Moushumi Bhattacharya, J. - (1.) The instant application has been made on behalf of defendant Nos. 6,7,8,9 and 10 for rejection of the plaint and for striking out the names of the said defendants from the array of parties in the suit. The defendant no.1 is the Trustee Company and the defendant No.2 is the Asset Management Company of J.P. Morgan India Treasury Fund and J.P. Morgan India Liquid Fund. The treasury fund and liquid fund are debt funds of J.P. Morgan Mutual Fund. The defendant no. 3 is the Managing Director and Chief Executive Officer of the Asset Management Company; the defendant nos. 4 and 5 are the head of fixed income and the Associate Fund Manager (debts) respectively of the Asset Management Company and are also fund managers of both the Treasury Fund and the Liquid Fund.
(2.) Defendant nos.1 and 2 issued the Scheme Information Document on which the plaintiff relied and invested a substantial amount of money in the Treasury Fund and the Liquid Fund. The defendant no.6 is the Associate Director and Chairman of the Board of Directors of the Trustee Company (defendant no. 1).
(3.) The defendant nos. 6 to 10 are the Directors of the Trustee Company (defendant no.1) and are responsible for ensuring that the transactions entered into by the Asset Management Company (defendant no.2) are in accordance with the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 (SEBI MF Regulations) and are also responsible for reviewing the activities carried on by the Asset Management Company. These defendants seek to have their names removed from the array of parties in the suit. The description of the defendant, as stated above, has been taken from the plaint.;