Delhi High Court
National Investors Forum vs Golden Forests India Ltd. on 30 October, 2013
Author: S.Ravindra Bhat
$~8 & 9
* IN THE HIGH COURT OF DELHI AT NEW DELHI
Decided on : 30.10.2013
+ W.P.(C) 1399/2010
NATIONAL INVESTOR FORUM REGD. ..... Petitioner
Through : Mr. Ranjan Mukherjee and Mr.
S. Bhowmick, Advocates.
versus
GOLDEN FORESTS INDIA LTD. ..... Respondent
Through : Mr. Shailendra Bhardwaj and
Mrs. Aroma S. Bhardwaj,
Advocates for R-1.
Mr. Neeraj Malhotra, Advocate
for SEBI.
+ W.P.(C) 1400/2010
NATIONAL INVESTORS FORUM ..... Petitioner
Through : Mr. Ranjan Mukherjee and Mr.
S. Bhowmick, Advocates.
versus
GOLDEN FORESTS INDIA LTD. ..... Respondent
Through : Mr. Shailendra Bhardwaj and
Mrs. Aroma S. Bhardwaj,
Advocates for R-1.
Mr. Neeraj Malhotra, Advocate
for SEBI.
CORAM:
HON'BLE MR. JUSTICE S. RAVINDRA BHAT
HON'BLE MR. JUSTICE NAJMI WAZIRI
MR. JUSTICE S. RAVINDRA BHAT (OPEN COURT)
%
CM No.7072/2012
1. Pursuant to the notice issued by this Court, SEBI is
W.P.(C)1399/2010 & 1400/2010 Page 1
present and represented by Mr. Neeraj Malhotra. The
Committee has filed an affidavit dated 23rd October, 2013
endeavouring to comply with the previous orders, in respect of
the disclosure of various classes of assets - unevaluated lands to
the extent of 9914.90 acres of which some substantial portions
have been declared surplus.
2. It is stated that about 4099 acres are available for sale.
3. The affidavit also indicates that 485.73 acres have been
sold to the extent of 145.60 crores. The affidavit further
discloses that the total amount available in the form of fixed
deposit is to the tune of `391.52 crores as on 15th May, 2013.
It is stated that `113.22 crores is tied up on account of disputed
transactions with a possible obligation to refund the amounts.
Thus, the net valuable funds are to the tune of `278.30 crores.
4. This Court is of the opinion that before finalising the
proposal for disbursement of the amounts, in accordance with
the latest scheme, SEBI should examine it and place its
suggestions/recommendations on record in the form of a status
report or affidavit. The SEBI shall suggest the mode of
recovering the other assets and whether there are possibilities of
valuation either by it or some other agency which or whom
shall be considered/suggested by it.
5. The Committee shall ensure cooperation and make
available the necessary data and material to the SEBI for this
purpose. The status report/affidavit of SEBI shall be placed on
record within four weeks.
6. Copy of the status report shall be made available to the
W.P.(C)1399/2010 & 1400/2010 Page 2
applicant in this application.
7. List on 9th December, 2013.
CM No.18913/2012
8. The applicant states that he was the Branch Incharge of
M/s. Golden Forests India Ltd. Co., Golden Complex, Station
Feeder Road, P.O. Siliguri Bazar, Darjeeling, West Bengal.
9. Upon inquiry, it was stated that the properties situated on
land comprises built up area of 5,000 sq. feet approximately.
10. The counsel for the Committee states that in the absence
of members, the Court should not make any order, especially
with regard to claim for settlement of accounts. However, he
later submitted that the premises could be inspected and, if
necessary, taken over from the applicant.
11. The Committee shall inform the applicant at least three
days in advance.
12. List on 9th December, 2013.
W.P. (C) No.1400/2010
13. List along with W.P.(C) No.1399/2010 on 9th December,
2013.
S. RAVINDRA BHAT
(JUDGE)
NAJMI WAZIRI
(JUDGE)
OCTOBER 30, 2013
rb
W.P.(C)1399/2010 & 1400/2010 Page 3
