V.Janarthanan v. The Securities And Exchange

2025:MHC:2487

IN THE HIGH COURT OF JUDICATURE AT MADRAS

DATED: 27-10-2025

CORAM

THE HONOURABLE MR JUSTICE S. M. SUBRAMANIAM AND THE HONOURABLE MR.JUSTICE MOHAMMED SHAFFIQ

1. V.Janarthanan Petitioner(s) Vs

1. The Securities and Exchange Board of India, Plot No.C4-A, G Block, Bandrakurla Complex, Bandra (East), Mumbai 400 051 2.The Securities Appellate Tribunal(SAT), Earnest House, 14 th Floor, NCPA Marg, Nariman Point, Mumbai 3.The Securities Exchange Board of India, Southern Regional Office at, Overseas Towers, 7th Floor, 756-L, Anna Salai, Chennai 2 4.The Inspector General of Registration(Appellate Authority) Santhome

High Road, Chennai 600 028 5.The Sub Registrar O/o. Thamaraipatti Sub Registrar Office, Thamaraipatti, Madurai 6.The Superintendent of Police E.O.W-II Unit Guindy, Chennai 600 032 7.The Inspector of Police E.O.W-II, Viswanathapuram, Madurai-14 8.M/s.V.Janardhanan, 9.M/s.N.Arun, 10.M/s.C.Srinivasan, 11.M/s.M.N.Umashanker, 12.M/s.S.Jeevalatha, 13.M/s.T.Shyam Chander 14.Disc, Dal, Aiyan Group Of Companies Depositors and Agents Welfare Association, Madurai (Reg No.38/2019), Rep. by its Secretary, Mr.Sundaram, No.12-112, Kasthuri Nagar, Lakshmi Bakery Back side, Madurai Main Road, Palamedu, Madurai District-625 503.

15.The Assistant Commissioner of Income Tax, Corporate Circle-1, O/o.The Assistant Commissioner of Income

Tax, No.2 C.R.Building, PV Rathinasamy Nadar Road, BB Kulam, Madurai-625 002.

16.The Deputy Commissioner Of Income Tax, TDS Circle, O/o.The Deputy Commissioner of Income Tax, Income Tax Staff Quarters Complex, Kulamangalam Main Road, Meenambalpuram, Madurai-625 002.

17.The Commissioner, O/o.The Commissioner of CGST and Central Exicse, Central Excise, Central Revenue Building, BB Kulam, Madurai-625 002.

18.The Assistant Commissioner Zone-1, Madurai Corporation, Zonal Office, T.B.Road, Madurai-625 010.

19.Special Deputy Collector, Office of the Special Deputy Collector (Stamp Paper), District Collector Office, Madurai-625 020.

20.The Deputy Director, Employees State Insurance Corporation, Sub Regional office, 3rd West Street, K.K.Nagar, Madurai-625 020.

21.Chennai Metro Water Chennai Metropolita Water Supply and Sewerage Board, No.1 Pumping Station Road, Chintadripet, Chennai-3.

22.The Chief Engineer, TANGEDCO, No.144, NPKRR Maligai, Anna Salai, Chennai-600 002 .

23.The Assistant Revenue Officer, Zone-9, Revenue Department, Chennai Metropolitan, No.1, Lake Area 4th Cross Street, Nungambakkam, Chennai-34.

24.The Superintending Engineer, TANGEDCO, Madurai Metro Circle, Race Course Road, K.Pudur, Madurai-625 007.

Respondent(s) PRAYER To call for the entire records pertaining to the proceedings of the 6th and 7th respondent in C.No.40/DSP/EOW-II/MDU/2015 dated 14.07.2015 (signed on 06.06.2016) and C.No.98(DISC)/ DSP/EOW-II/MDU/2017 dated 04.05.2017 and quash the same and consequently direct the 1 st respondent SEBI to consider and pass order on our representations dated 17.10.2016, 19.10.2016 and 23.01.2017 and further direct to grant permission to the petitioner herein to proceed with the sale of the scheme properties and also permit the petitioner company to register sale deeds in favour of the third parties and eligible persons who deposited the amount for land from the petitioner company in the presence of the arbitrator appointed by the High Court in WP.No.8084 of 2017 by orderes dated 04.04.2017 on the file of this Court and pay the sale consideration to the depositors on seniority basis in the presence of the said arbitrator.

For Petitioner(s):

Mr.S. Dhakshnamoorthy, For Respondent(s): R2- Tribunal Mr. C. Manishankar Senior Counsel And Mr. M.S.Krishnan Senior Counsel Amicus Curiae

Mr. B.Dinesh Administrative Committee Mr. P.Kumaresan, Additional Advocate General Asst.By Mr. M. Babu Muthumeeran Additional Public Prosecutor For R6 and 7 Mr.A.Suresh Sakthi Murugan, For R14 Mr. Sai Srujan Tayi, Senior Standing Counsel For R17.

ORDER

In view of the order passed in W.P.No.8084 of 2017, the present writ petition is disposed of. No costs. Consequently, the connected miscellaneous petitions, if any, are closed.

(S.M.SUBRAMANIAM J.)(MOHAMMED SHAFFIQ J.) 27-10-2025 gd Index:Yes/No Speaking/Non-speaking order Internet:Yes

To 1.The Securities AND Exchange Board of India, Plot No.C4-A, G Block, Bandrakurla Complex, Bandra (East), Mumbai 400 051 2.The Securities Appellate Tribunal(SAT), Earnest House, 14th Floor, NCPA Marg, Nariman Point, Mumbai 3.The Securities Exchange Board of India, Southern Regional Office at, Overseas Towers, 7th Floor, 756-L, Anna Salai, Chennai 2 4.The Inspector General of Registration(Appellate Authority) Santhome High Road, Chennai 600 5.The Sub Registrar O/o. Thamaraipatti Sub Registrar Office, Thamaraipatti, Madurai 6.The Superintendent of Police E.O.W-II Unit Guindy, Chennai 600 7.The Inspector of Police E.O.W-II, Viswanathapuram, Madurai-

8.The Assistant Commissioner of Income Tax, Corporate Circle-1, O/o.The Assistant Commissioner of Income Tax, No.2 C.R.Building, PV Rathinasamy Nadar Road, BB Kulam, Madurai-625 002.

9.The Deputy Commissioner Of Income Tax, TDS Circle, O/o.The Deputy Commissioner of Income Tax, Income Tax Staff Quarters Complex, Kulamangalam Main Road, Meenambalpuram, Madurai-625 002.

10.The Commissioner, O/o.The Commissioner of CGST and Central Exicse, Central Excise, Central Revenue Building, BB Kulam, Madurai625 002.

11.The Assistant Commissioner Zone-1, Madurai Corporation, Zonal Office, T.B.Road, Madurai-625 010.

12.Special Deputy Collector, Office of the Special Deputy Collector (Stamp Paper), District Collector Office, Madurai-625 020.

13.The Deputy Director, Employees State Insurance Corporation, Sub Regional office, 3rd West Street, K.K.Nagar, Madurai-625 020.

14.Chennai Metro Water Chennai Metropolita Water Supply and Sewerage Board, No.1 Pumping Station Road, Chintadripet, Chennai-3.

15.The Chief Engineer, TANGEDCO, No.144, NPKRR Maligai, Anna Salai, Chennai-600 002 .

16.The Assistant Revenue Officer, Zone-9, Revenue Department, Chennai Metropolitan, No.1, Lake Area 4th Cross Street, Nungambakkam, Chennai-34.

17.The Superintending Engineer, TANGEDCO, Madurai Metro Circle, Race Course Road, K.Pudur, Madurai625 007.

S.M.SUBRAMANIAM J.

AND MOHAMMED SHAFFIQ J.

gd 27-10-2025