Ashok Kumar Mathur, CJ - (1.) BOTH these appeals arise out of judgment and order dated 29 -1 -2002 whereby the learned Single Judge has dismissed the writ petition and held that the petitioner has an alternative remedy under the statute by approaching the Special Court constituted under Special Court (Trial of Offenses Relating to Transactions in Securities) Act, 1992 (hereinafter referred to as Act of 1992). It was further held that the Stock Exchange is a 'State' within the meaning of Article 12 of the Constitution, therefore, the writ petition is maintainable. Aggrieved against this order dated 29 -1 -2002 appeal has been filed by the writ petitioner as well as by the Calcutta Stock Exchange Association Limited. Hence, both the appeals are disposed of by a common order.
(2.) BRIEF facts which are necessary for disposal of these appeals are that the writ petitioners, M/s. C. Mackertich Limited, a company incorporated under the Companies Act, 1956, and one Vijay Kumar Kothari, Director and shareholder of the petitioner -company, challenged various communications dated 20 -11 -2001, 26 -11 -2001 and orders dated 5th and 10 -12 -2001 by filing the present writ petition. The notification dated 20 -11 -2001 was issued by Mr. D.K. Tyagi, Custodian appointed under Section 3(1) of the Act of 1992 and by that notification one Sri Ajay Kayan, figured as proprietor of M/s. C. Mackertich and Co., was notified and all his assets and properties were attached. The relevant notification reads as under : "Notification New Delhi, the 20 -11 -2001 No. Custodian/13/2001P2 I, D.K. Tyagi, appointed as Custodian under Section 3(1) of the Special Court (Trial of Offences Relating to Transactions in Securities) Act, 1992 (hereinafter referred to as the Act) vide Government of India, Ministry of Finance, Department of Economic Affairs (Banking Division) No. F.4/3/ 94 -SCS/VIG dated 4 -9 -2001, having been satisfied on information received that the persons/entities named below had been involved in offences relating to transactions in securities after the 1st day of April, 1991 and on and before 6 -6 -1992, hereby notify them in exercise of powers vested in me by Section 3(2) of the Act : 1. Shri Ajay Kayan (a) Proprietor, M/s. C. Mackcrtich and Co., Stock Brokers, Calcutta. (b) ** 2. and 3.** All properties, movable or immovable or both, belonging to the persons/ entities notified herein, shall stand simultaneously attached by virtue of the provisions of Section 3(3) of the Act." A public notice was also issued on said 20 -11 -2001. It was published in Calcutta edition of the Telegraph, it reads as under : "Office of the Custodian Special Court (Trial of Offences Relating to Transaction in Securities) Act, 1992 Bank of Baroda Bhawan, 3rd Floor Parliament Street, New Delhi -110 001 Public Notice All concerned are hereby informed that the Custodian appointed under the Special Court (Trial of Offences Relating to Transactions in Securities) Act, 1992 (hereinafter referred to as the Act) notified in the Gazette of India -Extraordinary - Notification No. Custodian/10/2001, Custodian/ 11/2001, Custodian/12/2001, Custodian/13/2001 and Custodian/14/ 2001 dated 20 -11 -2001 the names of the following persons/entities under Section 3(3) of the Act. 1. Sri Jaideep Jagdish Pathak, S/o. Shri Jagdish Pathak, R/o. 56 -A, Surya Kiran, 5th Floor, Bhaldas Maganlal Path, A.K. Marg, Bombay -400 007. 2. Sri G.N. Hegde, S/o Shri Nirappa Hegde, R/o Garden Queen, 3rd Floor, 16th Road, Santa Cruz (West), Bombay -400 055. 3. Shri Kishore Narottamdas Amerchand, Share and Stock Broker, Mumbai, R/o 3, Matruchhaya, 70, Marine Drive, Mumbai -400 020.
(3.) M /s. Fairgrowth Investments Ltd. (FGlL), 130 -132, Greater Western Building, Apollo Street, Mumbai.;