TaxTMI 
TaxTMI 
2023 (4) TMI 1446
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....aryana and others' has arisen from FIR No. 0290 dated 12.07.2021 registered at Police Station: Ambala Cantt, Ambala for the commission of offence punishable under Sections 406, 420 and 506 of the Indian Penal Code, 1860 (hereinafter referred to as 'the IPC'). Learned counsel for the parties contend that the issue involved in the above mentioned three writ petitions is identical and that the only difference is that the FIRs against the petitioners have been lodged at two different places. For the facility of reference the facts are being noticed briefly from CWP-15165-2022. 2. The petition seeks quashing of FIR No. 733 dated 04.09.2021 under Sections 406, 420 and 120-B of the IPC registered at Police Station Yamuna Nagar City alongwith all consequential proceedings arising therefrom. It has been averred in the above mentioned writ petition that the cases in question arise on account of failure on the part of Multi State Cooperative Society to pay the dues of the FDs on their maturity. The petitioner O.P. Srivastava, who is alleged to be the Vice Chairman of the Sahara Group alongwith other office bearers/Directors of the different companies and societies of Sahara Group a....
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....re allegedly threatened by the Accused no. 9-11 that do what you can, you can't do anything to us and threatened the complainants not to come again or else the Accused no.9-11 will file a false case against them and get them arrested. viii) The officials blatantly refused to make payments because of which the complainants are facing a lot of difficulties and that the complainants are worried that their other investments which are also due for maturity will also be seized by the company. ix) It is alleged that all the Accused persons in consonance with each other, first sell the policy to innocent people and then seize their investments. x) The complainants have found out that there are other cheating cases registered against the Accused persons all over India where they have settled their claims to evade criminal liability. xi) The officers have told the complainants that there is stay by court on new schemes or giving money in respect of old schemes but few agents of complainant company are still taking money from the public for new schemes. 3. The FIR was filed by 7 persons led by Gurcharan Singh. Though it is mentioned that the FIR is r....
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....panies became difficult for the subject societies. And so as there are some money investments from these cooperative societies to Sahara SEBI Fund and SEBI admittedly is not able to disburse the investment amount to the claimants of those two companies in 10 years, there are genuine difficulties faced to return the amount of members of the Societies. Despite that, the Societies are doing their best to return the matured amount of members as much as possible. 22.07.2020 to 23.12.2020 (Ann. P-9) As the society was not able to return the amount of members on time because of difficulties mentioned above, some members approached the office of Central Registrar of Cooperative Societies, New Delhi and the Registrar has passed various orders from 22:07 2020 to 23.12 2020. In these orders the Central Registrar had initially restrained the Society from taking fresh new deposits but permitted them to renew the existing deposits, if so, desired by the depositors In one of such order dated 24.09.2020, the Registrar has also proceeded to initiate proceedings under section 86 of the Act meant to wind up the Multi-State Cooperative Societies. In the subsequent orders, the Central....
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....ounter affidavit of the petitioner societies, and the subsequent orders passed are collectively annexed as Annexure P-14. 01.06.2022 (Ann. P-12) This Hon'ble High Court has taken cognizance in an identical matter after arising from different FIR but under same circumstances. 5. It is contended that the necessary ingredients of the offences are not made out and no allegations have been levelled against the petitioner. The process of criminal law has been misused to sensationalize the issue by involving the top management of the Cooperative Societies notwithstanding that the default in payment on attaining maturity was not attributable to any willful or deliberate act/omission on the part of the Authorities concerned. Inability to reimburse/defray the amount was on account of events that have taken place pursuant to the orders passed by competent Courts. 6. Various other aspects on the merits of the case have also been agitated in the writ petitions, however, the same are not being referred to in view of the subsequent developments in the light whereof, this Court does not feel necessary to venture into the said merits. 7. A status report by way of affidavit was fil....
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....all be supervised and monitored by Justice R. Subhash Reddy, Former Judge of this Court with the able assistance of Shri Gaurav Agarwal, learned Advocate, who is appointed as Amicus Curiae to assist Justice R. Subhash Reddy as well as the Central Registrar of Cooperative Societies in disbursing the amount to the genuine depositors of the Sahara Group of Cooperative Societies. The manner and modalities for making the payment is to be worked out by the Central Registrar of Cooperative Societies in consultation with Justice R. Subhash Reddy, Former Judge of this Court and Shri Gaurav Agarwal, learned Advocate. x x x x x x x (iv) We direct that the amount be paid to the respective genuine depositors of the Sahara Group of Cooperative Societies out of the aforesaid amount of Rs. 5,000 Crores at the earliest, but not later than nine months from today. The balance amount thereafter be again transferred to the "Sahara-SEBI Refund Account". 10. Learned counsel for the petitioner submits that since the Hon'ble Supreme Court has directed release of an amount of Rs. 5000 Crores for settlement of the claims of the depositors of the Multi State Cooperative Soci....
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....s of the depositors. He contends that the total claim of the depositors i.e. the persons aggrieved herein would be much less than the amount ordered to be released by the Hon'ble Supreme Court to settle their dues/claims and that there is no occasion for the State as well as the investors to feel apprehensive. He further submits that the apprehension expressed is pre-emptive and without any objectivity. Once the fact stands established that the depositors' right has to be supervised by the aforesaid Committee constituted by the Hon'ble Supreme Court, the petitioners cannot be said to be in default for not releasing the dues. The claim of the individual investors/depositors is yet to be verified by the concerned Committee and that an additional amount of Rs. 9,000/- crores is still pending in the account (beyond Rs. 5,000/- crores ordered to be released), therefore, there is no valid foundation to support the aforesaid apprehension. It is, however, not the claim of the complainant(s) or the State that the amount payable to the depositors would exceed the abovesaid amount of Rs. 5,000/-. Hence, the continued incarceration of the petitioners is not likely to....