1. By this writ petition, filed in the nature of public interest litigation, the following reliefs are sought:-

(i) That a writ/direction may be issues restraining the respondent nos. 1 and 2 from issuing a tax free bonds worth Rs. 5000/- Crore to meet the short fall resulting from foreclosure of seven U.T.I.-I.

(ii) That a writ of mandamus may be issued commanding the respondent-C.B.I. to probe into the role of respondents 1, 3, 6 in illegal siphoning of Rs.2800/- Crores and the resultant tax evasion through the Mauritius route under the cover of Double Taxation Avoidance Treaty.

(iii) That writ of mandamus may be issued commanding the C.B.I.-respondent to probe into role of U.T.I. and the then Finance Minister in bailing out the Calcutta Stock Exchange in May, 2001 by buying Rs. 26 crore worth of D.S.Q. Software at a price which was sure to collapse.

(iv) That the writ of mandamus be issued commanding the C.B.I. to probe and fix criminal liabilities on responsible persons into the various acts of commission and omission by the authorities in U.T.I. resulting into loss of thousands of crores of public money by way of short falls in the value of U.S.-64 and M.I.P. Schemes of U.T.I."

2. It is alleged that in March, 2001 stock market crashed. The crash was not ordinary but a result of manipulations. A Joint Parliamentary Committee (JPC) was set up on 26th April, 2001, to probe the market crash. The JPC submitted its report to the Parliament in December, 2002. The report of the Joint Parliamentary Committee is in two volumes; the first volume relates to market crash and the other is with regard to freezing of U.S-64 scheme in June, 2001. It is stated that on 2nd July, 2001, the Unit Trust of India came under pressure due to the massive fall in its share market value of its flagship scheme US-64. The management announced freeze on sale and purchase of its shares for six months after which it was hoped that value of shares would rise. It is alleged that major part of the funds raised by the Unit Trust of India in US-64 and M.I.P. schemes were supposed to be invested in debt schemes for reducing risk factors but on the other hand a significant amount was invested in equity; that resulted in huge loss to Unit Trust of India because of fall in prices of the shares of the companies in which the investments were made. According to the petitioners, by such loss, the savings of middle class to the tune of Rs. 20000 crores were lost. The petitioners have alleged that such act of Unit Trust of India is nothing but an act of reckless speculation in connivance with brokers and the stock exchanges. The petitioners have also alleged that the Central Government attempted to bail out the Unit Trust of India by using money of taxpayers and thereby protecting the irregular actions of Unit Trust of India. Although, JPC has conducted a probe into stock market scam but no steps have been taken to bring culprits to book.

3. The counter affidavit has been filed by the Central Government through Department of Economic Affairs, Ministry of Finance. The Central Board of Direct Taxes and Unit Trust of India have also filed their respective counter affidavits.

4. That the JPC was constituted to make a report to the Parliament with regard to stock market scam and matters relating thereto in the year 2001 is not in dispute. The terms of reference of Committee are stated in the counter affidavit of the Central Government. The said terms of reference were thus:-

"a. To go into the irregularities and manipulations in all their ramifications in all transactions, including insiders trading, relating to shares and other financial instruments and the role of banks, brokers and promoters, stock exchanges, financial institutions, corporate entities and regulatory authorities.

b. To fix the responsibility of the persons, institutions or authorities in respect of such transactions.

c. To identify the misuse, if any, of and failures/inadequacies in the control an