C. MACKERTICH LTD. Vs. CUSTODIAN

JUDGEMENT

(1.) BOTH these appeals arise out of judgment and order dated 29 -1 -2002 whereby the learned Single Judge has dismissed the writ petition and held that the petitioner has an alternative remedy under the statute by approaching the Special Court constituted under Special Court (Trial of Offenses Relating to Transactions in Securities) Act, 1992 (hereinafter referred to as Act of 1992). It was further held that the Stock Exchange is a 'State' within the meaning of Article 12 of the Constitution, therefore, the writ petition is maintainable. Aggrieved against this order dated 29 -1 -2002 appeal has been filed by the writ petitioner as well as by the Calcutta Stock Exchange Association Limited. Hence, both the appeals are disposed of by a common order.

(2.) BRIEF facts which are necessary for disposal of these appeals are that the writ petitioners, M/s. C. Mackertich Limited, a company incorporated under the Companies Act, 1956, and one Vijay Kumar Kothari, Director and shareholder of the petitioner -company, challenged various communications dated 20 -11 -2001, 26 -11 -2001 and orders dated 5th and 10 -12 -2001 by filing the present writ petition. The notification dated 20 -11 -2001 was issued by Mr. D.K. Tyagi, Custodian appointed under Section 3(1) of the Act of 1992 and by that notification one Sri Ajay Kayan, figured as proprietor of M/s. C. Mackertich and Co., was notified and all his assets and properties were attached. The relevant notification reads as under :

(3.) M /s. Fairgrowth Investments Ltd. (FGlL), 130 -132, Greater Western Building, Apollo Street, Mumbai.