Date of filing : 26-09-2017
Date of order : 29-01-2018
IN THE CONSUMER DISPUTES REDRESSAL FORUM, KASARAGOD
CC.124/15, CC.125/15, CC.145/15, CC.249/15, CC.254/15, CC.172/15 ,
CC.259/15, CC.140/16, CC.141/16, 296/16, 124/17
Dated this, the 29th day of January 2018
PRESENT
SMT.P.RAMADEVI : PRESIDENT
SMT.SHIBA.M.SAMUEL : MEMBER
CC.124/15
P.R. Sundareshan, : Complainant
S/o.Late.K.P.Ramakrishnan,
Tejas House, Kudlu.Po,
Adkathbail, Kasaragod.
(Adv.Kodoth Unnikrishnan, Kasaragod)
1 The PACL India Ltd, : Opposite parties
4th Floor, Square Shopping Company,
Opp. New Bus Stand, Kasaragod, Po.
(Adv.Gopalakrishna.K, Kasaragod)
2 The Branch Manager, PACL INDIA Ltd,
3rd Floor, Golden Square Buildings,
Maidan 3rd Cross Road,
Opp. Rajesh Bar, Mangalore.D.K.
3 Rakesh Kumar Sing, Deputy General Manager,SEBI,
SEBI Bhavan, Bandra Kurla Complex Bandra East,
Mumbai. 40051.(as Nodal Officer Cum Secretary in the
Matter of PACL vs SEBI
CC.125/15
Deepika.U, : Complainant
W/o. P.R.Sundareshan
Tejas House, No.7/59A Kudlu.Po,
Adkathbail, Kasaragod.
(Adv.Kodoth Unnikrishnan, Kasaragod)
1 The PACL India Ltd, : Opposite parties
4th Floor, Square Shopping Company,
Opp. New Bus Stand, Kasaragod, Po.
(Adv.Gopalakrishnan.K, Kasaragod)
2 The Branch Manager, PACL INDIA Ltd,
3rd Floor, Golden Square Buildings,
Maidan 3rd Cross Road,
Opp. Rajesh Bar, Mangalore.D.K.
3 Rakesh Kumar Sing, Deputy General Manager,SEBI,
SEBI Bhavan, Bandra Kurla Complex Bandra East,
Mumbai. 40051.(as Nodal Officer Cum Secretary in the
Matter of PACL vs SEBI
CC.145/15
Marry Kuruvila, New Mattam House, : Complainant
Vellarikkundu Po, Patthikkara,Kasaragod.dt.671533
1 Mini @ Saramma Abraham, Ittiyadath House, : Opposite parties
Kottamala.Po, Narikkilakkadu, Kasaragod.Dt.
2Ravindran.(Manager), PACL Ltd, Opp. Bus stand
Building, Kasaragod.
(Adv.Gopalakrishna.K, Kasaragod)
3PACL India Ltd, Regd.Office.22, 3rd floor, Amber tower,
Sansar Chand Road, Jaipur.302004.
4PACL India Ltd, Corporate Office, Seventh Floor,
Gopal Das Bhavan, 28 Barakkamba Road, New Delhi.01.
5 PACL India Ltd, Customer Service Centre,
Raghavendra Complex, Second floor, Near AB Shetty
Circle, Mangalore. 575001.
6 Rakesh Kumar Sing, Deputy General Manager,Sebi,
Sebi Bhavan, Bandra Kurla Complex Bandra East,
Mumbai. 40051.(as Nodal Officer Cum Secretary in the
Matter of PACL vs SEBI)
CC.249/15
Annamma Thomas, W/o.Thomas.E.C, : Complainant
R/at Inchacattu House, Kottamala.Po,
Nileshwar, Kasaragod. 671314.
(Adv.K.Shrikanthashetty, Kasaragod.
1PACL India Ltd, Regd.Office.22, 3rd floor, Amber tower, : Opposite parties
Sansar Chand Road, Jaipur.302004.
2 PACL India Ltd, Corporate Office, Seventh Floor,
Gopal Das Bhavan, 28 Barakkamba Road, New Delhi.01.
3 PACL India Ltd, Customer Service Centre,
Raghavendra Complex, Second floor, Near AB Shetty
Circle, Mangalore. 575001
4 PACL India Ltd, Kasaragod branch, Big Bazar
Building, New Bus stand, Po.Kasaragod. 671121
(Adv.Gopalakrishna.K, Kasaragod)
5 Mini @ Saramma Abraham, Ittiyadath House
Kottamala.Po, Narikkilakkadu, Kasaragod.Dt
6 Rakesh Kumar Sing, Deputy General Manager,SEBI,
SEBI Bhavan, Bandra Kurla Complex Bandra East,
Mumbai. 40051.(as Nodal Officer Cum Secretary in the
Matter of PACL vs SEBI)
CC.172/15
Baby, W/o.Cherunhi, R/at Chennikkara House, : Complainant
Nullippadi, Po.Kasaragod. 671121.
(Adv.K.Shrikantha Shetty, Kasaragod)
1PACL India Ltd, Regd.Office.22, 3rd floor, Amber tower, : Opposite parties
Sansar Chand Road, Jaipur.302004
2 PACL India Ltd, Corporate Office, Seventh Floor,
Gopal Das Bhavan, 28 Barakkamba Road, New Delhi.
3 PACL India Ltd, Customer Service Centre,
Raghavendra Complex, Second floor, Near AB Shetty
Circle, Mangalore. 575001
4 PACL India Ltd, Kasaragod branch, Bigh Bazar
Building, New Bus stand, Po.Kasaragod. 671121
(Adv.Gopalakrishna.K, Kasaragod)
5 Ramakrishnan, Agent, PACL India Ltd,
R/at Shiva Shakthi Nagar, Kudlu.Po. Ramdas Nagar,
Kasaragod.671124 (Agency Code No.1670008750)
6 Rakesh Kumar Sing, Deputy General Manager,SEBI,
SEBI Bhavan, Bandra Kurla Complex Bandra East,
Mumbai. 40051.(as Nodal Officer Cum Secretary in the
Matter of PACL vs SEBI)
CC.254/15
Omana.P., : Complainant
W/o.Damodharan Nair.M, Paramba House,
Po.Thekkil, Kasaragod.Dt. 671541.
(Adv.K.Kumaran Nair, Kasaragod)
1 The Manager, PACL India, Limited, : Opposite parties
4th floor, Square Nine, Opp: Municipal New Bus Stand,
Kasaragod. 671121.
(Adv. Gopalakrishna.K, Kasaragod)
2 PACL India Ltd, Corporate Office, Seventh Floor,
Gopal Das Bhavan, 28 Barakkamba Road, New Delhi.01.
3 Deputy General Manager,SEBI,
SEBI Bhavan, Bandra Kulra Complex Bandra East,
Mumbai. 400051.
CC. 259/15
Sukumar.C.H, S/o.Late. Kuttyan, : Complainant
R/at Kolachiyadukam House, Po.Edaneer,
Kasaragod Taluk & District.
(Adv.Madhavan Malankad, Kasaragod)
1PACL India Ltd, Regd.Office.22, 3rd floor, Amber tower, : Opposite parties
Sansar Chand Road, Jaipur.302004
2 PACL India Ltd, Corporate Office, Seventh Floor,
Gopal Das Bhavan, 28 Barakhamba Road, New Delhi.1
3 PACL India Ltd, Customer Service Centre,
Raghavendra Complex, Second floor, Near AB Shetty
Circle, Mangalore. 575001
4 PACL India Ltd, Kasaragod branch, Big Bazar
Building, New Bus stand, Po.Kasaragod. 671121
Represented by Its Branch Manager,Sri.Raveendran)
(Adv.Gopalakrishna.K, Kasaragod)
5 Jameela, D/o. Late Mohammed, Agent PACL India Ltd,
Now working as Junior clerk, Muttathody Service Co-op.
Bank Ltd, Evening Branch, Opp. Court Complex,
Vidyanagar.Kasaragod.
6 Rakesh Kumar Sing, Deputy General Manager,SEBI,
SEBI Bhavan, Bandra Kurla Complex Bandra East,
Mumbai. 40051.(as Nodal Officer Cum Secretary in the
Matter of PACL vs SEBI)
CC.140/16
K. Devaki, D/o. Kunha Naik, Kundala House, Complainant
Adhur.Po, Kasaragod Taluk &District.
(Adv.Kodoth Unnikrishnan, Kasaragod)
1 The PACL India Ltd, : Opposite parties
4th Floor, Square Shopping Company,
Opp. New Bus Stand, Kasaragod, Po.
(Adv.Gopalakrishnan.K, Kasaragod)
2 The Branch Manager, PACL INDIA Ltd,
3rd Floor, Golden Square Buildings,
Maidan 3rd Cross Road,
Opp. Rajesh Bar, Mangalore.D.K.
3 Rakesh Kumar Sing, Deputy General Manager,SEBI,
SEBI Bhavan, Bandra Kurla Complex Bandra East,
Mumbai. 40051.(as Nodal Officer Cum Secretary in the
Matter of PACL vs SEBI)
(Adv. U.S.Balan, Kasaragod)
CC.141/16
Padmini, W/o. Bhaskaroji, Kundala House, : Complainant
Adhur.Po. Mulleria, Kasaragod.Dt.
( Adv.Unnikrishnan Kodoth, Kasaragod)
1 The PACL India Ltd, : Opposite parties
4th Floor, Square Shopping Company,
Opp. New Bus Stand, Kasaragod, Po.
(Adv.Gopalakrishnan.K, Kasaragod)
2 The Branch Manager, PACL INDIA Ltd,
3rd Floor, Golden Square Buildings,
Maidan 3rd Cross Road,
Opp. Rajesh Bar, Mangalore.D.K.
3 Rakesh Kumar Sing, Deputy General Manager,SEBI,
SEBI Bhavan, Bandra Kurla Complex Bandra East,
Mumbai. 40051.(As Nodal Officer Cum Secretary in the
Matter of PACL vs SEBI
CC.296/16
Jayanthi.P, W/o.Gopalan.TR, : Complainant
Periyath House, Kundamkuzhy.Po,
Kasaragod. 671541.
1 Kamalakshi, D/o.Raghavan Nair, : Opposite parties
Keepadi, Nellmadka House, Kundamkuzhi,
Kasaragod. 671541.
(Adv. Shrikantha Shetty.K, Kasaragod)
2PACL India Ltd, Regd.Office.22, 3rd floor, Amber tower,
Sansar Chand Road, Jaipur.302004
3 PACL India Ltd, Corporate Office, Seventh Floor,
Gopal Das Bhavan, 28 Barakhamba Road, New Delhi.1
CC.124/17
S.Ananda Bhandary, S/o.Late Chanda Bhandary, : Complainant
R/at Chandanam House, Po.Ednad,
Kasaragod District.
(Adv.Thomas D’souza, Kasaragod)
1 PACL India Ltd, Corporate Office, Seventh Floor, : Opposite party
Gopal Das Bhavan, 28 Barakhamba Road, New Delhi.1
2 PACL India Ltd, Customer Service Centre,
Raghavendra Complex, Second floor, Near AB Shetty
Circle, Mangalore. 575001
3 Rakesh Kumar Sing, Deputy General Manager,SEBI,
SEBI Bhavan, Bandra Kurla Complex Bandra East,
Mumbai. 40051.(as Nodal Officer Cum Secretary in the
Matter of PACL vs SEBI)
(Adv.K.M.Jamaludheen, Ernakulam)
COMMON ORDER
SMT.P.RAMADEVI, PRESIDENT
In the above cases eventhough the complainants are different persons the opposite parties and the subject matter as well as the issues involved in all cases are one and the same. Hence a common order is passed.
The complaint is one for recovery of the amount invested by the complainant with PACL Ltd. The case of the complainants are that the PACL Ltd (OP No.1) failed to refund the amount invested by the complainant on maturity and it amounts to deficiency in service.
2. In the version filed by the 3rd opposite party Securities and Exchange Board of India (SEBI) raised an issue regarding maintainability of the complaint before this Forum in view of the decision of the Hon’ble Supreme Court in Subrata Bhattacharya V Securities & Exchange Board of India in IA.5/2016 in Civil Appeal No.13301/2015.
3. It is submitted that SEBI had passed an order dated 22-8-2014 directing PACL ltd to refund the money to the investors. The same was challenged by PACL Ltd before the Hon’ble Appellate Tribunal (SAT) and Hon’ble SAT up held the order of SEBI. Aggrieved by the order of Hon’ble SAT PACL had filed an appeal before the Hon’ble Supreme court and Hon’ble Supreme Court vide order dt. 2-2-2016 directed SEBI to constitute a committee for disposing of the land purchased by PACL so that the sale proceeds can be paid to the investors, who have invested their funds for purchase of land. Hon’ble Mr. Justice (Retd) R.M. Lodha (Former Chief Justice of India) was appointed as the Chairman of the committee. Further vide order dt. 2-5 16 the Hon’ble Supreme court had allowed the prayer of SEBI by passing an order directing that no civil court or other authority or Forum shall entertain any suit or other proceedings in respect of any claim or related matters pertaining to PACL Ltd and /or its Directors/Promoters/Group/Companies/ entities/individuals etc arraying therein as parties/Defendants/Respondents the Justice (Retd) RM. Lodha Committee (in the matter of PACL Ltd) and or its Chairman and its members or SEBI and further no injunction shall be granted by any court or other Authority or forum in respect of any action taken or to be taken by the Justice R.M.Lodha committee or its Chairman or its members or the SEBI with respect to claims and/or matters relating to investments/deposit etc in/with PACL Ltd or its directors/promoters/group/companies/entities/individuals etc and the above order had been communicated by the Registry of the Hon’ble Supreme Court of India to all High Courts in India and also to the securities Appellate Tribunal and the CBI. Hence this forum has no jurisdiction to entertain this complaint.
4. Here opposite party No.3 produced documents and the same is marked as Exts B1 to B4. Heard both sides and documents perused. Ext.B1 is the order in Civil Appeal No.13301/15 passed by the Hon’ble Supreme Court directing the SEBI to constitute a committee for disposing of the land purchased by the company (PACL Ltd) and to pay the sale proceeds to investors, who have invested their funds in the company. Ext.B2 is the true copy of the affidavit and petition filed before the Hon’ble Supreme court in Civil appeal No.13301/15. Ext.B3 is the true copy of the order of the Hon’ble Supreme Court in IA.5/16 in Civil appeal No.13301/15 and Ext.B4 is the copy of the letter of the Registrar of Supreme court to all High Courts. As per Ext.B3 the Hon’ble Supreme court of India Passed the interim order as ‘by way of interim relief, prayer (a) is granted. Prayer(a) is as follows.
Pass an order directing that no Civil Court or other Authority or Forum shall entertain any suit or other proceeding in respect of any claim or related matter(s) pertaining to PACL Ltd and/or its Directors/Promoters/Group Companies/entities/individuals etc., arraying therein as parties/Defendants/Respondents the Justice (Retd.) R.M.Lodha Committee(in the matter of PACL Ltd.), and/or its Chairman and/or its Members and/or the Securities and Exchange Board of India and further no injunction shall be granted by any Court or other Authority or Forum in respect of any action taken or to be taken by the Justice (Retd) R.M.Lodha committee (in the matter of PACL Ltd) and/or its Chairman and/or its Members and/or the Securities and Exchange Board of India, with respect to claims and/or matter(s) relating to investments/deposits etc in/with PACL Ltd or its Directors/promoters/Group Companies/Entities/Individuals etc.
In view of the above decision of the Hon’ble Supreme Court of India the Forum is not in a position to pass any considered order. The parties can approach before the Justice (Rtd) R.M. Lodha Committee for redressal of their grievance. Hence the complaint is closed accordingly.
Sd/- Sd/-
MEMBER PRESIDENT
Exts.
B1. Order in Civil Appeal No.13301/15 passed by Hon’ble Supreme Court.
B2.True copy of affidavit and petition filed before the Hon’ble Supreme Court in
Civil Appeal No.13301/15
B3 True Copy of the order of the Hon’ble Supreme Court in IA.5/16 in Civil Appeal No.
13301/15.
B4 Copy of the letter of the Registrar of Supreme court of India Passed the interim
Order as ’by way of interim relief’.
Sd/- Sd/-
MEMBER PRESIDENT
Forwarded by Order
SENIOR SUPERINTENDENT
Pj/
