Sanjeev Kumar      Vs      M/s PACL India Limited

Present        Shri K.K.Kathuria, Advocate for the complainant.

                   Shri Kawal Dev, Jr. Executive for the OP.

ORDER

                   The representative of the OP has placed on record the photocopy of order dated 02.02.2016 passed by the Hon’ble Supreme Court in Civil Appeal No.13301/2015 titled Subrata Bhattacharya Vs Securities & Exchange Board of India etc with other Civil Appeals and has argued that the complaint is not maintainable in view of the direction issued by the Hon’ble Apex Court.

2                 However, learned counsel for the complainant has argued that the verdict given by the Hon’ble Supreme Court is not final and thus, the complaint is maintainable before this Forum.

3                 However, after going through the facts and circumstances of the case it emerges that the complainant has claimed a sum of Rs.3,37,810/- along with interest from the OP on account of maturity amount in the Fixed Deposit.

                   The Hon’ble Apex Court while dealing with several petitions against the OP has passed the following order:

“The amount, which is lying in the bank accounts of the Company and other cash belonging to the Company shall be released in favour of SEBI so that it can be used either for disbursement in favour of the investors or for incurring necessary expenditure. If any amount has been deposited by the Company or by its Directors or by any other person on behalf of the Company in any Court, the same shall be released in favour of the SEBI, who shall have a separate account so as to deal with the same. The Committee shall also decide as to whether the staff of the Company should be continued or relieved.

The decision with regard to sale of property of the Company by the Committee shall not be interfered with by any Court.”

4                 Therefore, since the matter is subjudice before the Hon’ble Apex Court and the Hon’ble Apex Court has categorically directed that the management will disburse the amount to the investors and no other Court shall interfere. Therefore, in view of the clear mandate given by the Hon’ble Apex Court, the complaint is hereby dismissed as not maintainable. The complainant may approach the Committee which has been constituted by the Hon’ble Apex Court or any other appropriate authority to lodge his claim. The parties be communicated of the order accordingly and the file be consigned to the records after due compliance.

Announced                                                                       (Subhash Goyal)

28.03.2016                                                                               President,

                                                                                      District Consumer Disputes

                                                                                       Redressal Forum, Gurgaon

(Jyoti Siwach)        (Surender Singh Balyan)

Member                 Member