Tarun Chatterjee, J. - (1.) Standard Chartered Bank (hereinafter called as the Bank) has filed C.A. No. 2672 of 2009 against an interim order dated 3rd of April, 2009 of the Special Court at Mumbai constituted under the provisions of the (Trial of Offences relating to Transactions in Securities) Act, 1992 (in short, "the Act") in so far as the Special Court, instead of embarking on distribution of the moneys of the appellant which had been diverted to the accounts of the broker Harshad Shantilal Mehta (HSM, has held that it will not be fair to decide the matter of distribution without waiting for the decision of the CIT (Appeals) of the liability of HSM to Income-tax for the statutory period from 1.4.1991 to 6.6.1992. Several Interlocutory Applications (shown hereinbefore) have been filed in the appeals, which had been disposed of by this Court on 3rd of December, 2008.
(2.) We have heard the learned counsel for the parties and considered the Interlocutory Applications filed in those disposed of appeals and the order passed by us in the earlier litigation. In our view, the Special Court, Mumbai was justified in not permitting the appellant-Bank to get the amount lying with the custodian before the final adjudication now pending before the CIT (A, Central V, Mumbai is made. It is an admitted position that CIT (Appeals) Central V, Mumbai has already heard out the Income Tax Appeal excepting that an application has been filed before it by the heirs and legal representatives of the HSM for setting aside the decree passed in favour of the Bank.
(3.) Ms. Kamini Jaiswal, learned counsel appearing on behalf of the heirs and legal representatives before us submitted on instruction that they will file their documents and argue the case on their behalf and conclude their arguments within four months from this date positively without asking for any adjournment on any ground whatsoever.;