JUDGMENT

1. THE SPECIAL COURT (TRIAL OF OFFENCES RELATING TO TRANSACTIONS IN SECURITIES) AT BOMBAY HAS PASSED TWO DECREES (BOTH EX PARTE) AGAINST THE APPELLANT. ONE DECREE IS FOR RECOVERY OF RS 14,53,327.23P. AND INTEREST THEREON AND IS DATED 3-7-2003 PASSED IN MISC. PETITION NO. 50 OF 2000 AND THE OTHER DECREE IS FOR RECOVERY OF RS. 17,70,015.58P. AND INTEREST AND IS DATED 9-7-2003 PASSED IN MISC. PETITION NO. 81 OF 2000. BOTH THE DECREES WERE PASSED EX PARTE. AS NONE APPEARED FOR THE APPELLANT ON THE DATE OF HEARING BEFORE THE SPECIAL COURT. IN MISC. PETITION NO. 81 OF 2000 (MA NO. 243 OF 2003) APPLICATION WAS MOVED FOR SETTING ASIDE EX PARTE DECREE AND SEEKING REHEARING ON MERITS. THE APPLICATION HAS BEEN REJECTED VIDE ORDER DATED 17-92003 BY THE SPECIAL COURT, AS IN ITS OPINION, SUFFICIENT CAUSE FOR DEFAULT IN APPEARANCE BY THE APPELLANT OR ITS COUNSEL WAS NOT MADE OUT. FEELING AGGRIEVED, CA NO. 10280 OF 2003 HAS BEEN FILED. THE EX PARTE DECREE PASSED IN MISC. PETITION NO. 50 OF 2000 DATED 3-7-2003 IS DIRECTLY CHALLENGED IN CIVIL APPEAL NO. 10281 OF 2003.

2. HAVING HEARD THE LEARNED COUNSEL FOR THE PATTIES, WE ARE SATISFIED THAT THE APPROACH ADOPTED BY THE SPECIAL COURT IN REJECT