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"(a) pass an order directing that no Civil Court or other Authority or Forum shall entertain any suit or other proceedings in respect of any claim or related matter(s) pertaining to PACL Ltd. and/or its Directors/Promoters/ Group Companies / entities/ individuals etc., arraying therein as parties/Defendants/Respondents the Justice (Retd.) R.M. Lodha Committee (in the matter of PACL Ltd.), and/or its Chairman and/or its Members and/or the Securities and Exchange Board of India and further no injunction shall be granted by any Court or other Authority or Forum in respect of any action taken or to be taken by the Justice (Retd.) R.M. Lodha Committee (in the matter of PACL Ltd.) and/or its Chairman and/or its Members and/or the Securities and Exchange Board of India, with respect to claims and/or matter(s) relating to investments/deposits etc. in/ with PACL Ltd. or its Directors/Promoters/Group/ Companies/Entities/Individuals etc."

4. Learned Senior counsels for the petitioners as a brief background of the case submit that the company M/s Pearls General Finance Ltd. (in short 'M/s PGF') was incorporated as a public Company, limited by shares on 19 th January, 1983 which was later changed to M/s Pearls Green Forests Ltd. (in short 'M/s PGFL'). The present FIR relates to M/s Pearl Agrotech Corporation Ltd. (in short 'M/s PACL') which was initially incorporated as M/s Gurwant Agrotech Ltd. on 13th February, 1996 and changed to M/s PACL on 2nd April, 1996. In 1998, a public interest litigation was filed before the Hon'ble Supreme Court alleging non-compliance of relevant provisions while initiating collective investment scheme by the company. Vide order dated 7th October, 1998 the Hon'ble Supreme Court restrained the company from alienating its assets. Finally a retired Judge was appointed to go into the irregularities of the company who submitted a final report on 20 th September, 2002 stating that there was no violation committed in the collective investment schemes run by M/s PGFL and M/s PACL. The interim order was thus vacated on 3rd March, 2003. The proceedings were also initiated by the Securities and Exchange Board of India (in short 'SEBI'). Notices issued by SEBI were challenged before the Hon'ble High Court of Rajasthan which quashed the same against which SEBI approached the Hon'ble Supreme Court. Though SEBI sought for an interim order from the Hon'ble Supreme Court that M/s PACL be restrained from further collecting amounts from the investors however no stay was granted. Finally the matter was remanded back to SEBI to inquire into whether M/s PACL was running collective investment schemes or not. On 22 nd August, 2014 SEBI held that M/s PACL was running collective investment schemes and directions were issued to M/s PACL to pay to the investors. Appeal filed by M/s PACL to the Appellate Tribunal was dismissed and finally on 2 nd February, 2016 the Hon'ble Supreme Court appointed a Committee under the chairmanship of Justice R.M. Lodha, retired Chief Justice of India to sell the assets and pay the investors. Directors of the Company were directed to assist the Committee. It is thus prayed that since the petitioners are required to assist the Committee constituted by the Hon'ble Supreme Court for sale of assets and repayment to the investors, the participation of the petitioners is essential for which they should be granted bail.

8. Allegations against the petitioners who are the two directors of M/s PACL Ltd. have been crystallized in the charge sheet. In the charge sheet, instances have been given of ostensible sale of properties and sale deeds so executed have been found to be forged and fabricated. For example, property in Village Akbarpur purportedly sold to the investors was found to be Wakf property (Kabristan), meant for tube well, land of gram samaj and chak road. Property allegedly sold at Village Hathupura was found to be land of gram sabha and forest land. Further in majority of cases though the land was stated to be allotted to the investors however no sale deeds were executed. Thus, there was no transfer of ownership though 34% of the amount taken from the investors was for the purpose of transferring properties in their names. Though there was no sale of the land as per the Transfer of Property Act however fake entries were made in the accounts books. Though in the books of accounts amounts were being shown for development of land however the money was actually rotated in the various sisters concerns on the basis of forged invoices and in reality no land was developed. 10 intermediary companies were created for transfer of land from M/s PGFL to M/s PACL namely Silverline Associates Pvt. Ltd., Delhi, Maurya Healthcare Pvt. Ltd., Delhi, Panghat Properties Pvt. Ltd., Delhi, Lakhpati Properties Pvt. Ltd., Delhi, Sunbright Realtors Pvt. Ltd., Mohali, Spacecity Real Estates Pvt. Ltd., Mohali, Amber Realtors Pvt. Ltd., Mohali, Smiling Star Real Estate Pvt. Ltd., Mohali, Shine Star Properties Pvt. Ltd., Chandigarh and Valley-Vista Realtors Pvt. Ltd., Mohali. Funds so collected from the customers were utilized for making repurchase of the land purportedly allotted to the customers whereas in fact no actual transfer of land took place to the customers. There was on paper transfer of land from above noted 10 intermediary companies of M/s PACL through unregistered power of attorneys, agreement to sell etc. with no stamp duty paid. Further 16 intermediary companies were created by M/s PACL for the purpose of repayment to its investors namely M/s Muurugan Realtors Pvt. Ltd. (formerly known as M/s Thamirabarani Farm & Agricultural Development Pvt. Ltd.), M/s Madras Infrastructure Pvt. Ltd. (formerly known as M/s Thamirabarani Farm& Development Pvt. Ltd.), Aspen Farm Developers Pvt. Ltd., Ivy Farm Developers Pvt. Ltd., Bhumika Farm Developers Pvt. Ltd., Tulika Farm Developers Pvt. Ltd., Budhi Pallien Realtors Pvt. Ltd., Gramin Environment & Infrastructure Pvt. Ltd., Gramin Colonisers & Construction Pvt. Ltd., Kundalini Buildways Pvt. Ltd., Shashti Buildcon Pvt. Ltd., Swarnika Skyhi Promoters Pvt. Ltd., Varishsena Farming Construction Pvt.

Ltd., Yavakrida Promoters Pvt. Ltd. and Yadavi Farming Construction Pvt. Ltd. On the strength of sham documents, money was rotated amongst these companies. As per M/s PACL Circular No.62/2010 dated 16th July, 2010 expected value of land at the end of agreement of various plans was mentioned. Thus, if a customer invested ₹10,000/- in the company, he would be allotted 200 sq. yard plot and after 10 years the expected value of the land was shown as ₹37100/- irrespective of the place of land which was highly improbable. By creating a pyramid structure, number of agents were recruited as commission agents and over 23 lakhs commission agents were enrolled and over more than 1700 agents were at the top level and high commissions were paid to those agents. Thus, to mobilize funds from very large number of people, marketing technique wherein collection agents called commission agents with incentives was promoted resulting in targeting a large number of gullible customers. Investigation also revealed that funds of M/s PACL were diverted to M/s Pearls Astralasia Pty Ltd. which was incorporated in September, 2009 and money of the investors was invested in real estate in Australia by forming joint ventures.