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Rose Valley Hotels And Entertainments Ltd. And 5 Ors. Versus The State of Assam And 12 Ors.

2013 (8) TMI 1066 - GAUHATI HIGH COURT

WP(C) 4298/2013 - Dated:- 1-8-2013 - MR. I. A. ANSARI AND DR. (MRS.) INDIRA SHAH JJ. FOR THE PETITIONER'S : MR. S CHETIA, MR. J P MORE, MR. S LODH AND MR. S DEB FOR THE RESPONDENT'S : MS. M HAZARIKA(R-13,R-14), MS. B DAS, MR. B J TALUKDAR(R-12), MR. A K PHUKAN(R-12), MR. N BARMAN(R-12), MR. R SARMA, MR. S SARMA(R-12), MS. E BHARALI, MRS BORGOHAIN (R-13,R-14), SC, C.G.C., ASSTT.S.G.I., GA, ASSAM And MR.N J GOGOI(R-13,R-14) Heard Mr. L. N. Rao, learned Senior counsel, appearing for the pet .....

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ion and annexure(s) thereto shall be served to the learned counsel for the respondent Nos. 1 to 11. Issue notice to the respondent Nos. 12 and 13 by registered post, with A/D, as well as by ordinary process. Necessary steps shall be taken within 2 (two) days from today. Heard the learned counsel for the parties concerned, appearing before us, on the prayer for interim directions, which the petitioners have made, While considering the interim reliefs, which the petitioners have sought for, it may .....

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respondent No. 3, namely, Director General of Police, Bureau of Investigation (E.O.) Assam, and the order, dated 12.06.2013, passed, by the Sub-Divisional Magistrate, West Tripura. The impugned order, passed by the SEBI, also indicates that SEBI has exercised the jurisdiction, which is questioned, on the basis of its prima facie satisfaction that the business of the petitioners falls within the meaning of the expression Collective Investment Scheme as defined in Section 11AA(1) of the Securities .....

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respondent No. 3, addressed to SEBI (which, in turn, stands impleaded as respondent No. 12), it follows that so far as the respondent No. 3 is concerned, it has not, at this stage, been able to show, even prima facie, that the business of the petitioners falls within the meaning of the expression Collective Investment Scheme, though respondent No. 3 had sought for interference of the SEBI with the business of the petitioners. This apart, the impugned order, dated 11.07.2013, passed by SEBI, show .....

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the SEBI itself happens to conclude tomorrow that the petitioners' business does not fall within the ambit of the expression Collective Investment Scheme, as envisaged by Section 11AA (1) of the Securities and Exchange Board of India Act, 1992, the petitioners, because of the embargoes placed on them by the impugned order, would have suffered irreparable loss inasmuch as the SEBI does not undertake to make good the loss or losses, which the petitioners may suffer, if the SEBI concludes, in .....

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has also, in the meanwhile, issued directions restraining the petitioners from collecting any money from investors, including under the existing schemes, not to launch any new schemes, not to dispose of any of the properties or alienate any of the assets of the schemes and not to divert any funds raised form public at large, which are kept in the bank accounts/custody of the company and, thus, pending decision on the said show cause notice, no such order, as stands impugned in this writ petitio .....

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siderable force. We are also of the view that the petitioners have prima facie shown that their scheme of time share, which is the subject matter of controversy in the present writ petition, does not fall within the meaning of the expression of Collective Investment Scheme and that the SEBI does not have, unless can be shown otherwise, the jurisdiction to take any action in the affairs of the business of the petitioners. Situated thus, we are of the view, though tentative, that in the facts and .....

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