The HC held that it possessed jurisdiction to supervise and...

The HC held that it possessed jurisdiction to supervise and substitute the Special Committee and to define its mandate in the company petition concerning the mutual fund scheme administered by the ex-management respondents. The court found systemic irregularities, rejected the ex-management's objection to maintainability, set aside the rejection order dated 29 Nov 2023 and remitted the anonymized claimant's application for fresh consideration by the authority designated under this judgment. The interim embargo against payments to the ex-management was not impliedly merged into the final order of 29 May 2013 and continues to restrain disbursements to those parties. The court directed priority disbursement to retail/unrelated investors, required unclaimed redemption proceeds to be transferred to the Investor Protection and Education Fund, and disposed of the applications.

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