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Judgment
Affidavit has been filed by the Securities and Exchange Board of India. Let the same be kept with the records.
Mr. Chakraborty, learned counsel appearing for the writ petitioners in both the writ petitions prays for an order for referring to the Committee the
issue of refund of funds collected from individual investors by GBC Industrial Corporation and Enterprises Limited and their associate companies.
Learned counsel appearing for the Securities and Exchange Board of India and State submit that their clients have no objection in the event the affairs
of these companies are examined by the Committee on the question of valuation of their assets and refund of the sums raised from the investors.
No one is present on behalf of the companies concerned.
We direct the Committee to examine the asset position of the companies involved and make valuation thereof. The Committee shall also explore the
modalities for refund of funds to the individual investors.
Let these matters be listed again on 4th June, 2018.