MAGHENDRA PAL TYAGI Vs. JAYANT DAVAR

JUDGEMENT

(1.) These appeals are directed against the judgment and order dated 10-10-2003 in Misc. Application No. 186 of 2000 (impugned order-1); order dated 14-7-2004 in Misc. Application No. 178 of 2004 in M. A. No. 186/ 2000 (impugned order-2) and order dated 18-08-2004 in Misc. Application No.263 of 2004 in M. A. No. 186/2000 (impugned order-3) passed by the Special Court constituted under The Special Courts (Trial of Offences Relating to Transactions in Securities) Act, 1992 [hereinafter referred to as "the Act"] at Bombay.

(2.) The short facts leading to the present proceedings are as under :-

(3.) On 05-01-1994, the fourth respondent-company got an Advertisement/Public Notice published in Newspapers calling upon to file objections, if any, against issue of duplicate Share Certificates to the appellant and also striking a note of caution to the public at large not to deal with the shares so specified in the advertisement. Having not received any objection from any one, the fourth respondent-company on 03-02-1994 issued duplicate Share Certificates to the appellant. The appellant transferred his shares in favour of Jayant Davar the first respondent herein, which were registered in his name by the fourth respondent-company on 18-10-1994. The first respondent had been offered 50 Bonus Shares by the fourth respondent-company, which offer was profitably availed by him. The first respondent sold/transferred 200 shares which he got from the appellant and 50 Bonus Shares consequently acquired by him, but the fourth respondent-company did not register the said transfer. This was done on the asking of the CBI, who was investigating the Share Transfer Scam, and advised the first respondent and the transferee to approach the Custodian - second respondent herein. The fourth respondent-company asked the appellant to enforce indemnity bond, but the appellant did not agree as the fourth respondent-company had not suffered any loss, etc. as a result of the transaction.