Kanta Agrawala & Anr. v. The Union of India & Ors.

Judgment

#1. The copy of instruction by way of para wise reply to the writ … for the respondent nos. 6 to 10. petition filed by the Reserve Bank of India after serving the copy of the same to the learned counsel for the petitioner be kept with the record.

#2. The petitioners have filed the present writ application praying for a direction upon the respondent authorities, more particularly, upon the respondent no. 3 to conduct enquiry and submit report disclosing the status of shares and securities which were pledged with the respondent no. 10 in respect of cash credit account being Account No. 014/17/70696 at the Standard Chartered Bank, Branch N.S. Road as described in the Schedule A and Schedule B at paragraph no. 3 in the writ application and allied prayers.

#3. When the writ petition was taken up for hearing by this Court on March 27, 2025, the respondent authorities have raised the objection with regard to the maintainability of the writ application. But this Court taking 2 consideration of the prayer made by the petitioner that the representation has not been considered by the Reserve Bank of India and thus, this Court has requested the learned advocate appearing for the respondent nos. 3 to 5 to ascertain with regard to the representation dated November 5, 2024.

#4. Today when the matter is taken up for hearing, learned advocate appearing for the Reserve Bank of India submits that as the matter is sub judiced before the Court and thus the Reserve Bank of India was of the view no further decision can be taken till the disposal of the pending proceeding before the appellate court.

Learned counsel appearing for the respondent nos. 6 to 10 submits that the issue raised in the civil suit in which the petitioner has got the decree is the overlapping issue in the present writ application. The decree passed by the learned Civil Court has been stayed by the Appellate Court and the appeal is pending for adjudication. He submits that the writ petition is not maintainable and the same is liable to be dismissed.

#6. Heard the learned counsel for the respective parties. Perused the materials on record.

#7. This Court finds that the petitioner in the suit has made the following prayer: “C(1) Declaration that the Plaintiffs are lawful and bonafide owner in respect of shares/securities along with NSC as described in schedule A & B excluding the shares sold by the defendant bank through its broker “Krishna 3 Kothari & Co.” as per contract note no. 01/11- 02-994 dated 11-02-1994. C(2) Mandatory injunction directing defendant Bank no. 1 to return forthwith the Share and Securities as set out in the Schedules of the Plaint and in default respective companies whose name appears in schedule A & B shall issue duplicate shares upon furnishing of Indemnity Bond in the name of the Plaintiffs.”

#8. Schedule A of the suit is as follows: “S C H E D U L E A NAME OF THE COMPANIES Folio No. NO. OF SHARES D C W Limited K 03199 150 Garman Ramedies K 22313 50 I T C Limited 100 Oriental Hotels 200 Pond’s (India) K047600 50 Transport Corporation Vam Organic 300 400” 4

#9. Schedule B of the suit is as follows: S C H E D U L E - B NAME OF THE COMPANIES FOLIO NO. NO. OF SHARES Apple Industries Ltd., -do- -do- -do- -do- Ashok Leyland Fiance -do- Britannia Industries Cochin Refineries Ltd. Diamines & Chemivals Infra India Limited India Glycol Limited Jayprakash Industries Jindal Iron & Steel Lakhanpal National Ltd. Mcleod Russel (India) Ltd. Motor General Finance Nameste Exports Ltd. -do- National Organic Chemical -do- -do- -do- Shree Vindhya Paper Ltd. Shrenuj & Company Ltd. TTK Pharmna Ltd. VST Industries Ltd. Woolworth (India) Ltd. Unit Trust (Unit-64) National Saving Certificates worth of Rs. 75,000/- Cipla Limited State Bank of India Nahar Spinning Larsen & Toubro Limited K29690 K29691 K29686 K29688 K29689 018626 K018806 0510359 102112 K01887 153124 K156106 K02096 K002930 K00327 NS9261 NS9242 T9K06760 T9K06758 T9K06759 T9K07327 A00123 K0003317 K02102 K003549 113326 20094001/ 511056 150 150 150 150 150 100 100 100 50 100 150 200 500 200 100 50 300 60 40 50 50 50 50 500 100 100 50 400 800 unit E015360 1220385 to 387, 1259653 NS9261 NS9242 K86456 100 200 100 50

#10. The representation made by the petitioner with regard to the shares is as follows: Share Company name No. of Shares DCW Limited German Remedies ITC Ltd. Oriental Hotels Ponds (India) Transport Corporation Vam Organic 150 50 100 200 50 300 400 5

#11. In the representation, the petitioner has requested the Reserve Bank of India to direct the Bank to furnish the detailed statement of account of cash credit account being Account No. 014/17/70696 and whereabouts the scheduled shares certificate and the securities.

#12. Considering the prayer made in the suit, schedule A and schedule B of the suit, the details of the share made in the representation are tallying with the schedule A and schedule B property of the suit. The Civil Court has passed the ex parte decree against the respondents and now the respondents have preferred and appeal and the appellate court has stayed the decree.

#13. Considering the above, once the matter is already pending before the Appellate Court for adjudication and the decree has been stayed, thus it is not proper for this Court to interfere with the writ application. Accordingly, the writ application is dismissed.

#14. WPA 27192 of 2024 is dismissed.

#15. Urgent photostat certified copies of this order, if applied for, be supplied to the parties upon compliance with all the necessary formalities. (Krishna Rao, J.)