Order No.24                           Dated:19/04/2023

Ld. Advocate for the Decree holder is present.

None appears on behalf of the Judgement debtors.

Heard Ld. Advocate for the Decree holder who frankly submits that in view of the case is pending before the High Court this Commission lack of jurisdiction to entertain any case against the Alchemist Group of Companies.

The Hon’ble High Court, Calcutta in WPA/1389/2017, CAN/679/2021, CAN/680/2021 with WPA 20070 of 2018 CAN 1 of 2019 (Old CAN 106 of 2019) Amarendranath Roy, Pres, INV. Welfare Ass. In Alchemist Group –Vs- Union of India & Others with WPA 26915 of 2017 Alchemist Investors and Broker Welfare Association & Others vide order dated 16.09.2021 directed the Alchemist Group of Companies to submit supplementary affidavit disclosing information regarding details of properties owned by the Alchemist Group of Companies along with its approximate value and also if any proceedings are pending before any authority, the details thereof. The Hon’ble High Court Calcutta vide above mentioned order opined that when the issue regarding refund of money to all the depositors of the Alchemist Group of Companies is being considered in the main petition, the individual depositors are not required  to be impleaded as parties to the proceedings. In case they have any grievance or any issue to be pointed out, they shall be at liberty to assist the Court in the pending matters. This matter is presently pending before the Hon’ble High Court Calcutta.

The instant execution application has been filed against the Director, Alchemist Township India Ltd. & others. The matter against the Alchemist Group of Companies is sub-judice under the Hon’ble High Court Calcutta.

This Commission lack jurisdiction to proceed with the case. Therefore, the Execution Case is dismissed accordingly.