Final Order 1

Order Details: Order
Pdf Text: 1
ORDER BELOW NOTICE BEARING NO.787/N/18
IN C.R.NO.144/2016 OF VILEPARLE POLICE STATION, MUMBAI.
Nirmal Bang Securities Private Limited. ...... Applicant.
V/s
The state of Maharashtra
above Police station, ...... Respondent
O R D E R
(Dated 26/02/2020)
1) The applicant has filed this application for return of property. It
is submission of applicant that accused No.1 Jaiprakash was working
with the applicant company as Relationship Manager. Accused has
purchased in all 1,92,100 shares of Symbiox Investment and Trading
Company Ltd @ Rs.26 per share of total worth Rs.49,94,600/in three
different accounts belonging to Ashish Lalpura, Mukund Darak and
Gajanan Kulkarni in BSE Settlement No.1617022. But after inquiry the
applicant came to know that said shares were unauthorizedly purchased
by the accused No.1 & not by above three persons. Therefore, applicant
has filed FIR against accused No.1 at Vileparle police station. The
respondent No.2 i.e. BSE Limited stayed the settlement procedure and
blocked an amount of Rs.49,94,600/ of the applicant towards said
transaction. The accused has fraudulently transacted in three different
accounts and the amounts were debited in said accounts on refusal of
respective clients, the applicant has already reversed the debit amounts
and transferred said debit amounts to applicant's company's own
-- 1 of 3 --
2
account. Therefore, the applicant company is rightful owner of the said
amount which is locked and seized by the respondent No.2. The
applicant can put the money to the better use if the same are returned
to the applicant. Hence prayed to allow the application and directions
be given to the respondent No.2 to release the amount of
Rs.49,94,600/ to the applicant company.
2) The respondent No.1 i.e. Vileparle police station has filed its say
and given no objection to allow the application on terms and
conditions. Despite of service of notice to the respondent No.2 BSE
Limited, it has failed to appear before the Court, hence application is
proceeded exparte against it. Ld APP has filed his say & submitted that
necessary order may be kindly passed.
3) In this matter, say of accused was called. Accused No.2 has filed
his say and given no objection for allowing the application. Accused
No.1 has filed his say and objected for allowing the application. Accused
No.1 by filing his say has submitted that three clients of applicant
company namely Ashish Lalpura, Mukund Darak and Gajanan Kulkarni
are rightful claimants of said amounts and therefore objection for
allowing the application. Therefore, my Learned Predecessor has also
called say of above three clients. Above three clients are appeared in
this matter and they have filed their say and given no objection for
allowing the application.
4) Considering above discussion, I come to the conclusion that the
applicant company is rightful claimant of the amount mentioned in the
application. The applicant company is ready to abide any terms and
conditions if imposed on it. If the amount is released, it will not affect
-- 2 of 3 --
3
the rights of any party. Therefore, application is liable to be allowed
with some conditions. Hence I pass following order :
ORDER
1) Application is allowed.
2) Respondent No.2 BSE Limited is hereby directed to release the
amount of Rs. 49,94,600/ to the applicant company as per procedure.
3) Applicant is hereby directed to deposit the value of said amount
in the Court as and when directed.
(C.P. Kashid)
Metropolitan Magistrate,
Date : 26.02.2020 65th Court, Andheri, Mumbai.
ask
-- 3 of 3 --