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TMI Blog2022 (9) TMI 175X X X X Extracts X X X X X X X X Extracts X X X X ..... Amal Baran Chatterjee, Mrs. Arundhati Banerjee, Mr. Kaustav Banerjee Sabyasachi Bhattacharyya, J:- 1. The petitioner no.2 is the Chairman and Managing Director of petitioner no.1, a company incorporated under the Companies Act, 1956 (hereinafter referred to as 'the 1956 Act") on or about May 18, 1995. The present writ petition has been filed by the petitioners, challenging the investigation of the petitioners by the Central Bureau of Investigation (CBI) on the ground of lack of jurisdiction. The petitioners have also sought cancellation of CBI Case RC/53/S/2014 dated September 27, 2014, which gave rise to GR 479 of 2014 pending before the Chief Judicial Magistrate at Barasat, District - North 24-Parganas. The petitioners have also sought ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... judgment of the Supreme Court in the case of Subrata Chattoraj Vs. Union of India and others, reported at (2014) 8 SCC 768, where the present petitioners were not parties, deals with the financial scam commonly known as the 'chit fund scam'. Since MPS is not a chit fund company or carrying on chit business, the said judgment is not applicable to the petitioner no.1, it is argued. 5. Hence, it is submitted, the investigation by the CBI and all action taken on the basis thereof, including the framing of charges on September 27, 2018 and initiation of the criminal case bearing CRL 879 of 2014 are bad in law and liable to be quashed. Since the CBI is relying on the said judgment to validate its investigation in respect of the petitioner, it is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... office. The petitioner no.2, for the past few years, is languishing in the Dum Dum Correctional Home and does not have any scrap of paper in his possession. Unless all documents, papers, books of accounts, correspondence etc. are returned to the petitioners, the petitioners would be rendered defenceless in GR Case No. 879 of 2014, unless quashed by this Court. As such, the basic fundamental right of the petitioners to defend themselves in such case would be rendered nugatory, causing manifest injustice to the petitioners. Hence, it is submitted that the One-Man Committee should be directed to forthwith return the said documents to the petitioners along with all litigation papers. 9. Learned counsel appearing for the SEBI places reliance on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... call application rejected by a competent court of law, the revision preferred against the same was rejected by the criminal revisional court as well. Against such rejection, a challenge under Section 482 of the Cr. P.C. is pending in this Court, but there is no order passed in the said proceeding which may be directly relevant to the present case. Hence, the CBI case is continuing against the petitioners from September 27, 2017 and the GR Case No. 474 of 2014 is at the stage of trial. The charge-sheet was framed on June 12, 2015 and the supplementary charge-sheet on January 25, 2016. The petitioners having challenged such framing of charges before the competent forum and having failed till date to have it rescinded, the present challenge be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es. In the said judgment, inasmuch as the State of West Bengal was concerned, the Supreme Court held specifically that investigation should be undertaken in "similar cases" and "other companies", with reference to the Sarada Investment Company and its subsidiaries. 17. In fact, the Supreme Court repeatedly observed in Subrata Chattoraj (supra) that the role of the SEBI and other regulating authorities is itself suspect. Such observations clearly negate any advantage being lent by the SEBI grant of provisional registration to the petitioner, at least prima facie, which is sufficient to justify the CBI investigation to continue against the petitioner. 18. Inasmuch as the cited decision of Sanjib Banerjee, J. is concerned, the same did not d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , due to the reasons as discussed above, even without relying on such list, and irrespective of the fact that the petitioners were not parties to the said litigation, the petitioners clearly come within the broad sweep of the Supreme Court's directions for investigation relating to the chit fund scam, since charges have been framed against the petitioners long back and after due investigation, the trial of the case is going on at present. 23. Inasmuch as the formation of the One-Man Committee consisting of a retired Hon'ble Judge of this Court is concerned, there cannot be any rhyme or reason for this Court, sitting in writ jurisdiction, to direct the said committee, out of the blue, to return all documents in its custody to the petitioner ..... X X X X Extracts X X X X X X X X Extracts X X X X
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