The High Court passed the impugned order on 05.06.2008 staying the operation and the enforcement of the order dated 4.6.2008 impugned before it till further orders of the High Court.
The High Court has also indicated that since objection was taken to certain activities of Respondent No.1, they were directed to companyplete all the requisite formalities and follow the directions of the present appellant from time to time.
These were the main directions in addition to the other directions.
By the final order dated 04.06.2008 Respondent No.1 Company has been restrained from accepting deposits from the existing depositors and fresh depositors.
Briefly stated factual scenario is as follows A show cause numberice was issued by the appellant on 09.05.2008 requiring the Respondent No.1 to show cause as to why certain actions proposed to be taken shall number be taken.
A detailed reply, according to Respondent No.1, was filed on 02.06.2008.
The writ petitioner was prevented from accepting any new deposit whose maturity will be beyond June, 2010.
The matter was directed to be listed in the last week of July, 2008.
Respondent No.1 before the High Court took the stand that before the show cause reply was submitted discussions were held on 20.5.2008.
In the writ petition filed before the High Court, it was stated that the writ petitioner did number get a fair opportunity to present its case before the present appellant and, therefore, it has affected a large number of employees, agents, staffs and the depositors.
The challenge in this appeal is to the order passed by the Division Bench of the Allahabad High Court, Lucknow Bench granting interim protection to Respondent No.1.
DR.ARIJIT PASAYAT,J. Leave granted.
Heard the learned companynsel for the parties.
