ITEM NO.2 COURT NO.1 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.NOS.60-67, 69-83, 85-89 & I.A.NO.91-100, 101 IN I.A. NO.80,
I.A.NOS.102-113 & 115-119 IN T.C.(C) NO.2 OF 2004
THE SECURITIES & EXCHANGE BD. OF INDIA Petitioner(s)
VERSUS
THE GOLDEN FORESTS (I) LTD. Respondent(s)
WITH
I.A.NO.27, 29-39, 40 & 41 IN T.C.(C) NO.68 OF 2003 WITH CONTEMPT
PETITION(C)NO.74 OF 2007 IN T.C.(C) NO.2 OF 2004 WITH T.C.(C) NO.1 OF
2004 WITH W.P.(C) NO.188 OF 2004
Date: 03/02/2010 These Petitions were called on for hearing today.
CORAM :
HON'BLE THE CHIEF JUSTICE
HON'BLE MR. JUSTICE J.M. PANCHAL
HON'BLE DR. JUSTICE B.S. CHAUHAN
For Petitioner(s) Mr. Bhargava V. Desai,Adv.
Mr.Rahul Gupta, Adv.
Mr.NIkhil Sharma, Adv.
For Respondent(s) Ms.Suruchi Aggarwal, Adv.
Mr.Abhimanyu Sharma,Adv.
Mr.Anish Kumar, Adv.
Mr.K.K.Venugopal, Sr.Adv.
Mr.Manoj Goel, Adv.
Mr.Shuvodeep Roy, Adv.
Mr.Gopal Verma, Adv.
Mr.Ankur, Adv.
Mr.Chetan Sharma, Sr.Adv.
Mr.Aman Vachher, Adv.
Mr.Ashutosh Dubey, Adv.
Ms.R.D.Puri,Adv.
Ms.Rajshri Dubey, Adv.
Mr.Dhiraj, Adv.
Mr.P.N.Puri, Adv.
Mr. Shailendra Bhardwaj, Adv.
Ms. S. Usha Reddy, Adv.
Mr. S.K.Nandy, Adv.
Mr. Y.P. Dhingra, Adv.
Ms. Kusum Chaudhary, Adv.
Mr.Ranjit Kumar, Sr.Adv.
Mr. Alok Gupta, Adv.
Ms. Shalu Sharma, Adv.
Mr.Mukul Rohtagi, Sr.Adv.
Mr. Manoj Swarup, Adv.
Mr.Devesh Kumar Tripathi, Adv.
Mr.Ashok Anand, Adv.
For M/s AP & J Chambers
Mr. D.N. Goburdhan, Adv.
Mr. Arun Kr. Sinha, Adv.
Mr. Ranjan Mukherjee, adv.
Mr. S. Ravi Shankar, Adv.
Mrs.S.Yamunah Nachiar, Adv.
Mr. Ashwani Kumar, adv.
Mr.Vinay Bhasin, Sr.Adv.
Mr.Rohit Tandon, Adv.
Mr. Subramonium Prasad, Adv.
Ms.Shweta Mazumdar, Adv.
Mr.Jay Kishore, Adv.
Mr.Shyam D.Nandan, Adv.
Mr. Ansar Ahmed Choudhary, Adv.
Mr.Ranjit Kumar, Sr.Adv.
Mr.Mukul Rohtagi, Sr.Adv.
Mr. Ashok Kumar Singh, Adv.
Mr.Surinder Dutt Sharma, Adv.
Mr.Naresh Kumar Gaur, Adv.
Mr.Sapam B.Meitei, Adv.
Mr.Ajay Majithia, Adv.
Mr.Rajesh Kumar, Adv.
Dr. Kailash Chand, Adv.
Ms. Sunita Sharma, Adv.
Mr. Rana Ranjit Singh, adv.
Mr. Shreepal Singh, Adv.
Mr. S.K. Sabharwal, Adv.
Mr. Arun K. Sinha, Adv.
Mr. Jatinder Kumar Bhatia, Adv.
Ms. S. Usha Reddy, Adv.
Mrs.Noorjahan, Adv.
Mr.K.K.Mahalik, Adv.
Ms. Naresh Bakshi, Adv.
Ms. Shalu Sharma, Adv.
Mr. Somnath Mukherjee, adv.
Mr. Ranjan Mukherjee, Adv.
Mr. Siddharth Choudhary, Adv.
Ms.Varuna Bhandari Gugnani, Adv.
Mr.Rameshwar Prasad Goyal, Adv.
Mr.K.V.Vishwanathan, Sr.Adv.
Ms.BInu Sharma, Adv.
Mr.Abhinav Mukerji, Adv.
UPON hearing counsel the Court made the following
O R D E R
Heard learned counsel for the parties. All the matters i.e. transferred
cases, interim applications, contempt petition as well as the writ
petition are directed to be transferred to the Delhi High Court, in
terms of the signed order.
(Sukhbir Paul Kaur) (Veera Verma)
Court Master Court Master
(signed order is placed on the file)
IN THE SUPREME COURT OF INDIA
CIVIL APPELLATE JURISDICTION
I.A.NOS.60-67, 69-83, 85-89 & I.A.NO.91-100, 101 IN I.A. NO.80,
I.A.NOS.102-113 & 115-119 IN T.C.(C) NO.2 OF 2004
THE SECURITIES & EXCHANGE BD. OF INDIA Appellant(s)
Versus
THE GOLDEN FORESTS(I) LTD. Respondent(s)
WITH I.A.NO.27, 29-39, 40 & 41 IN T.C.(C) NO.68 OF 2003 WITH CONTEMPT
PETITION(C)NO.74 OF 2007 IN T.C.(C) NO.2 OF 2004 WITH T.C.(C) NO.1 OF
2004 WITH W.P.(C) NO.188 OF 2004
O R D E R
We have heard learned counsel for the parties. Various Writ Petitions
which are pending before different High Courts were transferred to this
Court. The main dispute in these cases are that the respondent The
Golden Forests (I) Ltd. collected a large amount of money from a large
number of depositors/investors and it purchased several immovable
properties at different places. The said investors are putting up their
claims.
Various transferred cases, interim applications, contempt petition as
well as the writ petition are pending in this Court.
Some of the properties owned by the respondent were sold in auctions,
pursuant to Court orders and in some cases the purchasers have deposited
the full amount, and in some cases, purchasers have yet to pay the
balance amount.
Having regard to the various claims, it is just and proper that these
matters be considered by the High Court of Delhi treating the
Transferred Cases as Writ Petitions. Pending winding up proceedings be
also heard by the High Court, and proceed with the same for further
directions and orders. Various interim orders have been passed by this
Court in these cases and the High Court shall have due regard to the
same while taking further proceedings. The High Court would be at
liberty to pass any appropriate orders in these matters.
The parties shall be at liberty to raise additional contentions they
wish and the High Court shall dispose of the claims of investors in
accordance with law. If the High Court feels that any further Arbitrator
or Commissioner is required to be appointed, the High Court may pass
appropriate orders.
All the matters i.e. transferred cases, interim applications, contempt
petition as well as the
writ petition are directed to be transferred to the Delhi High Court.
The parties are directed to appear before the High Court on 15th March,
2010 and thereafter the High Court is requested to pass appropriate
orders in these cases.
Time for payment as well as handing over of possession is extended till
15th March, 2010.
We are not expressing any opinion on the merits of the case.
As regards the sales which have already been confirmed, the Committee is
authorised to pass appropriate orders and it may be subject to the
approval of the High Court. Record of all the aforesaid cases and
applications be transmitted to the Delhi High Court forthwith.
..................CJI.(K.G.BALAKRISHNAN)
......................J.(J.M.PANCHAL)
.....................J. (DR. B.S. CHAUHAN)
New Delhi,
February 03, 2010