SAMIR SETT Vs. CUSTODIAN

JUDGEMENT

(1.) In this application the applicant who is an individual claims to have purchased 1600 shares of Reliance Petrochemicals Ltd under 16 share certificates particulars of which are given in paragraph 1. He contends that the shares were purchased under different contract notes/bills from Jhawar and Co, Stock Brokers members of the Calcutta Stock Exchange. Vide letter dated 2nd January, 2015 addressed to the Office of the Custodian and Officer on Special Duty of this Court, the applicant enclosed an application for lifting attachment of the aforesaid shares. He sought a declaration that he is a bonafide purchaser and direction again to the Custodian to release shares and all accruals thereon. In response, the Officer on Special Duty vide a letter dated 12th January, 2015 informed him of the basic requirements that such an application must comply with. It is pursuant to that communication that the present application has been filed.

(2.) Although the Miscellaneous application seeks release of shares of Reliance Petrochemicals Limited (RPL) it appears that these shares are no longer available in view of the company having merged with Reliance Industries Limited (RIL). The Custodian has filed a certification report dated 6th June, 2019 which contains various annexures in relation to those attached shares.

(3.) On behalf of Mr. Hitesh Mehta - respondent no. 6, Mr. Ashwin Mehta opposed the certification application. At the hearing of this application Mr. Raikar on behalf of the Custodian informed me that the applicant has addressed a letter to the Office of the Custodian stating that he will not be attending the hearing since he has complied with all requirements. He had earlier sought adjournment vide email dated 2 nd April, 2019 to comply with certain requirements. Now that he has complied with all requirements he would not be in a position to attend. In other words he has submitted to orders of the Court. Copy of the email has been produced before me today.