National Investor Forum Regd. v. Golden Forests India Ltd.

1. Pursuant to the notice issued by this Court, SEBI is 2013:DHC:5586-DB W.P.(C)1399/2010 & 1400/2010 Page 2 present and represented by Mr. Neeraj Malhotra. The Committee has filed an affidavit dated 23rd October, 2013 endeavouring to comply with the previous orders, in respect of the disclosure of various classes of assets – unevaluated lands to the extent of 9914.90 acres of which some substantial portions have been declared surplus.

2. It is stated that about 4099 acres are available for sale.

3. The affidavit also indicates that 485.73 acres have been sold to the extent of 145.60 crores. The affidavit further discloses that the total amount available in the form of fixed deposit is to the tune of `391.52 crores as on 15th May, 2013. It is stated that `113.22 crores is tied up on account of disputed transactions with a possible obligation to refund the amounts. Thus, the net valuable funds are to the tune of `278.30 crores.

4. This Court is of the opinion that before finalising the proposal for disbursement of the amounts, in accordance with the latest scheme, SEBI should examine it and place its suggestions/recommendations on record in the form of a status report or affidavit. The SEBI shall suggest the mode of recovering the other assets and whether there are possibilities of valuation either by it or some other agency which or whom shall be considered/suggested by it.

5. The Committee shall ensure cooperation and make available the necessary data and material to the SEBI for this purpose. The status report/affidavit of SEBI shall be placed on record within four weeks.

6. Copy of the status report shall be made available to the W.P.(C)1399/2010 & 1400/2010 Page 3 applicant in this application.

7. List on 9th December, 2013. CM No.18913/2012

8. The applicant states that he was the Branch Incharge of M/s. Golden Forests India Ltd. Co., Golden Complex, Station Feeder Road, P.O. Siliguri Bazar, Darjeeling, West Bengal.

9. Upon inquiry, it was stated that the properties situated on land comprises built up area of 5,000 sq. feet approximately.

10. The counsel for the Committee states that in the absence of members, the Court should not make any order, especially with regard to claim for settlement of accounts. However, he later submitted that the premises could be inspected and, if necessary, taken over from the applicant.

11. The Committee shall inform the applicant at least three days in advance.

12. List on 9th December, 2013. W.P. (C) No.1400/2010

13. List along with W.P.(C) No.1399/2010 on 9th December,

2013.

S. RAVINDRA BHAT (JUDGE)