICANT

I .·

.....

,.,. '.., .•. ,.

..IN THE SUPREME COURT OF T.NDIA

CIVIL APPELLATE.JURISDICTION

I.A. NO,· OF 2017

IN

Civil Appeal No. 13301 of 2015

IN THE MATTER OF:

• Subrata Bhattacharya ........ : ......Appellant

Versus

Securltles And Exchange Board of India (SEBI) _....Respondent '..

AND

IN-THE MATTER OF:

Govind Prasad Koshta Applicant··.I,,,'

AFFIDAVIT

I, Govind Prasad Koshta S/o Shri Meti Lal Koshta,aged ·about years, R/o.Plot Na.435_i Gali No.21:Sha.:nti

.Nagar, Damoh Naka, District- Jabalpur, Madhya. Pradesh,I 't •

presently at New Delhi, do hereby solemnly affirm..and• I

declare as under: ·

1. That I am the Applicant in the present case and as

.

. .

.such I am conversant with the facts and circumstances'.·-· · ; ..

of the case and therefore, competent to swear this:affidavit.

2. That I have gone ttn;ough the- Application for Direction ·

from pages N'o. l to '5. Which has been drafted as permy instructions and the contents thereof are true andcorrect to the best'of my Knowledge and_belie[

.. .. -~ ..

. .. .• •...

..

.,. .3. That the contents of this affidavit are ·true and correct

. . ' .:--· . . .- .........~ . .,..,. ··.......to the best of my knowledge' and nothing material has· ·-<~.. "'--

1Ii

·copiesof their respective originals. ;,;H/DEPONENT

VERIFICATIONI, Givil'id Prasad Ko•shtra , the deponent 11.ained above ,do 'hereby most affirm and•verify that the con.tents ofthis affidavit in Paras •l to 4 ai·e true to_ my Knowledge

and I belief the same to be true.

Verified &: Signed this 8h day of December, 2017 atNew Delhi.

DEPONENT

.·.;. '

.,·. l

. ..

' .

..

. .....

. . ... ;- ~. ··• '

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been concealed therefrom.. ' .%»

4. · That the annexures/ d.ocu:i:nents filec;l p.erewith are tn,.1e •f'Wi!:

.,+l(

61piry D.ate O'I.. ·o·_ ...Agreement

Periodicity oflnstalmenl

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PACI.J INDIA LIMITEDRegd. 0lficeCorrorote Of.Lee

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SH, GOVIN!;) PR:ASADF/HG SH'PTI L.Kt.PLOT N. 35 GALIDAMOH Ntti~A D·I'STT·,JA]3,ALPUR

UB . REG.l5TRATIOt--l LETTE:R

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ITEM NO.l COURT .NO.2..

SECTION XVII

SU PREM E C O U R T OF IND I ARECORD OF, PROCEEDINGS

Civil Appeal No(s) .13301/2015

SUBRA'I'A BHATTACHARYA. Appellant (s)

VERSUS

SECURITIES & EXCHANGE BOARD OF INDIA Respondent(s)(With appln. {s) for exemption from filing c/c of the impugnedjudgment, permission to file additional documents and stay andoffice report).WITH

C.A.No.13319/2015(With appln. {s) for permission to file additional documens, forexemption from filing c/c of the impugned judgment and ex-parte.stay and Office Report)..C.A.No.13394/2015(With appln.(s) for ex-parte stay, impleadment, intervention, stayand for permission to file additional documents and Office Report)

C.A.No.13410/2015(With appln. (s) for ex-parte stay and for exemption from filingc/c of the impugned judgment and Office Report)

W.P. (C}No.500/2015(With appln. (s) for directions and Office Report)

T.C. {C)No.134/2015

. T.P. (C)No.45/2016.(With appln. (s) for stay and Office Report)

T.P. (Crl.)No /2016 (D.No.388/2016)(With appln. (s) for ex-parte stay and permission to file T.P.and Office Report)

T.P. {Crl.)No /2016 (D.No.398/2016)(With appln. (s) for permission to file T. P. and stay and

· O:f;fice Report)

Sigr,ature NolVerified _ /@}:"Co.A6.z16Dig'tay signo by

# th appln.(s) for stay and or£ice Report)z2'Date 02/02/2016 These matters were called on for hearing today.

1

- . ...a t + - ­---------------

@CORAM

HON'BLE MR. JUSTICE ANIL R. DAVEHON'BtE MR. JUSTICE ADARSH KUMAR GOEL

For Appellant(s)

In C.A. 13394/15

In C.A. 13140/15

In T. C. (C)No.134/15

Mr. Anil B. Divan,Sr.Adv.Mr. Amit Pawan,Adv.Mr. Abhishek Amritanshu,Adv.Mr. Suryodaya Prakash Tiwari,Adv.

Mr. Kapil Sibal,Sr,Adv.Mr. Mahesh Agarwal,Adv.Mr. Samir Rohatgi,Adv.Ms. Radhika Gautam,Adv.Mr. Paras Anand,Adv.For Mr. E.C. Agrawala,Adv.

Mr. C.A..·Sundram,Sr.Adv.Mr. Mahesh Agarwal,Adv.Mr. Samir Rohatgi,Adv.Ms. Radhika Gautam,Adv.Mr. Paras Anand,Adv.For Mr. E.C. Agrawala,Adv.

Dr. A.M. Singhvi,Sr.Adv.Mr. Mahesh Agarwal,Adv.Mr. Samir Rohatgi,Ady.Ms. Radhika Gautam,Adv.Mr. Paras Anand,Adv.For Mr. E.C. Agrawala,Adv.

Mr.Mr.Mr.Mr.Mr.For

P.B. Suresh,Sr.Adv.C.P. Chandrasekharan,Adv.Vipin Nair,Adv.Vined Nair,Adv.Rahul Srivastava,Adv.M/s. Temple Law Firm,Advs.

. .

For: Respondent(s)SEBI

Mr. Arvind P. Datar,Sr.Adv.Mr. Pratap Venugopal,Adv.Ms. Surekha Raman,Adv.Mr. Purushottam K. Jha,Adv.Ms . Niharika,Adv.,For M/s. K.J. John°& Co.,Advs.

Mr. Shashank Bajaaj,Adv.Mr. Shakun S. Shukla,Adv.Mr. Prakash Kumar Singh,Adv.

2'

Mr. Laxmi Narayan,Sr.Adv.Mr. arabjot Singh,Adv.Mr. Alex Joseph,Adv.

4,

For M/s. B.J. Law Offices,Advs.

Mr. Prashant Bhushan,Adv.Mr. Omanakuttan K.K. ,Adv.

Mr. Rajiv Ranjan Dwivedi , Adv·.

Caveator/Customer Amrit Pal.

Mr. singh Gambhir,Adv.Assn. Mr. Shantanu Kgmar,Adv.

Investors Mr. Avadh Kaushik,Adv.Ms. Deepika Raghav,Adv.

UPON hearing the counsel the Court made the followingO RD ER

C.A.Nos.13301, 13319, 13394 & 13410 of 2015, WP[C)No.500/2015, T.C. (C)No.134/2015

1. Heard Mr. C.A. Sundaram, learned senior counsel

appearing for the appellant-Company, Mr. Anil B. Divan,

learned senior counsel appearing on . behalf of the

Director co'f the Company and Mr. Arvind P. Datar, learned ,

senior counsel a.ppearing on behalf of Securities &

Exchange Board of India (SEBI), on caveat.

2. Upon hearing the learned counsel and looking· at the

peculiar facts of the case, in the interest of the

investors, we think it proper to pass · this order with

regard to interim arrangement, without going into the

legality of the impugned judgment and without prejudice

to the submission which might be made by the counsel at

the time of further hearing of these matters and . we

direct that the appellant-Company shall not collect any

3

tet3

..

further amount from any of the investors.

2o

3. The SEBI shall constitute a Committee for disposing •

of the land purchased by the Company so that the sale

proceeds can be paid to the investors, who have invested

their funds .in the Company for purchase of the land.

Hon'ble Mr. Justice R.M. Lodha, the former Chief Justice

of India, would be the Chairman of the said Committee.

It would be open to the Hon'ble Chairman of the Committee

to appoint such experts or other persons, as he might

think it necessary, in consultation with the SEBI, so as

to enable the Committee to sell the land and pay to the

investors in a manner that might be decided by the said

Committee. . .4. A Nodal Officer shall be appointed,who shall be

in-charge of the funds so collected and shall have a

liaison with the Committee and shall also work as . aM

Secretary to the said Committee.

5. The Committee shall collect relevant record,

including Title Deeds from the Central Bureau of

Investigation (CBI), if the CBI is in possession of any

of the documents. Copies of the Title Deeds shall also

be given to the Company sd that the Company can alsoI

assist the Committee in the process of sale of the land.

6. The CBI is directed' to hand over the documents,

after retaining their copies, which might be required. by

the SEBI, so as to enable the Committee to sell the land.

4

a. a «a

...... --·· ..______________,m--•n-'l,..~~-r.a•••'---'A~.GI

..,

The CBI will be entitled to use the photocopies of the

Title Deeds, which will be handed over to it for Court

proceedings.

7. The methodology with regard to recovery of amount '

by sale of the land and disbprsement of the·,. 'amount to the

investors shall be overseen by the Members of the

Committee.

8 . Remuneration· to be • paid to the Chairman shall be

determined by the Hon'ble Chairman himself after

considering the quantum of work to be done by the

Committee.

9 . The work with regard to disposal of the land and

disbursement of the proceeds to the investors bet

completed as soon as possible and preferably within six

months from today.

10. The Registry is directed 'to forward copies of this•'order to Hon'ble Mr. Justice R.M. Lodha, the SEBI and the

CBI. The Company and its Directors shall extend their

cooperation, to the Committee so that the Committee can

function effectively to _complete the work as soon as

possible.

11. It would be open tco the Hon'ble Chairman to make

modification in the afore-stated arrangement and 'he is

empowered to do .whatever he thinks proper for disposaI of

the land and disbursement of the proceeds to the

investors.

5

..

. .

12. The amount, which is lying in the bank accounts of

the Company and other cash belonging to the Company shall.

be released in favour ·of SEBI so that it can be used

either for disbursement in favour of the investors or for

incurring necessary expenditure. .If any amount has been

deposited by the Company or by its Directors or by any

other person on behalf of the Company in any Court, the~

same shall be released in favour of the SEBI, who shall · ­have a separate account so as to deal with the same. The

Committee shall also decide as to whether 'the staff of

the Company should be continued or relieved.

13. The decision with regard to sale of property of

the Company by the Committee shall not be interfered with

by any Court.

14. List the matters cn 2d August, 2016 as Part-heard,I

so as to know the progress .

T.P. (C) Nos.45/2016 :

Heard the learned counsel.

The transfer petition is allowed. Writ Petition

(C) No .12342/2015 titled as Gurmeet Singh Vs. Securities

and Exchange Board of India is directed to be transferred

from the High Court of Delhi at New Delhi to this Court.

and shall be heard along with Civil Appeal No .13301/2015

and other connected matters on 2d August, 2016.

• 6

23T.P. (C) Nos.46/2016

Heard the learned counsel.

The transfer petition is allowed. Writ Petition

(C) No .12341/2015titled as Subrata Bhattacharya Vs.

Securities and Exchange Board of India is directed to be

transferred from the High Court of Delhi at New Delhi to

this Court and shall be heard along with Civil Appeal

No .13301/2015 and other connected matters· on 2 August,

2016.

TP(Cr1.)No.....Z2016. (D.No.388/2016)

Permission to file transfer petition is granted.t

Heard the learned counsel.

The transfer petition is allowed. Writ Petition

(Crl.)No.1078/2014' titled as Gurrneet Singh Vs. C.B.I. isl

directed to be transferred from the High Court of Delhi

at New Delhi to this Court and shall be heard along with

Civil Appeal No.13301/2015 ahd other connected matters on

24 August, 2016.

TP(Crl.)Nos /2016 (D.No.398/2016)

Permission to file transfer petitions is granted.

Heard the learned counsel.

The transfer petitions are allowed. Writ Petition.

(Crl.}Nos.705 and 1076 of 2014, both titled as PACL Ltd.

7

Vs. C. B. I. are directed to be transferred from the High

Gourt of Delhi at New Delhi to this Court and shall be.

heard along with Civil Appeal No .13301/2015 and other

connected matters on 2° August, 2016.

(Sarita Purohit)Court Master

8

(Sneh Bala Mehra)Assistant Registrar

Justice (Hetd. ) F. • Lodha Committee(in the matter of PACL Ltd.) ·

e3a.-!oneuuc4-'S

I+o1 J'et No. .z.2/2..:,/%

JRMLC/PACL/NO

Tei,

Mr. Rakesh Kumar Sahu,Advocate,Chamber No. 13, llnd Floor,Bar Council Building,Madhya Pradesh High Court,Jaba!pur,Madhya Pradesh- 482007

Dear Sir,

--- - --...._Dated :::.-.._,,_._. .. ·

17.10.2016

Sub: Legal notice dated 15.05.2016 addressed inter alia to SEBI on behalf of Shri. GovindPrasad Kostha

This has reference to yoyr lega! notice dated 15,05.2016 addressed inter alia to the Securitiesand Exchange Board of India (SEBI). In response thereto, the following is brought to your kidattention:

0

(i) The Hon'ble Supreme Court of India had vide order dated 02.02.2016 in Civil AppealNo 13301/2015 titled Subrata Bhattacharya Vs. Securities and Exchange Board of Indiaand connened matters, inter alia directed as under:

"3. The SEBI shall constitute a Committee for· disposing of the landpurchased ·by the Company so that the sale proceeds can be paid to theinvestors, who have invested their funds in the Company for purchase of the

. lanci. Hol'11ble Mr. Justice R.M. Lodha, the former Chief Justice of India, wouldbe the Chairman of the said Committee. It would be open to the Hon'bleChairman of the Committee to appoint such experts or other persons, as hemight think it necessary, in consultation with the SEBI, so as to enable theCommittee to sell the iand and pay to the investors in a manner that might bedecided by the said Committee."

..(ii) The Hcn'b!e Supreme Court has, further, vide order dated 02.05.2016 in I.A.

No.5/2015, preferred by 5EBl in Civil Appeal No.13301/2015 and connected mattersdirected :

#a · The Aehk Annexe Buildina (Oudh Corridor\. 50-B. Chanakya Puri, New Delhi - 110021--• ... ,p:~·:•.·. :::::~:r::;·-~::.~?~!~~:"·~-:-::::~:-:,:·:·•~-;•;;;.:,-.,:--•r.:-- - 1•• ~ •· •• • -~ --:---~•.. ?.,,: 1,11,,•.•1••11~:.•o••,- .. u..•(,. t..,\1,,,.c.• ....~ .n,--,~.._-• --~1~~

ei. No .

. ."Taken on board.By way of interim relief, prayer (a) is granted."

(iii) Prayer {a) of the aforesaid I.A. No.5/2016 reads thus:

"(a) pass an order directing that no Civil Court or other Authority or Forumshall entertain any suit or other proceeding in respect of any claim orrelated matter(s) pertaining to PACL Ltd. and/or its Directors/Promoters / Group Companles /entities /individuals etc.. arrayingtherein as parties/ Defendants /Respondents the Justice (Retd.) R. M.odha Committee (in the ratter of PACL Ltd.), and/or its Chairmanand/or its Members and/or tne Securities and Exchange Board of Idiaand further no injunction shail be granted by any Court .or otherAuthority or Forum.in respect of any action taken or to be taken by the

I

Justice (Retd.) R. M. Lodha Committee (in the matter of PACL Ltd.)and/or its Chairman and/or its Members and/or the Securities andExchange Board of india, with respect to claims and/or matter(s)relating to investments /d2posits etc. in /with PACL Ltd. or its Di;ectors/Promoters / Group Companies /Entities /Individuals etc.;"

(iv) In view of the aforementioned order dated 02.05.2016, Civil Court or other Authorityor Forum have been restrained from entertaining any suit or other proceeding inrespect of ar.y dairn or related matter pertaining to PACL Ltd. and /or itsdir2cto,s/Framote;-s/Group Companies/r:ntlties/individual etc., arraying therein asparties/Defendant/Respondents and further no injunction shall be granted by anyCourt or other Authority or Forum in respect of any action taken or to be taken by theJustice (Retd.) R.M. Lodha Committee and/or its Chairman and/or its Member and /Orthe SEBI with respect to claims and/or matters(s) relating to investments /depositsetc. in/with PACL Ltd or its Directors/Promoters/Group

·Companies/Entities/Individuals etc..

(v), Pursuant to the constitution ofthe committee in compliance with the order dated Feb'02, 2016, the committee has si:arteci the process of collecting property documents

, from CBI for the purpose of disposing and issue refunds to the customers of PACL. Inthis connection, it Ts further informed that the Committee has also initiated theprocess of sale of properties

•{vi) For refund and other related information you may refer to PACL- FAQ for refunds andpublic notices on undermentioned link

http://www.?.ebi.gov.in/cms/sebi data/docfiles/33781 t.html

· Office : The Ashok, Annexe Building (Oudh Corridor), 50-B, Chanakya Puri, New Delhi - 110021

,-