Disposed

Modern India Ltd. and 3 Ors. v. Financial Technologies (India) Limited and 37 Ors.

Bombay HC14 Jan 2015NMS/727/2015

Case brief

AI extract

What is this about?

Order in a Notice of Motion granting ad-interim relief directing economic authorities to disclose all property attachments made until a specified date and inform the court about any applications challenging such attachments.

What did the court decide?

Ad-interim direction to disclose all attachments and inform the Court about future attachments and challenges to the same.

Modern India Ltd. and 3 Ors. Vs Financial… — Civil Procedure and Limitation | Bombay HC (2015)

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906-NMSL-122015.DOC

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ars

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IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION NOTICE OF MOTION (L) NO. 12 OF 2015

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IN

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SUIT NO. 173 OF 2014

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The National Spot Exchange Ltd.…Applicants
In the matter between
Modern India Ltd. & Ors.…Plaintiffs
Versus
Financial Technologies (India) Ltd. & Ors.…Defendants

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Mr. Gautam Ankhad, i/b M/s. Federal & Rashmikant, for the
Plaintiffs.

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Mr. Virag Tulzapurkar, Senior Advocate a/w Mr. S.U. Kamdar,
Senior Advocate, i/b M/s. Naik Naik & Co., for Defendant
No.2/Applicant

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Mr. Nirav Shah, a/w Mr. Vivek Shetty, i/b M/s. DSK Legal, for
Defendant No.21.

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Mr. Vikas Gawai, i/b Thodar Law Associates, for Defendant No.12.
Ms. Shaheen Parikh, i/b M/s. AZM & S.A. Shroff & Co., for
Defendants Nos. 1, 5, 20 & 22.

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CORAM:G.S. PATEL, J
DATED:14th January 2015

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PC:-

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1 of 3

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906-NMSL-122015.DOC

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1.Heard Mr. Tulzapurkar, learned senior advocate appearing
for the Applicant. Mr. Tulzapurkar is justified in pointing out that
on account of an ex parte order dated 29th September 2014 from
another High Court an attachment made under the Maharashtra
Protection of Interest of Depositors (In Financial Establishments)
Act, 1999 of certain properties has apparently being held not to
constitute an attachment. Mr. Tulzapurkar says that such an order,
obtained without notice to the State Government, will upset all
attachments and will seriously prejudice the Plaintiff and the
Applicant. These are matters of some urgency. They relate to
matters that affect a very wide range of the investing public.

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2.For the present, and without in any way prejudicing his right
for further ad-interim reliefs, Mr. Tuljapurkar restricts his
application to prayer clauses (b) and (c) of the present Notice of
Motion which read thus:

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(b) That this Hon'ble Court be pleased to direct
Respondent No.1 to disclose to this Hon'ble High
Court and the Applicant/Defendant No.2, all the
attachments made by them till date and update this
Hon'ble High Court on all future attachments;

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(c) That this Hon'ble Court be pleased to direct the
EOW to inform this Hon'ble Court and Defendant
No.2/Applicant about any application made by any
defaulter challenging/lifting the attachment/notices
issued by Respondent No.1, in any Court, to
enable Defendant No.2/Applicant to make
necessary application before such Courts to
oppose the same and also direct EOW to

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2 of 3

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906-NMSL-122015.DOC

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appropriately defend the attachment/notices.

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3.These prayers evidently require the Economic Offences
Wing, Unit No. 573, Crawford Market, Mumbai 400 001 and
Competent Authority, 1st floor, Old Custom House, Fort, Mumbai
400 001, to make certain disclosures of all attachments made till
date. To my mind it is essential that this information be made
available and that the information be as up to date as possible.

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4.There will be an ad-interim reliefs in terms of prayer clauses
(b) and (c). The updated information must be current as of 12th
January 2015 and must be furnished to this Court as also the
Applicant and the Plaintiff in writing no later than 19th January
2015. Liberty to the Applicant to apply for further ad-interim
reliefs.

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5.Mr. Tulzapurkar states that notice of the present application
has been given to the Respondents. Mr. Tulzapurkar attorneys will
file an Affidavit of service during the course of the day. All
concerned to act on an authenticated copy of this order.

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6.Prothonotary and Senior Master to communicate this order
by e-mail and by hand delivery to the Respondents by the end of the
day today.

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(G. S. PATEL, J.)

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Modern India Ltd. and 3 Ors. v. Financial Technologies (India) Limited and 37 Ors.

Case brief

What is this about?

What did the court decide?

Modern India Ltd. and 3 Ors. v. Financial Technologies (India) Limited and 37 Ors.

Case brief

What is this about?

What did the court decide?

What the court decided

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