Networth Stock Broking Ltd And 2 ORS v. Mukesh Konde And 6 ORS.

sat 1/2 nms 963-2013.doc

IN THE HIGH COURT OF JUDICATURE AT BOMBAY

ORDINARY ORIGINAL CIVIL JURISDICTION NOTICE OF MOTION NO. 963 OF 2013 IN SUIT NO. 3022 OF 2009 Networth Stock Broking Ltd. & Ors.

...Plaintiffs / Applicants vs.

Mr.Mukesh Konde & Ors.

....Defendants Mr.Dipan Merchant, Senior Advocate with Vaibhav Bajpai, Krishma Merchant Patel i/b. I.V. Merchant & Co. for Plaintiffs. Mr.Omprakash Jha i/b. Law Point for Defendant No.5. Mr.M.G. Gawde for Defendant Nos.6 and 7.

Ms.Nikita Lamba i/b. Daya Gupta for Defendant No.9 / SEBI. CORAM : S.C. GUPTE, J.

15 DECEMBER 2015 P.C. :

The Plaintiffs are brokers attached to the Bombay Stock Exchange. The Plaintiffs have filed the present suit alleging a fraud on the part of Defendant Nos.1 to 4, who are the Plaintiffs' clients. The basic grievance in the plaint is that these Defendants rigged the price of a certain scrip and sold off the shares. In pursuance of a statement made before this Court and which is recorded in an order passed on 18 February 2009, BSE, who is Defendant No.5 in the present suit, has blocked the pay-out insofar as the disputed sales of shares are concerned, as and by way of a precautionary step. Leaned Counsel for Defendant No.5 today submits before the Court that the BSE has already invested the pay-out funds in a Nationalised Bank and that they would like to deposit the fixed deposit certificates with the Court. The BSE shall, accordingly, deposit the share certificates with the Court. The Prothonotary & Senior Mater of this Court shall, after expiry of the deposit period, renew the fixed deposit receipts from time to time until further orders. Such

sat 2/2 nms 963-2013.doc deposit shall be made within a period of three weeks from today. Learned Counsel for the Plaintiffs states that his clients shall consider dropping the Stock Exchange - Defendant No.6 from the array of parties, having regard to the order passed today. The Plaintiffs may do so. The Notice of Motion is disposed of accordingly.

The suit to appear on board for framing of issues on 15 January 2016.

(S.C. Gupte, J.)