Sanjay Kumar & Ors vs Union of India & Ors

“For issuance of a writ in the nature of mandamus commanding and directing the respondents to take immediate steps for refund of the money collected by Enormous Industries Limited, Barkha Financers Limited and its Directors, promoters through issuance of redeemable preference shares as well as many Ponzy Schemes, the money collected from the petitioners and so many investors in different schemes/ plan, till date with interest of 12% per annum from the date of receipt of money from the investors till the date of payment.

ii.

For issuance of writ in the nature of mandamus for directing the respondents to take immediate steps for restraining the Enormous Industries Limited and Barkha Financers Limited and its not to transfer the Directors, promoters investments of investors made in the company to any other Company Society.

iii.

For issuance of writ in the nature of mandamus for directing the respondents to initiate a proceeding against Enormous Industries limited and Barkha Financiers Limited and its Directors/ promoters and to take immediate steps for refund of money collected by the Enormous Industries Limited and Barkha Financers Limited, and its Directors/ promoters.

iv.

For issuance of writ in the nature of mandamus directing the attachment of the properties belonging to Enormous Industries Limited and Barkha Financiers Limited.

v.

For issuance of writ in the nature of mandamus directing the respondents as well as appropriate authorities for inquired the matter who allowing them to collect illegally huge sums of money from innocent and siphoning them off to monitor the case by this Hon'ble Court.

vi.

For any other consequential relief/ reliefs for which the petitioners is entitle by this Hon'ble Court in the facts and circumstances of the present case.”

“As such, petition stands disposed of on the following terms:-

(a)

Petitioners shall approach the authority concerned i.e. Respondent No. 10, namely, the Securities and Exchange Board of India, through its Chairman Plot No. C4-A, 'G' Block, Bandra-Kurla Complex, Bandra (East), Mumbai-400051 having its local office at Udyog Bhawan, 3rd Floor, East Gandhi Maidan, Patna within a period of four weeks from today by filing a representation for redressal of the grievance(s);

(b)

The said authority shall consider and dispose it of expeditiously by passing a reasoned and speaking order preferably within a period of four months from the date of its filing along with a copy of this order;

(c)

The order assigning reasons shall be communicated to the petitioners;

(d)

Needless to add, while considering such representation, principles of natural justice shall be followed and due opportunity of hearing afforded to the parties;

(e)

Also, opportunity to place on record all relevant materials/documents shall be granted to the parties;

(f)

Equally, liberty is reserved to the petitioners to take recourse to such alternative remedies as are otherwise available in accordance with law;

(g)

We are hopeful that as and when petitioners take recourse to such remedies, as are otherwise available in law, before the appropriate forum, the same shall be dealt with, in accordance with law and with reasonable dispatch;

(h)

Also, liberty reserved to the petitioners to approach the Court, should the need so arise subsequently on the same and subsequent cause of action;

(i)

We have not expressed any opinion on merits. All issues are left open;

(j)

The proceedings shall be conducted through digital mode, unless the parties otherwise mutually agree to meet in person i.e. physical mode.

The petition stands disposed of in the aforesaid terms.”