B S SEHGAL Vs. RESERVE BANK OF INDIA

JUDGEMENT

(1.) Before dealing with these applications, it would be appropriate to state the scope of the present writ petition filed by the petitioners. It will help in understanding the controversy involved and the circumstances in which the present applications are filed in the instant writ petition. It may be mentioned that dealing with one of the aspects of the matter relating to "respondents 30-34, this court in its detailed order dated 12th May, 2000 had taken note of the nature of the present writ petition and it would be appropriate to restate the same. The very para of that order is in the following words:

(2.) . This court, accordingly, in the aforesaid order dated 12th May, 2000 dealt with applications in the writ petition relating to Sahara Group of companies and ordered deletion of these respondents who were arrayed as the respondents 30-34 after finding no merit in the applications made against the Sahara Group. The concluding para of that order reads thus:

(3.) . In these CMs we are now concerned with the Kuber Group of companies who are impleaded as respondents 43 and 44. The allegations against these respondents are contained in para 38 of the writ petition wherein it is averred that the companies of the Kuber Group have indulged in the numerous irregular business activities and have diverted the money raised from the general public. It is stated that M/s Kuber Mutual Benefits Ltd. is a company which is registered as mutual benefit company with the Reserve Bank of India (RBI). It is accordingly subjected to the directions of the RBI for such mutual benefit company issued from time to time. The allegations are that this Group has flouted such directions and provisions of law and some of the irregularities are as follows: