JUDGMENT

CO.APPL.782/2006 [By Murari Lal Saraf]

1. Viewed from the point of view of dispensation of speedy justice, this case presents a somewhat sorry picture.

2. This application was preferred by the applicant 17 years ago. The applicant claims to have purchased 1500 equity shares of Reliance Industries Ltd (RIL) from the open market on 25 April 1997. Aggrieved at the fact that the shares were not being transferred in the applicant's name, purportedly owing to certain orders passed by this Court, the present application was filed in 2006. We are now towards the end of 2023, and the application continues to languish undecided.

Facts

3. Chronologically, it is necessary, before adverting to the purchase of RIL equity shares by the applicant, to refer to a communication, dated 9 April 1997, from the Reserve Bank of India (RBI) to CRB Capital Markets Ltd ("CRBCML", hereinafter), in which the following proscription found place:

"5. Further, the Reserve Bank of India on being satisfied that it is necessary so to do in the public interest, hereby directs your company in accordance with the provisions of section 45 MB (2) of the Reserve Bank of India Act, 1934 not to sell, transfer, creat