(1.) ALL these Applications can be disposed off by this common Order. Mr. Tulzapurkar has only argued Misc. Application No. 261 of 1997. However the parties are agreed that the submissions will be the same in all the Applications. The parties are also agreed that the differences on facts are not such as would result in the final decision being different. However it must be mentioned that in Misc. Application No. 285 of 1997 the Applicants are one Mr. Naresh K. Aggarwala and his two proprietary concerns. The said Mr. Naresh K. Aggarwala has been named as an Accused in Special Case No. 4 of 1995 which is pending before this Court. The case of Mr. Naresh K. Aggarwala therefore would be on a worse footing. Even if the other Applicants could have got themselves de-Notified the Notification of Mr. Naresh K. Aggarwala would have had to be confirmed. Also Mr. Joshi has taken the Court through flow of monies to all Applicants and the share-holding of all the Applicant Companies. He has also shown who the Directors are.
(2.) ALL the Applicants were Notified by the Custodian on 17th June 1997. All these Applications are for de-Notification of the respective Applicant. Thus these Applications are under Section 4(2) of the Special Court (Trial of Offences Relating to Transactions in Securities) Act, 1992 (hereinafter called the said Act). Section 4(2) reads as follows :
(3.) MR . Tulzapurkar took the Court through the shareholding of the Applicant Company and pointed out the names of the Directors. He submitted that Mr. Naresh K. Aggarwala had a very small shareholding and was not even a Director in the Applicant Company. Mr. Tulzapurkar also showed to Court the abridged balance-sheet as on 1st April 1991 as well as profit and loss account for the period 1st April 1991 to 4th June 1992.