- (1.) Heard learned counsel for the parties. In our opinion it may not be appropriate to transfer all the petitions pending before the various High courts to this court. Instead parties have agreed that let the writ petitions/ proceedings before the Delhi High court continue and the said court be requested to dispose of all such proceedings pending before it. Such of the parties before us who want to intervene in the proceedings/writ petitions before the Delhi High court will be at liberty to move the said court for appropriate relief. We have no doubt that if such applications are made the Delhi High court will dispose of the same expeditiously.
(2.) It is further agreed between the learned counsel for the parties that in writ petition No. 344/98 entitled SEBI Vs. Golden Forests India Ltd. and ors. pending before the Bombay High court and that since the bombay High court has issued certain directions/orders and pursuant thereto the matter has proceeded further, it would be better if the proceedings before the said High court be not stayed. Suggestion appears to be quite reasonable. We, therefore, do not entertain the Transfer Petition filed on behalf of SEBI seeking transfer of Writ Petition No. 344/98 pending before the Bombay High court to this court. We accordingly reject the said prayer of SEBI/petitioner at this stage.
(3.) In the meantime Writ Petitions/proceedings filed by the parties before various other High courts challenging the direction issued by the SEBI as regards the Collective Investment Scheme remain stayed pending before such High courts. Stay shall stand vacated as soon as Delhi High court pronounces the judgment. We also hope that Delhi High court will proceed with the Writ Petitions/proceedings expeditiously. T. P. (C) D. 6738/99;