AI Insights
The case involves a public interest litigation filed by Arun Sutradhar and Harendra Sahariah against the Union of India and several other respondents, including various financial and regulatory bodies, concerning the Alchemist Group of Companies. The petitioners alleged that these companies had failed to refund deposits made by investors and sought various remedies, including the appointment of a special officer to manage the assets of these companies and ensure the refund to depositors. The court examined whether the issues raised were already being addressed by existing legal frameworks and committees, particularly a One-Man Committee set up by the High Court of Calcutta to handle similar cases.
Appeal Details
Counselvise Citation
[2020] 140 COUNSELVISE.COM (IT) 803731 (HC-MISC)
Assessee PAN
Bench
Appeal Number
CRN Number
Appellant
Respondent
Appeal Type
Others
Pronouncement Date
21-01-2020
Assessment Year
misc
Judgement Text
"Page No.# 1/30 GAHC010285002018 THE GAUHATI HIGH COURT (HIGH COURT OF ASSAM, NAGALAND, MIZORAM AND ARUNACHAL PRADESH) Case No. : PIL 10/2019 1:ARUN SUTRADHAR AND ANR. S/O NITAIPADA SUTRADHAR, RESIDING AT WARD NO. 2, PAUL PARA, BANGAIGAON, ASSAM, PIN 783380. 2: HARENDRA SAHARIAH S/O LATE MAHENDRA SAHARIAH RESIDING AT BORSAJATI MAHANAGAR PATH NORBAM H.NO. 10 GUWAHATI ASSAM PIN - 781029 VERSUS 1:UNION OF INDIA AND 49 ORS. REP. BY THE SECRETARY MINISTRY OF FINANCE, GOVT. OF INDIA, NORTH BLOCK, POST OFFICE AND POLICE STATION NORTH BLOCK, DIST. NEW DELHI. 2:THE SECRETARY MINISTRY OF CORPORATE AFFAIRS GOVT. OF INDIA DIST. NEW DELHI. 3:THE STATE OF ASSAM THROUGH ITS CHIEF SECRETARY Page No.# 2/30 GOVT.OF ASSAM BLOCK-C 3RD FLOOR ASSAM SACHIVALAYA GUWAHATI PIN - 781006. 4:THE SECRETARY DEPARTMENT OF HOME GOVT. OF ASSAM BLCOK-C 3RD FLOOR ASSAM SACHIVALAYA GUWAHATI PIN - 781006. 5:THE DIRECTOR GENERAL OF POLICE ASSAM OFFICE AT GMCH ROAD SRIMANTAPUR BHANGARH CHILARAI NAGAR GUWAHATI ASSAM- 781007. 6:THE CENTRAL BUREAU OF INVESTIGATION LODHI ROAD POST OFFICE AND P.S. LODHI ROAD DIST. NEW DELHI. 7:THE DIRECTOR CENTRAL BUREAU OF INVESTIGATION LODHI ROAD P.O. AND P.S. LODHI ROAD DISTRICT- NEW DELHI. 8:THE SUPERINTENDENT OF POLICE CENTRAL BUREAU OF INVESTIGATION ECONOMIC OFFENCE WINGS Page No.# 3/30 OFFICE AT SRIMANTAPUR CHILARAI NAGAR GUWAHATI ASSAM- 781007. 9:THE DIRECTOR ENFORCEMENT DIRECTORATE SHIVAJI PARK LODHI ROAD POST OFFICE AND POLICE STATION LODHI ROAD DIST. NEW DELHI. 10:THE DIRECTOR (INVESTIGATION) INCOME TAX OFFICE AT GROUND FLOOR G.S. ROAD CHRISTIAN BASTI GUWAHATI ASSAM- 781006. 11:THE CHAIRMAN SECURITIES AND EXCHANGE BOARD OF INDIA SEBI BHAVAN C-4A G-BLOCK BANDRA KURLA COMPLEX MUMBAI- 400051. 12:THE REGIONAL MANAGER SECURITIES AND EXCHANGE BOARD OF INDIA OFFICE AT 4TH FLOOR NEDFI HOUSE G.S. ROAD DISPUR GUWAHATI ASSAM-781006. Page No.# 4/30 13:THE DIRECTOR REGISTRAR OF COMPANIES ASSAM RIPURIA MANIPUR NAGALAND MEGHALAYA MIZORAM ARUNACHAL PRADESH OFFICE AT MORELLO BUILDING GROUND FLOOR KACHARI ROAD SHILLONG- 793001. 14:THE NODAL OFFICER HON'BLE JUSTICE SAILENDRA PRASAD TALUKDAR COMMITTEE 5 COUNCIL HOUSE STREET KOLKATA- 700001. 15:ALCHEMIST HOLDINGS LTD. HAVING ITS OFFICE AT 405 JYOTISIKHAR TOWER JANAKPUR DISTRICT CENTRE NEW DELH- 110058. 16:ALCHEMIST CAPITAL LTD. HAVING OFFICE AT SCO 12-13 SECTOR-9D MADHYAMARG CHANDIGARH- 160017. 17:TOUBRO HOLDINGS LTD. HAVING ITS OFFICE AT SCO 12-13 SECTOR-9D MADHYAMARG CHANDIGARH-160017. 18:ALCHEMIST INFRA REALTY LTD. HAVING ITS OFFICE AT 723 DLF TOWER 'A' JASOLA DIST. CENTRE Page No.# 5/30 NEW DELHI- 110044 AND ALSO AT UNIT NO. GF-18 GROUND FLOOR OMAX SQARE JASOLA DIST. CENTRE NEW DELHI- 110025. 19:TOUBRO INFOTECH AND INDUSTRIES AND INDUSTRIES LTD. HAVING ITS OFFICE AT SCO 12-13 SECTOR-9D MADHYAMARG CHANDIGARH-160017. 20:TOUBRO INDUSRIES LTD. HAVING ITS OFFICE AT HAVING ITS OFFICE AT SCO 12-13 SECTOR -9D MADHYAMARG CHANDIGARH-160017. 21:ALCHEMIST TOWNSHIP INDIA LTD. HAVING ITS OFFICE AT SCO 232-233 3RD FLOOR SECTOR -344 CHANDIGARH- 160022 AND CORPORATE OFFICE AT 411-412 ANSAL TOWER 38 NEHRU PLACE NEW DELHI- 110019 AND THEIR LOCAL OFFICE AT SUSHIL DAS BHAVAN 2ND FLOOR PALTAN BAZAR DIST. KAMRUP GUWAHATI -08 ASSAM AND DHARMESWAR COMPLE 2ND FLOOR BAGAN ROAD T.R. PUKUR ROAD P.O. AND DIST. BONGAIGAON PIN- 783380 ASSAM 22:MR KANWAR DEEP SINGH CHAIRMAN EMERGUS ALCHAMPANIES Page No.# 6/30 PERMANENTLY RESIDING AT HOUSE NO. 159 SECTOR-9B CHANDIGARH PRESENTLY RESIDING AT 100 SOUTH AVENUE NEW DELHI- 110011. 23:MR. KARAN DEEP SINGH CHAIRMAN ALCHEMIST GROUP OF COMPANIES RESIDING AT HOUSE NO. 159 SECTOR-9B CHANDIGARH. 24:MR. PAVAN KUMAR VERMA DIRECTOR CORPORATE OFFICE AT 411-412 ANSAL TOWER 38 NEHRU PALACE NEW DELHI- 110019 AND THEIR CORPORATE OFFICE AT SUSHIL DAS BHAVAN 2ND FLOOR PALTAN BAZAR DISTRICT- KAMRUP GUWAHATI- 08 ASSAM AND DHARMESWAR COMPLEX 2ND FLOOR BAGAN ROAD T.R. PUKUR ROAD P.O. AND DIST. BONGAIGAON PIN - 783380 ASSAM. 25:MS MARIA FERNANDES DIRECTOR CORPORATE OFFICE AT 411-412 ANSAL TOWER 38 NEHRU PALACE Page No.# 7/30 NEW DELHI- 110019 AND THEIR CORPORATE OFFICE AT SUSHIL DAS BHAVAN 2ND FLOOR PALTAN BAZAR DISTRICT- KAMRUP GUWAHATI- 08 ASSAM AND DHARMESWAR COMPLEX 2ND FLOOR BAGAN ROAD T.R. PUKUR ROAD P.O. AND DIST. BONGAIGAON PIN - 783380 ASSAM. 26:MR BIKRAM BHATTACHARYYA DIRECTOR CORPORATE OFFICE AT 411-412 ANSAL TOWER 38 NEHRU PALACE NEW DELHI- 110019 AND THEIR CORPORATE OFFICE AT SUSHIL DAS BHAVAN 2ND FLOOR PALTAN BAZAR DISTRICT- KAMRUP GUWAHATI- 08 ASSAM AND DHARMESWAR COMPLEX 2ND FLOOR BAGAN ROAD T.R. PUKUR ROAD P.O. AND DIST. BONGAIGAON PIN - 783380 ASSAM. 27:MR VINOY KUMAR MITTAL DIRECTOR CORPORATE OFFICE AT 411-412 ANSAL TOWER 38 NEHRU PALACE NEW DELHI- 110019 AND THEIR CORPORATE OFFICE AT SUSHIL DAS BHAVAN 2ND FLOOR PALTAN BAZAR Page No.# 8/30 DISTRICT- KAMRUP GUWAHATI- 08 ASSAM AND DHARMESWAR COMPLEX 2ND FLOOR BAGAN ROAD T.R. PUKUR ROAD P.O. AND DIST. BONGAIGAON PIN - 783380 ASSAM. 28:MR. VIMAL KUMAR SHARMA DIRECTOR CORPORATE OFFICE AT 411-412 ANSAL TOWER 38 NEHRU PALACE NEW DELHI- 110019 AND THEIR CORPORATE OFFICE AT SUSHIL DAS BHAVAN 2ND FLOOR PALTAN BAZAR DISTRICT- KAMRUP GUWAHATI- 08 ASSAM AND DHARMESWAR COMPLEX 2ND FLOOR BAGAN ROAD T.R. PUKUR ROAD P.O. AND DIST. BONGAIGAON PIN - 783380 ASSAM. 29:MR TANVEER GILL DIRECTOR CORPORATE OFFICE AT 411-412 ANSAL TOWER 38 NEHRU PALACE NEW DELHI- 110019 AND THEIR CORPORATE OFFICE AT SUSHIL DAS BHAVAN 2ND FLOOR PALTAN BAZAR DISTRICT- KAMRUP GUWAHATI- 08 ASSAM AND DHARMESWAR COMPLEX 2ND FLOOR Page No.# 9/30 BAGAN ROAD T.R. PUKUR ROAD P.O. AND DIST. BONGAIGAON PIN - 783380 ASSAM. 30:MR MANSOOR AHMED DIRECTOR CORPORATE OFFICE AT 411-412 ANSAL TOWER 38 NEHRU PALACE NEW DELHI- 110019 AND THEIR CORPORATE OFFICE AT SUSHIL DAS BHAVAN 2ND FLOOR PALTAN BAZAR DISTRICT- KAMRUP GUWAHATI- 08 ASSAM AND DHARMESWAR COMPLEX 2ND FLOOR BAGAN ROAD T.R. PUKUR ROAD P.O. AND DIST. BONGAIGAON PIN - 783380 ASSAM. 31:MR HARIHARAN NEERARAGHAVAN DIRECTOR CORPORATE OFFICE AT 411-412 ANSAL TOWER 38 NEHRU PALACE NEW DELHI- 110019 AND THEIR CORPORATE OFFICE AT SUSHIL DAS BHAVAN 2ND FLOOR PALTAN BAZAR DISTRICT- KAMRUP GUWAHATI- 08 ASSAM AND DHARMESWAR COMPLEX 2ND FLOOR BAGAN ROAD T.R. PUKUR ROAD P.O. AND DIST. BONGAIGAON PIN - 783380 Page No.# 10/30 ASSAM. 32:MR SUBRAMANIAN AYYAPPAKUTTI NAMBI DIRECTOR CORPORATE OFFICE AT 411-412 ANSAL TOWER 38 NEHRU PALACE NEW DELHI- 110019 AND THEIR CORPORATE OFFICE AT SUSHIL DAS BHAVAN 2ND FLOOR PALTAN BAZAR DISTRICT- KAMRUP GUWAHATI- 08 ASSAM AND DHARMESWAR COMPLEX 2ND FLOOR BAGAN ROAD T.R. PUKUR ROAD P.O. AND DIST. BONGAIGAON PIN - 783380 ASSAM. 33:SANGITA DEVI DIRECTOR CORPORATE OFFICE AT 411-412 ANSAL TOWER 38 NEHRU PALACE NEW DELHI- 110019 AND THEIR CORPORATE OFFICE AT SUSHIL DAS BHAVAN 2ND FLOOR PALTAN BAZAR DISTRICT- KAMRUP GUWAHATI- 08 ASSAM AND DHARMESWAR COMPLEX 2ND FLOOR BAGAN ROAD T.R. PUKUR ROAD P.O. AND DIST. BONGAIGAON PIN - 783380 ASSAM. 34:BALBIR SINGH Page No.# 11/30 DIRECTOR CORPORATE OFFICE AT 411-412 ANSAL TOWER 38 NEHRU PALACE NEW DELHI- 110019 AND THEIR CORPORATE OFFICE AT SUSHIL DAS BHAVAN 2ND FLOOR PALTAN BAZAR DISTRICT- KAMRUP GUWAHATI- 08 ASSAM AND DHARMESWAR COMPLEX 2ND FLOOR BAGAN ROAD T.R. PUKUR ROAD P.O. AND DIST. BONGAIGAON PIN - 783380 ASSAM. 35:MR VIKRAMADITYA SINGH DIRECTOR CORPORATE OFFICE AT 411-412 ANSAL TOWER 38 NEHRU PALACE NEW DELHI- 110019 AND THEIR CORPORATE OFFICE AT SUSHIL DAS BHAVAN 2ND FLOOR PALTAN BAZAR DISTRICT- KAMRUP GUWAHATI- 08 ASSAM AND DHARMESWAR COMPLEX 2ND FLOOR BAGAN ROAD T.R. PUKUR ROAD P.O. AND DIST. BONGAIGAON PIN - 783380 ASSAM. 36:MR CHANDRA SHEKHAR CHAUHAN DIRECTOR CORPORATE OFFICE AT 411-412 ANSAL TOWER Page No.# 12/30 38 NEHRU PALACE NEW DELHI- 110019 AND THEIR CORPORATE OFFICE AT SUSHIL DAS BHAVAN 2ND FLOOR PALTAN BAZAR DISTRICT- KAMRUP GUWAHATI- 08 ASSAM AND DHARMESWAR COMPLEX 2ND FLOOR BAGAN ROAD T.R. PUKUR ROAD P.O. AND DIST. BONGAIGAON PIN - 783380 ASSAM. 37:MR KRISHNA KUMAR SINGH DIRECTOR CORPORATE OFFICE AT 411-412 ANSAL TOWER 38 NEHRU PALACE NEW DELHI- 110019 AND THEIR CORPORATE OFFICE AT SUSHIL DAS BHAVAN 2ND FLOOR PALTAN BAZAR DISTRICT- KAMRUP GUWAHATI- 08 ASSAM AND DHARMESWAR COMPLEX 2ND FLOOR BAGAN ROAD T.R. PUKUR ROAD P.O. AND DIST. BONGAIGAON PIN - 783380 ASSAM. 38:MS JAISHREE NOOR DIRECTOR CORPORATE OFFICE AT 411-412 ANSAL TOWER 38 NEHRU PALACE NEW DELHI- 110019 AND THEIR CORPORATE OFFICE AT SUSHIL DAS BHAVAN Page No.# 13/30 2ND FLOOR PALTAN BAZAR DISTRICT- KAMRUP GUWAHATI- 08 ASSAM AND DHARMESWAR COMPLEX 2ND FLOOR BAGAN ROAD T.R. PUKUR ROAD P.O. AND DIST. BONGAIGAON PIN - 783380 ASSAM. 39:MR. BRIJMOHAN MAHAJAN DIRECTOR CORPORATE OFFICE AT 411-412 ANSAL TOWER 38 NEHRU PALACE NEW DELHI- 110019 AND THEIR CORPORATE OFFICE AT SUSHIL DAS BHAVAN 2ND FLOOR PALTAN BAZAR DISTRICT- KAMRUP GUWAHATI- 08 ASSAM AND DHARMESWAR COMPLEX 2ND FLOOR BAGAN ROAD T.R. PUKUR ROAD P.O. AND DIST. BONGAIGAON PIN - 783380 ASSAM. 40:MR SUNIL KANTI KAR DIRECTOR CORPORATE OFFICE AT 411-412 ANSAL TOWER 38 NEHRU PALACE NEW DELHI- 110019 AND THEIR CORPORATE OFFICE AT SUSHIL DAS BHAVAN 2ND FLOOR PALTAN BAZAR DISTRICT- KAMRUP GUWAHATI- 08 Page No.# 14/30 ASSAM AND DHARMESWAR COMPLEX 2ND FLOOR BAGAN ROAD T.R. PUKUR ROAD P.O. AND DIST. BONGAIGAON PIN - 783380 ASSAM. 41:MR. NARAYAN MADHAV KUMAR DIRECTOR CORPORATE OFFICE AT 411-412 ANSAL TOWER 38 NEHRU PALACE NEW DELHI- 110019 AND THEIR CORPORATE OFFICE AT SUSHIL DAS BHAVAN 2ND FLOOR PALTAN BAZAR DISTRICT- KAMRUP GUWAHATI- 08 ASSAM AND DHARMESWAR COMPLEX 2ND FLOOR BAGAN ROAD T.R. PUKUR ROAD P.O. AND DIST. BONGAIGAON PIN - 783380 ASSAM. 42:MR CHHATRASALSING NARENDRASINGH RANAWAT DIRECTOR CORPORATE OFFICE AT 411-412 ANSAL TOWER 38 NEHRU PALACE NEW DELHI- 110019 AND THEIR CORPORATE OFFICE AT SUSHIL DAS BHAVAN 2ND FLOOR PALTAN BAZAR DISTRICT- KAMRUP GUWAHATI- 08 ASSAM AND DHARMESWAR COMPLEX 2ND FLOOR BAGAN ROAD T.R. PUKUR ROAD Page No.# 15/30 P.O. AND DIST. BONGAIGAON PIN - 783380 ASSAM. 43:MR NAND KISHORE SINGH DIRECTOR CORPORATE OFFICE AT 411-412 ANSAL TOWER 38 NEHRU PALACE NEW DELHI- 110019 AND THEIR CORPORATE OFFICE AT SUSHIL DAS BHAVAN 2ND FLOOR PALTAN BAZAR DISTRICT- KAMRUP GUWAHATI- 08 ASSAM AND DHARMESWAR COMPLEX 2ND FLOOR BAGAN ROAD T.R. PUKUR ROAD P.O. AND DIST. BONGAIGAON PIN - 783380 ASSAM. 44:MR KRISHNA KABIR DIRECTOR CORPORATE OFFICE AT 411-412 ANSAL TOWER 38 NEHRU PALACE NEW DELHI- 110019 AND THEIR CORPORATE OFFICE AT SUSHIL DAS BHAVAN 2ND FLOOR PALTAN BAZAR DISTRICT- KAMRUP GUWAHATI- 08 ASSAM AND DHARMESWAR COMPLEX 2ND FLOOR BAGAN ROAD T.R. PUKUR ROAD P.O. AND DIST. BONGAIGAON PIN - 783380 ASSAM. Page No.# 16/30 45:MR. SURENDRA SINGH MALIK DIRECTOR CORPORATE OFFICE AT 411-412 ANSAL TOWER 38 NEHRU PALACE NEW DELHI- 110019 AND THEIR CORPORATE OFFICE AT SUSHIL DAS BHAVAN 2ND FLOOR PALTAN BAZAR DISTRICT- KAMRUP GUWAHATI- 08 ASSAM AND DHARMESWAR COMPLEX 2ND FLOOR BAGAN ROAD T.R. PUKUR ROAD P.O. AND DIST. BONGAIGAON PIN - 783380 ASSAM. 46:MR SUSHIL KUMAR DIRECTOR CORPORATE OFFICE AT 411-412 ANSAL TOWER 38 NEHRU PALACE NEW DELHI- 110019 AND THEIR CORPORATE OFFICE AT SUSHIL DAS BHAVAN 2ND FLOOR PALTAN BAZAR DISTRICT- KAMRUP GUWAHATI- 08 ASSAM AND DHARMESWAR COMPLEX 2ND FLOOR BAGAN ROAD T.R. PUKUR ROAD P.O. AND DIST. BONGAIGAON PIN - 783380 ASSAM. 47:MR SATENDER SINGH JARRI DIRECTOR Page No.# 17/30 CORPORATE OFFICE AT 411-412 ANSAL TOWER 38 NEHRU PALACE NEW DELHI- 110019 AND THEIR CORPORATE OFFICE AT SUSHIL DAS BHAVAN 2ND FLOOR PALTAN BAZAR DISTRICT- KAMRUP GUWAHATI- 08 ASSAM AND DHARMESWAR COMPLEX 2ND FLOOR BAGAN ROAD T.R. PUKUR ROAD P.O. AND DIST. BONGAIGAON PIN - 783380 ASSAM. 48:MR AJAY KUMAR DIRECTOR CORPORATE OFFICE AT 411-412 ANSAL TOWER 38 NEHRU PALACE NEW DELHI- 110019 AND THEIR CORPORATE OFFICE AT SUSHIL DAS BHAVAN 2ND FLOOR PALTAN BAZAR DISTRICT- KAMRUP GUWAHATI- 08 ASSAM AND DHARMESWAR COMPLEX 2ND FLOOR BAGAN ROAD T.R. PUKUR ROAD P.O. AND DIST. BONGAIGAON PIN - 783380 ASSAM. 49:MR VIJAY KUMAR DIRECTOR CORPORATE OFFICE AT 411-412 ANSAL TOWER 38 NEHRU PALACE Page No.# 18/30 NEW DELHI- 110019 AND THEIR CORPORATE OFFICE AT SUSHIL DAS BHAVAN 2ND FLOOR PALTAN BAZAR DISTRICT- KAMRUP GUWAHATI- 08 ASSAM AND DHARMESWAR COMPLEX 2ND FLOOR BAGAN ROAD T.R. PUKUR ROAD P.O. AND DIST. BONGAIGAON PIN - 783380 ASSAM. 50:MR CHARAN DEEP JOLLY DIRECTOR CORPORATE OFFICE AT 411-412 ANSAL TOWER 38 NEHRU PALACE NEW DELHI- 110019 AND THEIR CORPORATE OFFICE AT SUSHIL DAS BHAVAN 2ND FLOOR PALTAN BAZAR DISTRICT- KAMRUP GUWAHATI- 08 ASSAM AND DHARMESWAR COMPLEX 2ND FLOOR BAGAN ROAD T.R. PUKUR ROAD P.O. AND DIST. BONGAIGAON PIN - 783380 ASSAM Page No.# 19/30 Counsel for the petitioners : Mr. Subhasis Chakraborty, Mr. Srijib Chakraborty, Mr. F. Khan Counsel for the respondents : Mr. S.C. Keyal, Asstt. Solicitor General of India for Respondent Nos. 1,2,6,7,8 & 13 Mr. T.C. Chutia, Addl. Senior Govt. Advocate, Assam for Respondent Nos. 3,4 & 5 Mr. D. Das, Senior Advocate Mr. P. Choudhury, Mr. M. Mukherjee, for Respondent No. 21 BEFORE HON’BLE THE CHIEF JUSTICE MR. AJAI LAMBA HON’BLE MR. JUSTICE SOUMITRA SAIKIA 21.01.2020 (Ajai Lamba, CJ) 1. Arun Sutradhar, aged 56 years and Harendra Sahariah, aged 58 years have preferred this petition in purported public interest with the plea that they are young entrepreneurs and social workers and generally interested in rectifying wrongs without any personal animosity. It has been pleaded that they have received information from various orders, judgments, directions passed by SEBI, Hon’ble High Court at Calcuttta, Hon’ble High Court of Jharkhand, on the basis of which this petition has been filed. 2. The main plea of learned counsel for the petitioners is that private respondents constitute “Alchemist Group of Companies” and directors thereof. Investors have invested their hard earned money with the said group of companies which however, is not being refunded. Page No.# 20/30 3. It has been pleaded that SEBI, CBI, Enforcement Directorate and other concerned police agencies have failed to take necessary action based on the complaints made by the petitioners and others. 4. At the outset, we have to record that the petition appears to have been filed without any responsibility towards the Court, or towards the clients/petitioners. There are 36 private respondents which have been impleaded, out of which there are a number of companies which would have been registered with various Registrars of Companies. The petitioners have not even cared to refer to the Memorandum of Associations and Articles of Associations of the said companies to take a specific plea as regards the promoter directors and other directors of the said companies. Vague and wild allegations have been made while making a sweeping statement that ‘Alchemist Group of Companies’ are responsible for taking deposits from various persons however, not returning the money. Learned counsel has not been able to show from any document that the Promoter Director or Directors of all the respondent companies are common. Likewise it has not been demonstrated from actionable evidence that the said respondent companies, are all involved in advancing money by illegal means, and have not refunded the money. A populist approach to the issue has been taken by the petitioners without necessary research. Although it has been pleaded that CBI, ED and SEBI are not taking cognizance of the issue, during hearing it has been brought out that these agencies have already proceeded against some of the respondent companies and their directors. Multiple raids have been conducted. 5. We have also taken serious note of the fact that even the Nodal Officer (Hon’ble Mr. Justice Sailendra Prosad Talukdar Committee) has been arrayed as respondent No.14, whose impleadment would not serve any legal purpose. The said respondent is neither necessary not relevant party. Be that as it may, the following prayers (in verbatim) have been made in the petition : “a) Leave under Order 1 rule 8 of the Code of Civil Procedure to move this petition in representative capacity for Public Interest; Page No.# 21/30 b) Leave to move this application jointly for Public Interest; c) A declaration that all revealed/disclosed/concealed properties lying and/or standing in the name of Alchemist Group of Companies and/or any other body or person derived from the fund mobilized by the said group of companies from the massive deposits received by them under various ponzy schemes operated by and/or in the name of the said group companies or either of them is liable to be confiscated by the process of law under the PML Act, 2002 and in the alternative; d) By order of this Hon’ble Court all such properties standing in the name of the said group of companies and/or anybody or person, derived from any deposits received by the said group of companies be confiscated and disposed off for distribution of the proceeds thereof to the depositors, including the Petitioner; e) A writ or of in the nature of Mandamus commanding the respondent authorities to take all actions forthwith in accordance with law; f) The writ or of in the nature of Mandamus to directing the State Respondents including the State Public to take up investigation of the matter in accordance with law under the supervision of this Hon'ble Court and take all actions including arrest and detentions of the Scam Stars on the basis of the complaints lodged with police by the treating the same as First Information Report; g) The writ or of in the nature of Mandamus to directing the Respondent authority being CBI to take up investigation of the criminality of the matter in accordance with law under the supervision of this Hon'ble Court and take all actions including arrest and detentions of the Scam Stars on the basis of the complaints lodged with police by the treating the same as First Information Report; h) Appropriate order/orders, direction/directions to appoint a special officer to take into custody all such revealed/disclosed/ concealed properties held by the respondent group of companies in their name or in the names of any body or person derived from the deposits received by the said group of companies in various ponzy schemes; i) A writ of or in the nature of Mandamus commanding the respondent authorities to compensate the loss and damages suffered by countless deposits including the Petitioner for the act, action and omission allowed to be committed by the said Alchemist Group of Companies to mobilise the huge public deposits by defrauding the depositors and denying refund thereof to the depositors by sudden closure of the business and activity of the said group of companies; j) A writ of or in the nature of Mandamus commanding the respondent Page No.# 22/30 authorities specially the Central Bureau of India to investigate the matter and collect the money from the respondent company and refund the same through the Hon’ble S.P. Talukdar One Man Committee; k) A writ of or in the nature of Certiorari calling upon the respondent authorities to certify and transmit to this Hon'ble Court all relevant documents in connection with Alchemist Group of Companies so that conscionable justice may be done to them; l) Directions on the respondent company and their directors/principal officers to submit with the Special Officer so appointed all title deeds and documents in respect of such properties and disclosed all other movable and immovable properties including Bank Accounts within a given time; m) Rule NISI in terms of prayer (a) to (l) above; n) The Rules that may be issued herein may kindly be made absolute after hearing the parties and/or perusing the cause that may be shown; o) Injunction restraining the private respondent from dealing with and/or disposing off and/or from creating any third party interest in respect of any of the properties/assets standing the name of said Alchemist Groups of Companies or anybody or person connected/related thereto in any manner whatsoever till the disposal of the present petition; p) The direction or the State respondent to ensure that no transfer/alienation/creation at any third party interest in respect of any such properties take place by issuance of a general order and/or publication of notification in the print media; q) Order directing appointment of Special Officer/Administrative on the affairs so prospecting of the said group and deal with the same and the directions of this Hon’ble Court; r) Order directing appointment of Chartered Accountant to make evaluation of all such properties and submit report to Court; s) Direction on the private respondent to disclose to this Hon’ble Court to all these properties held in the name of each of the companies under Alchemist Group of Companies and/or the properties derived from the said deposits held in the name of any other body or person by filing any affidavit of assets; t) Order directing the respondents under the Central Government and its agencies to commence respective investigations in the above complained matter and take appropriate action; u) Ad-interim order in terms of prayer (a) to (t) above; v) Directions on respondent Nos.10 & 11 being SEBI and its officers to collect all the claim from the investors of Alchemist Group of Companies in the State of Assam and to prepare a chronological list based on the date of maturity and to supply the same before respondent No.14 so that the money can be disbursed by the mechanism and as per direction of the Hon’ble High Court; Page No.# 23/30 w) To pass necessary directions to the respondent No.14 so that the necessary arraignments can be made to accept the claims of the petitioners along with all others who had invested in Alchemist Group of Companies in the State of Assam and to disburse their claims as per directions of this Hon’ble High Court; x) For issuance of an appropriate writ(s)/order(s) and/or direction(s) commanding upon the respondents especially respondent Nos.1 and 4 to form a special committee under the Chairmanship of Retired Justice from the Hon’ble High Court under where supervision depositors can submit their individual claims and thereafter disbursement can be made from the committee as per directions of this Hon’ble High Court; y) Such further and other orders/directions as to this Hon’ble Court may seem fit and proper.” (emphasised by us) 6. We have heard Mr. S. Chakraborty, learned counsel for the petitioners; Mr. D. Das, learned senior counsel for the respondents and other counsels. 7. Learned counsel for respondent No.21, Mr. Das has asserted that there is no “Alchemist Group of Companies” as projected by the petitioners. 8. As observed earlier, there does not appear to be any meaningful evidence of the fact that the respondent companies are all connected having same Directors; or one Chairman of the group of companies. The term “Alchemist Group of Companies” does not appear to be a body corporate as one legal entity. 9. Mr. Chakraborty has advanced extensive and detailed arguments. When confronted with vague pleas taken in the petition and the nature of reliefs claimed, Mr. Chakraborty confines his prayer to Prayers – (j), (o) and (x) above extracted and emphasised by us. 10. It has been pointed out by Mr. Chakraborty and admitted by learned counsel for the respondents that the issue of large number of investors not being repaid by number of companies, indulging in taking deposits was raised before the Hon’ble High Court at Calcutta by virtue of M.A.T. 559 of 2015 (taken up with other applications) titled ‘MPS Greenery Page No.# 24/30 Developers Ltd. –vs- Bhaskar Dasgupta & Ors.). By virtue of Judgment dated 23.12.2015, a One-Man Committee comprising of Hon’ble Mr. Justice Sailendra Prosad Talukdar (Retd.) was constituted. The order is relevant to be considered. The order dated 23.12.2015 is extracted hereinbelow: “These two appeals are directed against the order of learned Single Judge in W.P. No. 4059 of 2015. In the Writ petition, investors of the appellant company approached learned Single Judge contending that the money invested by them in the appellant companies though became payable, till date are not paid and they sought several directions. On 30.3.2015 a direction was given to the Director General of Police, West Bengal, Calcutta and the Commissioner of Police Bidhan Nagar Police Commissionarate, Calcutta, the respondent Nos. 8 and 11 to seal the offices of the appellant groups of Companies at 16 Lake town, Calcutta and Jhargram West Midnapur as mentioned in the writ petition. Aggrieved by the same, these two appeals came to be filed. As already indicated, the main complaint of the writ petitioners was that in spite of amounts becoming payable and over-due, the appellant companies were evading payments and thereby huge amounts invested by them were siphoned off During the course of hearing when the appeals were taken up, several suggestions came across the Bar on behalf of different parties including the investors and also State Government agencies and Central Government like SEBI, CBI apart from the counsel for the appellant companies. The Superintendent of Police along with CBI, SEBI persons were allowed to enter the premises at relevant point of time with the direction of the Court to secure certain materials and information from computers with regard to the properties of the appellant companies in order to find out a solution for future course of action. Subsequently, several Public Interest litigation in respect of other chit fund companies and allied groups were filed and as a matter of fact the number is more than 100. This indicates the extent of ramification in the circulation of money collected from general public by different companies in the name of money circulation schemes. So far as other statutory remedies, the concerned authorities are taking action so far as other companies some attempt was made by the appellant group of companies to bring a financier to purchase assets and to take over the liabilities of the appellant companies. When the Court enquired into the bona fides and genuineness of the financier, the so called financier did not turn up to give his proposal to solve the problem of the investors. Under these circumstances we felt if Court takes up these matters for implementation of a mechanism for repayment to investors, the other work of the Court would be hampered, hence we sought suggestions from all the parties and ultimately opined that if a separate committee is constituted for implementing a process to create a corpus by selling properties, both the movable and immovable, of the appellant companies by public auction and frame a proper scheme for paying the amounts due to investors, it would not only give relief to the investors but save lot of judicial hours. In that context, we called for the opinion of the State. The State came forward and filed an affidavit on behalf of the State Government through one Nirmalya Page No.# 25/30 Ghoshal son of late Sital Prasad Ghosal Special Secretary in the Home Department Government of West Bengal. When the name of the person to head the committee to be constituted was suggested as Justice Sailendra Prosad Talukdar former Judge of this Court, all parties to the above litigation readily agreed. Therefore Hon’ble Justice Sailendra Prosad Talukdar is appointed as one man committee to deal with the matters so far as the following reference. (i) To identify, make inventory and secure all the records of the appellant group of companies and its directors in respect of movable, immovable properties including those seized by the police including like the original sale deeds and other document like fixed deposit receipts, etc. belonging to the above MPS Group of Companies with the assistance of machinery of the State and the Central namely State police, CBI and SEBI etc.. (ii) To ascertain the name and other particulars of depositors (other than agents) and to verify their applications to ascertain the exact amount of deposit invested by them. (iii) To dispose of all the assets movable and immovable belonging to the MPS Groups of Companies and its directors by public auction. (iv) If moneys are payable to the MPS Group of Companies, recover the same and to credit to the corpus fund to be created for the purpose of the scheme by attaching movable and immovable properties, Bank accounts etc. (v) After completing the process of sale and identifying the names of the investors and the amounts due to them, the committee will formulate a scheme which has to be placed before the Court for approval. (vi) Upon such approval the committee shall disburse the amounts to the depositors (other than agents) after due identification in terms of sanctioned scheme. The committee is permitted to open Bank account in any nationalized bank for the purpose of depositing the corpus fund to be operated by the persons authorized by the committee. If any criminal case has been initiated or to be initiated at the instance of the State machinery or Union of India like CBI, SEBI or ED they are permitted to secure copies of all the necessary papers with the leave of the above committee. In the light of the above reference to be dealt with by the one man committee we direct proper arrangements and infrastructure for functioning of the committee to be completed by the State positively by 31.01.2016 so as to one committee will start functioning from 01.02.2016. The State shall pay remuneration to one man committee on par with the salary and other emoluments payable to a sitting Judge of the High Court minus the pension received by one man committee as a former Judge of High Court. The State Government shall make provision for the office space and supporting staff etc. as indicated in their affidavit at 18.12.15. The Committee shall be at liberty to take assistance of experts like Chartered Accountants, property Surveyor and Valuer etc. for effective implementation of the scheme. State and other agencies including appellant group of companies shall render all requisite assistance to the Committee. The tenure of the committee shall be one year from 01.02.2016 subject to Page No.# 26/30 further extension to be granted by this Court. One man committee shall file its initial report after three months.” (emphasised by us) 11. It is further the admitted case of the parties that a large number of investors of some of the respondent companies also approached the High Court at Calcutta to claim refund of their deposits. The claim of the depositors was also referred to the One-Man Committee constituted vide order dated 23.12.2015 (supra) with the same terms of reference. So as to demonstrate that even the claim of depositors with some of the respondent companies had been referred to the One-Man Committee, reference has been made to order dated 21.12.2017 passed in W.P. 1389(W) of 2017 titled ‘Ajoy Kumar Das –vs- Union of India & Ors.’ The order would also be relevant for consideration and is extracted hereinbelow: “Several applications have been filed by individual investors, who, in substance, claim refund of their deposits in whatever form such deposits were made. These applications were filed after we had permitted the main writ petition to be transform into a representative proceeding and on behalf of different companies of Alchemist Group, it was submitted before us that they were inclined to make payment in respect of depositors whose deposits had matured. On 21 st November, 2017 we had passed an order to the following effect: “ The applicants in this set of writ petitions and applications are primarily persons who have invested in various financial schemes of different companies belonging to the Alchemist Group. The main prayers of the applicants and writ petitioners involve refund of their deposits in terms of schemes and financial devices through which such deposits were made. Mr. Sengupta, learned Senior Counsel and Mr. Sarkar, learned counsel appearing for different companies of that group submit before us that their clients want to repay the dues of the depositors whose deposits have matured. Mr. Sengupta, learned Senior Counsel appearing for some of the group companies have further suggested that the individual applicants may inform particulars of their dues to the Advocate- on-record of these companies, Meghajit Mukherjee in the office of M/s. Dubey and Company, 10, Old Post Office Street, Kolkata-700001 and on receiving these applications the repayment is made upon verifications. It is also submitted by both Mr. Sengupta and Mr. Sarkar that for those depositors whose claims are yet to mature, the companies would be willing to repay the principal amount deposited and such payment would be made on the basis of furnishing an indemnity bond. So far as legality of deposits obtained by the companies are concerned, learned counsel for SEBI has apprised us that the Appellate Board is still in seisin over that issue. In view of the stand taken by the different companies of Alchemist Group we adjourn further hearing of these writ petitions and applications till 18 th December, 2017. In the event any of the applicants desire to accept the offers of the companies concerned, they shall be at liberty to do so on their own volition or choice. On the next date of hearing the respective companies of Alchemist Group shall file Page No.# 27/30 individual affidavits disclosing therein the number of settled claims, if any, in respect of depositors of each company.” As the number of applicant depositors are increasing, it is now the joint submission of the learned counsel appearing for the parties that so far the supervising the process of refund is concerned, these matters may be sent to the Committee. We have laid down the parameters as regards the manner in which payment shall be released or disbursed to the applicant-depositors in our order of 21st November, 2017. We now request the Committee to coordinate the refund process following the seniority of the matured deposits. As regards the claimants who are willing to receive refund of the principal amount only and whose deposits have not otherwise matured, the same principal, that is the seniority of the deposits, shall be followed to the extent practicable. Otherwise, our directives contained in the order of 21 st November 2017 shall be followed. Let a report be filed by the Committee on 29th January, 2018 stating therein the refund status in relation to claims of the individual applicants. These matters shall be listed again on 29th January, 2018. Mr. Sarkar, learned counsel for the aforesaid Companies submitted that in some cases his client has already cleared payments. Let the Committee look into that aspect also and the particulars of payment made in relation to individual applicants shall form part of the report the Committee is to file. Liberty to mention.” (emphasised by us) 12. It is not in dispute that the process of filing claims against some respondent companies before the One-Man Committee is going on. In this regard, a number of subsequent orders passed by the High Court at Calcutta have been placed before this Court. 13. So far as Prayer-(o) is concerned, we find that the terms of reference set forth by virtue of the judgment rendered in M.A.T. 559 of 2015 vide Judgment dated 23.12.2015 (supra), would make it evident that the prayer made on behalf of the petitioners is covered by the said terms of reference. The One-Man Committee is required to identify and make inventory and secure all the records of some of the respondents/defaulting companies, and directors, in respect of movable and immovable properties, including those seized by the police like original sale deeds etc. Likewise, the Committee has been empowered to dispose of all the assets, movable and immovable, belonging to the defaulting companies. 14. In context of Prayer – (o), we have also taken into account the fact that admittedly, a number of raids were conducted on the premises of the offending companies and seizures Page No.# 28/30 have been made by the Enforcement Directorate authorities. Cases before SEBI are pending adjudication. As informed by learned counsel for the respondents, E.D. Case No. EXIT/09/DLZO-1/2019 is also pending. Other than that, even the CBI has taken cognizance of various criminal complaints made against the offending companies. Issues as raised by learned counsel for the petitioners are being investigated. 15. Considering the totality of facts and circumstances of the case in context of the prayer made on behalf of the petitioners, SEBI has already taken cognizance of the matter, as would be evident from the order placed on record by the petitioners as Annexure-C, which is context of WTM/PS/53/NRO/JUN/2016. The fact that SEBI is seized of the matter has been asserted by learned counsel for the petitioners and admitted by learned counsel for the respondents. 16. So far as investigation and action at the instance of Enforcement Directorate is concerned, learned counsel for the respondents has informed the Court that the Enforcement Directorate has taken cognizance of the wrong doings vide E.D. Case No. EXIT/09/DLZO- 1/2019. 17. So far as investigation by CBI is concerned, it is also the admitted case of the parties that CBI has raided the premises of the offending companies and cognizance of their criminal acts has already been taken. 18. The only issue that remains for adjudication is whether this Court should constitute another Committee of a retired Judge for ensuring refund for the depositors from Assam. Prayer-(j) made by the petitioners itself is to the effect that refund be ensured through the One-Man Committee comprising of Hon’ble Mr. Justice Sailendra Prosad Talukdar (Retd.). However, a contrary prayer has also been made by virtue of Prayer-(x) extracted above, for constituting another committee of one Judge of this Hon’ble Court. Evidently and logically both prayers cannot be allowed. We have given our serious consideration to the said prayer. We have also carefully gone through the order passed by the High Court at Calcutta dated 23.12.2015 vide which the One-Man Committee of a retired High Court Judge was constituted and the terms of Page No.# 29/30 reference were detailed. The terms of reference are exhaustive and do not in any way are required to be supplemented by virtue of constituting another Committee for the State of Assam. The orders passed by the High Court at Calcutta make it evident that they relate to ‘depositors’. “Depositors” from Kolkata cannot be isolated. In the considered opinion of the Court, it shall be highly impracticable, irrational and unreasonable for us to appoint another One-Man Committee only for the depositors of Assam. The reasons therefor would include that the terms of reference set forth by the High Court at Calcutta inhere securing the records of the defaulting companies. Once the records of the defaulting companies have been secured by the One-Man Committee in Kolkata, no such exercise can be undertaken by another Committee constituted for Assam. The other reason would be that various orders passed from time to time by the High Court at Calcutta or the One-Man Committee, which we have perused carefully, relate to depositors of the companies, including some of the respondent companies. The said orders do not relate to “depositors” in West Bengal or other States separately. Scope of the Committee therefore, would include to allow claims to be filed by the “depositors” even living in Assam, which can be entertained in terms of the reference laid by the High Court at Calcutta. Another reason for not constituting another Committee for Assam, in our considered opinion, is that there might be inconsistencies in approach of the Committee constituted by virtue of a writ order passed by this Court. Claims relating to the respondent companies are already pending before the One-Man Committee constituted in Kolkata. In continuance thereof, other claims can be filed and therefore, relatively in a shorter period of time the entire exercise can be undertaken. 19. Reference has been made to an order passed on 22.1.2019 by Hon’ble High Court at Calcutta to contend that a sum of Rs. 6 Crores has already been deposited with the One-Man Committee to satisfy the claims of the depositors. Likewise, money lying in the bank accounts in the tune of more than Rs. 37 Lakhs and another sum of more than Rs. 49 Lakhs has already been deposited with the One-Man Committee for disbursement. The said order has Page No.# 30/30 been passed in CAN 9192 of 2018 in W.P. 1389(W) of 2017 titled ‘Ajoy Kumar Das –vs- Union of India & Ors.’ (supra) pending in the High Court at Calcutta. Learned counsel for the respondents also states that as per his information respondent No. 18 transferred a sum of Rs. 1100 Crores to SEBI for disbursement to the depositors. The total claim against respondent No. 18 is in the sum of Rs. 1400 Crores. This fact has been brought to the notice of the Court so as to demonstrate that the respondents have good intention of paying and are in fact paying through due process set up by virtue of the directions issued by the High Court at Calcutta or under the process initiated by SEBI. 20. Considering the totality of the facts and circumstances of the case, we hereby dispose of this petition because the orders passed by the High Court at Calcutta inhere that the “depositors” may approach the One-Man Committee constituted under order dated 23.12.2015 to claim their money. The depositors residing in ‘Assam’ evidently are not precluded from approaching the “Committee” already constituted. The said depositors would be at liberty to join cause with other depositors who have already filed their claims before the “Committee”; or SEBI, as the case may be. JUDGE CHIEF JUSTICE Comparing Assistant "
Other Referred Cases
MPS Greenery Developers Ltd. vs. Bhaskar Dasgupta & Ors., Ajoy Kumar Das vs. Union of India & Ors.
Laws Referred To
PML Act, 2002, Code of Civil Procedure
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