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1 - 5 of 5 (0.16 seconds)Subrata Bhattacharya vs Securities And Exchange Board Of India on 9 November, 2016
6. From perusal of the buyer's agreement Ex.C-2 on the
record, it is evident that PACL Ltd is also promoter of this project and
has got an interest in the project. As per order of Hon'ble Apex Court
in Civil Appeal no. 13301 of 2015 titled as Subrata Bhattacharya
Vs. Securities & Exchange Board of India that where PACL
Limited is concerned in any dispute or before any court, SEBI shall
constitute a Committee for disposing of the land purchased by above
company, so that the sale proceeds can be paid to investors, who
have invested their funds in the company for purchase of the land.
Hon'ble Mr. Justice R.M Lodha, the former Chief Justice of India, has
Consumer Complaint No.128 of 2016 9
been designated as Chairman of the said Committee by the Apex
Court. The said committee has been authorized by Apex Court to
collect relevant record including the title itself and so on and a Nodal
Officer shall be appointed, who shall be the incharge of funds
collected and shall have liaison with the Committee and shall also
work as a Secretary of the said Committee. The Apex Court has
ordered not to part with or share record and to approach the
Committee etc, wherein PACL Ltd has a right or interest in order to
repay customers/investors of PACL Limited herein this case, PACL
Limited is also a party to buyers agreement and as such the
intervention of the above Hon'ble Committee is an indispensable and
mandatory in this case, as per direction of the Hon'ble Supreme
Court for recovery of the amounts or sale of property of PACL Ltd
for satisfaction of the refund amounts.
The Consumer Protection Act, 1986
Consumer Protection Act, 2019
The Right to Information Act, 2005
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