NIRMAL N SAIGAL Vs. UNION OF INDIA

JUDGEMENT

(1.) In this Petition under Article 226 of the Constitution of India the Petitioner is challenging the clearance given by the Respondent No.2-Security and Exchange Board of India (SEBI) to the Initial Public Offer (IPO) of DLF on 8.5.2007, which is scheduled to be launched on 11.6.2007 (i.e., today).

(2.) Briefly the contentions of the Petitioner are that the Petitioner's father was the owner of diary farm measuring 22.95 acres, having purchased the same from M/s Edward Keventer Ltd. (A private Limited Company) by means of a Deed of Conveyance dated 15.5.1946. It is submitted that a fictitious Release Deed dated 13.5.1950 was got executed from his father and the Respondent DLF now claims to be the owner. The learned counsel for the Petitioner has drawn my attention to the above said Conveyance Deed and the Release Deed and has further submitted that the Land and Development had declined to make the property freehold on the application of the DLF because of the objections filed by him before the Land and Development Office. It is further submitted that the Petitioner had made a representation to SEBI narrating all the facts but SEBI paid no heed so the Petitioner filed Writ Petition No.3995/2007 which was dismissed as withdrawn on 25.5.2007. The said order is reproduced as under :- <FRM>JUDGEMENT_815_ILRDLH16_2007Html1.htm</FRM>

(3.) It is alleged that SEBI and DLF have colluded to play a fraud on public. It is inter alia prayed that launching of IPO should be stayed and SEBI should be directed to dispose of the representation and the records of DLF should be examined.