SHYAM SUNDER DALMIA Vs. CUSTODIAN

JUDGEMENT

(1.) THIS is a petition for denotification . Petitioner, carrying on business as stock broker for about last 30 years and a member of the Calcutta Stock Exchange, has filed the present petition challenging the notification issued by the Custodian under section 3 of the Special Courts (Trial of Offences Relating to Transactions in Securities) Act, 1992, on 20 11 2001, Exh.C to the petition, wherein the name of the Petitioner appears at Sr.No.2. As a result of the notification all properties moveable or immovable belonging to the petitioner stands simultaneously attached under the provisions of section 3 (3) of the Act. In order to appreciate the controversy involved in the matter, the factual matrix is necessary to be pointed out.

(2.) PETITIONER is an accused in the charge sheet filed by the Central Bureau of Investigation (CBI) in Case No.RC/2 (BSE)/94 which is registered as Special Case No.5 of 1996 and is pending in this Court. There are three other accused along with the petitioner in that case. However, the petitioner is joined as accused as a result of his involvement in only one transaction, although admittedly there is also charge of criminal conspiracy between him and the other three accused.

(3.) ACCORDING to the petitioner, as a result of the impugned notification, he would not be permitted to deal and function on the Stock Exchange as a broker and the notification has serious consequences and will also affect the transactions which the petitioner has entered into.