- (1.) These writ petitions are filed by Mr.P.S.Saminathan. The first writ petition is challenging the summons issued by the third respondent, the Assistant Director, Directorate of Enforcement (Foreign Exchange Management Act), Chennai in F.No.T.3/66/CZO/C/2010 dated 16.11.2010, wherein the third respondent called upon the petitioner to appear personally before him on 22.11.2010 at 10.30 hours to give evidence and also to produce the documents specified under the schedule viz., Passport, Bank passbook with up to date entries and details of immovable properties and to quash the same with further direction to the third respondent not to proceed further based on the impugned summon viz. F.No.T.3/66/CZO/C/2010 dated 16.11.2010.
(2.) The second writ petition is also directed against the same summon issued by the third respondent on the ground that the same is without jurisdiction and authority of law and also in violation of the principles of natural justice.
(3.) Mr.Yasodhavardan, learned Senior Counsel for the petitioners in both the writ petitions would submit that the petitioner is being the Promoter and Director of the company viz., M/s.Pyramid Saimira Theatres Ltd., which is ordered to be wound up by this Court vide order dated 29.04.2010, pursuant to the winding up order, when the 5th respondent viz., The Official Liquidator, High Court, Madras has taken over the charge of the petitioner's company, its property and he has taken possession of the office premises and all other assets of the company, the petitioner can not be called up to appear for enquiry on behalf of the company. Before the petitioner's company was wound up and taken over possession by the 5th respondent, the petitioner's company raised through automatic route Foreign currency convertible Bond (in short FCCB) by filing relevant application with Reserve Bank of India on Form No.83 and thereafter, the FCCB was issued confirming to the Foreign Direct Investment Policy of the Government of India and the Reserve Bank of India also issued direction from time to time. Complying the same, the petitioner's company purchased the above mentioned FCCB. The transactions for purchase of the above said FCCB were permissible in law by virtue of the Notification in GSR.757(E) dated 07.07.2004 and the Director of Reserve Bank of India also in his proceedings dated 01.08.2007 approved the FCCB in letter No.2007704 under the automatic approval route. It goes without saying that FCCB issue was within the ceiling prescribed and moreover, the public issue of FCCB was also through a reputed lead manager viz., Jefferies International Limited, United kingdom. It is also come within the Schedule I sub clause 3 of the transfer or issue of any Foreign Security Regulation, 2004.;