TaxTMI 
TaxTMI 
2005 (5) TMI 326
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....ishnu Sharma and P. Parmeswaran for the Appearing Parties. JUDGMENT 1. These applications have been filed for clarification and/or recalling an order dated 3-11-2004, passed by this court in Criminal Appeal Nos. 1265-66 of 2004 whereby and whereunder the respective applicants were directed to deposit the money lying in the credit of the appellants herein. 2. The said applications have been filed in the following circumstances. The appellants floated various groups of companies including one known as "M/s. Century Consultants Ltd." Two criminal cases were initiated against them arising out of FIR No. R.C. No. 8(S)/2001 to R.C. No. 12(S) of 2001/CBI, Lucknow dated 6-7-2001 and R.C. No. 15(S)/2001 to R.C. No. 18(S)/2001/CBI, Lucknow d....
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....ttlement on the respective pay-in dates. The said member initially failed to pay its pay-in obligation pertaining to the Rolling Settlement No. 241/2000-01 (pay-in date was 16-3-2001) and thereafter had committed defaults in paying its obligations in subsequent rolling settlements as well as weekly settlements on the respective pay-in dates as under : Settlement No. Trading date Pay-in dates Amount (Rs.) DR-241/2000-01 09-03-01 16-03-01 3,70,26,753 DR-242/2000-01 12-03-01 19-03-01 2,53,13,535 DR-243/2000-01 13-03-01 20-03-01 2,02,24,601 DR-244/2000-01 14-03-01 21-03-01 2,67,24,553 DR-245/2000-01 15-03-01 22-03-01 ....
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....e-laws and Regulations of the Exchange and recouped the same. Accordingly, the Exchange fulfilled the pay-in obligations of Century Consultant Ltd., in the aforesaid settlements amounting to Rs. 21,06,72,837 including the value of short delivery of shares by Century Consultants Ltd., in the above settlements out of the collateral securities/guarantees provided by Century Consultants Ltd. As such, there are no assets of Century Consultants Ltd., lying with the applicant Exchange by way of bank guarantee, security margin money, etc., amounting to Rs. 17 crores as alleged before this Hon'ble court. The Exchange respectfully says and submits that on the other hand Century Consultants Ltd., are required to pay to the Exchange an amount of approx....
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.... Rs. 10,80,74,719.54 was adjusted against from the security deposits, bank guarantee invocation amounts, sale of securities and release of margins and other amounts lying to the credit of defendant No.1 still leaving a balance liability of Rs. 8,14,06,116.98 due from defendant No.1 to defendant No.3 and NSCCL. Therefore, it is clear from the above that the claim of the plaintiff in para 8 of the plaint that defendant No. 1 paid Rs. 30 crores towards purchase of shares and that Rs. 30 crores is lying with defendant No.3 is completely false. Thus, the very basis of the claim of the plaintiff is false and there is no cause of action in favour of the plaintiff." 7. In the counter affidavit filed by the appellants to the said applications, th....
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....tions mentioned therein and issued several directives in exercise of its jurisdiction under article 142 of the Constitution of India to do complete justice to all the parties. While considering an application for grant of bail in a criminal case, this court ordinarily cannot determine a dispute between the parties wherefor forums have been created under the statutes. 10. It appears that the recoveries have been directed to be made by the Stock Exchanges in exercise of their power conferred upon them under the bye-laws governing the parties. Furthermore, several arbitration awards are said to have been passed in favour of the clients/investors and the members of the Stock Exchanges. The parties, therefore, must get their disputes determin....