1


ITEM NO.2                    COURT NO.3                     SECTION XVIA



              S U P R E M E   C O U R T   O F   I N D I A

                           RECORD OF PROCEEDINGS



I.A. NO.55, 57, 58-59 IN TRANSFER CASE (CIVIL.) NO. 2 OF 2004




THE SECURITIES & EXCHANGE BD. OF INDIA                      Petitioner(s)



                        VERSUS



THE GOLDEN FORESTS (I) LTD.                                 Respondent(s)



(For directions, impleadment and office report )

WITH IA 3 IN TC 1/2004 & T.C.(C) NO. 68/2003



Date: 08/02/2007  This Matter was called on for hearing today.



CORAM :

        HON'BLE MR. JUSTICE ASHOK BHAN

        HON'BLE MR. JUSTICE DALVEER BHANDARI 




For Petitioner(s)                 Mr. Bhargava V. Desai,Adv.

                                  Mr. Rahul Gupta, Adv.

                                  Ms. Reema Sharma, Adv.



For the Committee                 Ms. Suruchii Aggarwal ,Adv

                                  Mr. Abhimanyu Sharma, Adv.



For Respondent(s)                 Mr. N.R.Choudhury, Adv.

In IA 55                          Mr. Ranjan Mukherjee ,Adv.

                                  Mr. S.C. Ghosh, Adv.



                                  Ms. Naresh Bakshi, Adv.

                                  Mr. Tushar Bakshi, Adv.



                                  Mr. Alok Gupta, Adv.



I.A. No.3 in TC1/04               Mr. N.R.Choudhury, Adv.

                                  Mr. Somnath Mukherjee, Adv.




In I.A. 57                        Mr. Anil Sharma, Adv.

                                  Mr. Shailendra Bhardwaj, Adv.



In I.As 58-59                     Mr. P.S. Patwalia, Sr. Adv.

                                  Mr. R.Gopalakrishnan, Adv.



                                  Mr. Shiv Prakash Pandey, Adv.



                                  Ms. Varuna Bhandari Gugnani, Adv.

                     Mr. Rameshwar Prasad Goyal ,Adv




For State of W.B.                 Mr. T.C. Sharma, Adv.


                                                   2




For State of Punjab          Mr. R.K.Rathore, AAG for State of Punjab

                             Mr. M.K. Verma, Adv. for

                             Mr. A.K. Sinha, Adv.



                             Mr. Aditya Sharma, Adv.

                             Mr. K.S. Rana, Adv.



                             Mr. Ashok Kumar Singh, Adv.



                             Mr. A.S. Rawat, Adv.

                             Mr. J.K. Bhatia, Adv.




           UPON hearing counsel the Court made the following

                             O R D E R 




              I.A. No.55



              Applicant  addressed   a   letter  to   the   Committee   on   27th  October,   2006

   which has been rejected by the Committee by its order dated 31st October, 2006

   (Annexure A-5 to the application) without affording an opportunity of hearing to

   the applicant.  We direct the Committee to afford an opportunity of hearing to the

   applicant and pass appropriate orders in accordance with law.  Applicant is also

   directed to furnish all accounts duly audited showing deposits, incurring liability

   and other expenses to the Committee.

              I.A. No. 55 is disposed of accordingly.

              I.A. Nos.57

              A prayer for settlement was moved by the applicant in I.A. No.56 which

   was   heard   by   this   Court   on   4th  January,   2007.     I.A.   No.   56   was   dismissed.

   However, the applicant was put at liberty to approach the Committee for working

   out the settlement with the rider that if the Committee is prepared to settle, then it

   may submit a report to this Court. 

              The present I.A. No. 57 has been filed for the following directions:

              I.         direct the Committee to recall the Sale Notice dated
              14.10.2006   and   also   the   consequent   action   taken   thereon   so
              that   the   applicant's   proposal   for   settlement   may   not   be
              adversely affected; and


              II.        any other relief which this Hon'ble Court deem fit and
              proper in the circumstances may also be given."


                                                 3





           In so far as the prayer to recall the Sale Notice   dated 14.10.2006  is


concerned, the same is rejected.  Applicant's proposal for settlement, which had


been   rejected   by   this   court   on   4th  January,   2007,     has   been     rejected   by   the


Committee  by its  order dated   19th  January, 2007.    We  have  gone  through  the


same and do not find any infirmity therein.


           I.A. No. 57 is rejected.


           I.A. Nos. 58-59


           Mr. P.S. Patwalia, learned senior counsel undertakes that possession of


the properties in their possession i.e. 'Drive-In', Nalagarh shall be handed over to


the Committee appointed by this Court within two weeks from today.


           I.A. Nos. 58-59 are dismissed as withdrawn at this stage.


           I.A. No.3 in TC 1/2004


           I.A. No. 3 is dismissed as withdrawn at this stage.


           T.C. (C) No. 68/2003


           List after two weeks.


 


       ( Parveen Kr. Chawla )                                       ( Kanwal Singh )

             Court Master                                             Court Master