Of Rahul Group & Ors v. Union of India & Ors

16.08.2017 W.P No. 17904(W) of 2015 CAN No. 11781 of 2016 Depositors & Agent Welfare Association Of Rahul Group & Ors.

Union of India & Ors.

Mr. Sushmita Ghosh.

for the petitioners.

Mr. Amitesh Banerjee (Sr. Standing Counsel), Mr. Tulsi Das Ray.

for the State.

Mr. Rajsekhar Mantha (Sr. Adv.), Ms. Soumashree Ghosh, Mr. Supratim Goon.

for the SEBI.

Mr. Hiranmoy Bhattacharya, Mr. Tanmoy Mukherjee.

for the respondent no. 25.

Affidavit-in-opposition to the writ petition is filed by the SEBI. Let the same be kept with records.

In the application registered as CAN 11781 of 2016, the respondent no.25, Dipankar Gupta has disclosed certain assets.

We are of the opinion that the concerned companies being respondent nos. 16 to 24 ought to be referred to the Committee for the purpose of ascertaining their asset value as also for working out the modalities for realisation of the dues of the investors. Learned Counsel for the SEBI and the State have not expressed any objection to this exercise being undertaken.

In such circumstances, we refer the aforesaid companies, who are being collectively referred to as Rahul Group to the Committee for appropriate action. The valuation of the assets shall be done by the Registrar of Assurance in respect of the assets within the jurisdiction to the said authority and the Collectors of the respective districts shall assist the Committee for valuation of assets of the Company in different districts.

Matter to be listed before us on 6th November, 2017.

(Aniruddha Bose, J.) (Joymalya Bagchi, J.)