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RAJIV SAHAI ENDLAW, J.

1. The company Golden Forests (India) Ltd. (GFIL) was incorporated in the year 1987 and its subsidiary companies Golden Tourist Resorts and Developers Ltd. and Golden Projects Ltd. were incorporated in the year 1991 and 1996 respectively. GFIL and its subsidiary and associate companies floated a number of schemes and they successfully collected large sums of money from the public with effect from the year 1991 onwards. The Syal family comprising of Late Sh. Amrit Lal Syal, his son Late Sh. R.K. Syal, his daughter Ms. Pamila Syal and their other family members were solely managing the affairs of the Golden Group of Companies. Late Sh. R.K. Syal was the Managing Director of the GFIL and Ms. Pamila Syal was the Managing Director of Golden Projects Ltd. Late Sh. Amrit Lal Syal was the Legal Advisor and also holding other important positions in the company.

2. GFIL and its other subsidiary and associate companies ran into rough weather in the year 1998 and criminal investigation, income tax investigation and an inquiry by the Securities and Exchange Board of India (SEBI) were initiated against the said companies. GFIL and Golden Projects Ltd. were collecting large investments through the various schemes introduced by them, from public all over India. So much so, that in the years 1996 and 1997, they collected hundreds of crores of rupees. The companies were issuing post-dated maturity cheques to the investors. The companies from the year 1999 onwards started defaulting in payment and finally in the year 2000, the companies shut their business. Late Sh. Amrit Lal Syal, Late Sh. R.K. Syal, Late Mrs. Neena Syal (Wife of Late Sh. R.K. Syal), Ms. Pamila Syal (sister of Late Sh. R.K. Syal) were arrested on 24.12.2000.

6. The six petitioners claim to be the bona fide purchasers of property No.570, Sector-12, Panchkula, Haryana, vide Sale Deed dated 09.02.2010 executed in their favour by Sh. Nikhil Kant Syal and Ms. Madhurima Syal being the children of Late Sh. R.K. Syal aforesaid. They further claim to have paid the entire sale consideration and to have been put into possession of the said property.

7. It however appears that the GFC approached the Haryana Urban Development Authority (HUDA) with a claim that the said property, though in the name of Sh. Nikhil Kant Syal and Ms. Madhurima Syal aforesaid, had been purchased by the monies belonging to GFIL and its other associate companies and claiming rights in the said property. Owing to the said claim of the GFC, HUDA did not mutate the property in its records from the name of Sh. Nikhil Kant Syal and Ms. Madhurima Syal to the name of the petitioners leading the petitioners to file an application in W.P.(C) No.1399/2010 pertaining to GFIL pending in this Court and seeking to restrain the GFC from claiming the aforesaid property to be belonging to it and further seeking a direction to the GFC to withdraw the letter written by it to HUDA. The application was directed to be registered as a writ petition and which was so registered as the instant petition.

12. This Court is to only exercise the powers of review over the decisions / orders of the GFC. In the present case there is none. We are of the view that instead of this Court adjudicating the said claims, it is appropriate in the first instance that the GFC looks into the matter and considers whether there is any occasion for treating the property aforesaid as the property of GFIL or its associate companies. Only if it so found, would the GFC be entitled to object to the mutation of the property in the name of the petitioners. As far as the request of the ex-management is concerned, we direct the ex-management of GFIL also to participate in the inquiry to be so conducted by the GFC and if the stand of the ex- management is that the property aforesaid belonged to Sh. Nikhil Kant Syal and Ms. Madhurima Syal and GFIL and its associate companies have nothing to do with it, to submit proof thereof before the GFC.