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In the matter of M/s. Paramount BioTech Industries Ltd

Apr 28, 2006
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Orders : Orders of SAT

IN THE SECURITIES APPELLATE TRIBUNAL

MUMBAI

 

Review Petition No. 1/74/2005

in

Appeal No: 74 of 2005

 

Date of Decision

28/04/2006

 

 

M/s. Paramount Bio-Tech Industries Ltd.

…..Appellant

 

Versus

 

 

Securities & Exchange Board of India

….Respondent

 

 



 

Mr.  J.J. Bhatt, Advocate for the appellant

 

Mr. Subhash Jha, Advocate with Mr. Praveen Trivedi, Dy. Legal Advisor, for the respondent.

 

CORAM

 

          Justice N.K. Sodhi, Presiding Officer

          C. Bhattacharya, Member

          R.N. Bhardwaj, Member

 

Per:    Justice N.K. Sodhi, Presiding Officer

 

This appeal was disposed of on February 23, 2006 when the learned counsel for the appellant withdrew the same.  He pointed out that a sum of Rs. 4 lacs is outstanding to the investors of the collective hybrid hi-tech agro farming / plantation projects and that the amount could not be paid to the investors for want of their complete address.  The appellant had been directed to issue a notice in the press informing the investors. That has been done and despite the publication the investors have not approached the applicant to recover the amount. The present application has been filed seeking modification of the earlier order.  The learned counsel for the applicant states that the amount of Rs. 4 lacs may be allowed to be deposited with the Board and the same be disbursed by it to the investors as and when they become available.

Since the Board has no provision to maintain such funds the learned counsel representing it submits that such amount be deposited in a nationalised bank which should be utilised only for making payment to the investors.  The suggestion is reasonable.

We dispose of the application with a direction to the applicant to deposit the total amount due to the unclaimed investors in both the schemes in a nationalised bank and the said amount shall be withdrawn only for the purpose of making payment to them.  This should be done under intimation to the Board. As long as the amount remains deposited with the bank, the applicant will furnish to the Board a six monthly audit statement prepared by their auditors. 

sd/-

Justice N.K. Sodhi
Presiding Officer

sd/-

C.Bhattacharya
Member

sd/-

R.N.Bhardwaj
Member