9911796707
TMI Blog1999 (8) TMI 860X X X X Extracts X X X X X X X X Extracts X X X X ..... hange Board of India, Commissioner of Police, Criminal Bureau of Investigation, Reserve Bank of India and Union of India. In substance, the petitioners grievance as set out in the writ petition is that they had invested huge amounts in Project Grape Investment Scheme of Respondent No. 1 and they were forced by respondent No. 3 to accept equity shares of respondent No. 2 in lieu of surrender of their investment in respondent No. 1 company. They say that rosy picture of high returns was shown to them by respondent No. 3 because of which they were lured and various investors have lodged complaints with the Commissioner of Police on 22-12-1997. Complaint dated 22-12-1997 lodged by Petitioner No. 4 with the Deputy Commissioner of Police, Econ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion, states that he had 1,800 shares of respondent No. 1 and had also deposited Rs. 80,000. As a deposit with respondent No. 1. He further states that petitioner No. 4 had deposited with respondent No. 1 a sum of Rs. 3,35,000. These deposits are stated to have been made sometime in the year 1993. Mr. Rizvi, however, is unable to state about the amounts invested/deposited by petitioner Nos. 2 and 3, but submits that their investments were of nominal amounts. ( b ) At the time of investments with respondent No. 1, agreements were entered into between the parties, i.e., the investors and respondent No. 1. Respondent No. 1 had also issued in favour of the investors, including the petitioners before us, the post-dated cheques of nearly four ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vour of the investors. It is further evident that petitioner No. 4 transferred 6,800 shares out of the aforesaid shareholding of 50,200, accepting the offer of Times Professional Services Ltd., for consideration of Rs. 1,02,000. The said amount of Rs. 1,02,000 was paid to petitioner No. 4 by cheque No. 324008 dated 24-3-1995. This was the amount of consideration for purchase of 6,800 equity shares of respondent No. 2 from petitioner No. 4. It also seems evident that in case she had sold the entire shareholding of 50,200 lakh shares, she would have received more than Rs. 7 lakhs for investment of Rs. 3,35,000 made in 1993. ( f ) Petitioner No. 1 states that he did not sell his shares. That may be so. But what is relevant is that petitioner ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... responsibility to disclose the facts in the present case is greater since it is a public interest litigation. It is further greater on petitioner No. 1 he being a member of the noble profession and having filed the petition in dual capacity, one as a litigant and the other as advocate representing petitioner Nos. 2 to 4. The result of this adventure by the petitioners has been a colossal waste of time of the Court, thereby depriving the other litigants a hearing of their cases. Accepting as true the statements made in the petition and proceeding on the basis that all material facts have been disclosed, various directions were issued to the authorities. The authorities have proceeded in the matter and enquiries, investigations and other step ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the material facts were suppressed from this Court. It is our duty to discourage filing of such petition. With increasing number of such petitions, it has become necessary to ensure that the course of justice is not polluted by unscrupulous litigants for personal matters under the garb of public interest litigation. Only a person acting bona fide has a locus to approach this Court. A vexatious petition under the colour of public interest litigation for vindicating personal grievance or for personal gains, deserves outright rejection. As already noted, innumerable days have been wasted on account of this vexatious petition. This time, otherwise, could have been spent for the disposal of cases of the genuine litigants. 6. Faced with th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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