Honble YAMIN, J.—These two revisions will be disposed of by this single order as they have been filed by both the parties against the impugned order dated 30.4.1999 passed by learned Additional District Judge No. 5, Jaipur City, Jaipur in Civil Suit No. 18/99.

(2). Brief facts are that the Bank of Rajasthan is a banking company incorporated and registered under the provisions of the Companies Act, 1956. A resolution was passed on 22.9.1995 in the Annual General Meeting of the company for taking requisite steps, measures and actions for bringing in additional capital. It was decided in the said general meeting that the Board of Directors of the company would be competent to take all proceedings and actions for enabling the company to come out with the bonus/rights issue at any time for the purpose of generating additional capital. Consequently, AGM made a reference on 28.9.1998 to the Reserve Bank of India seeking its approval for induction of five new Directors in the Board of Directors of the company. The Reserve Bank of India granted approval for induction of five Directors from Tayal Group with certain conditions. Accordingly five Directors from the Tayal Group were included into the Board of Directors. In the meeting held on 8.12.1998 it was decided that the right issue would provide for issuance of five new ordinary shares of the face value of Rs. 10/-each at a premium of Rs. 5/-per share to the existing shareholders for every two ordinary shares held by them and further that alongwith each rights share a detachable warrant would be issued entitling the holder thereof to apply for and be allotted one ordinary share of Rs. 10/-within 12 to 18 months at a discount of 25% of the average market price of the share prevailing during the last six months. As required by law, the matter was thereafter referred to the Security and Exchange Board of India who passed an order on 25.2.1999 granting its approval to the proposed rights issue with certain observations/modifications which were to be complied with before the commencement of issue. In the right of the conditions imposed by SEBI the company took some decision and the matter was again duly considered by Extraordinary General Meeting of the company held on 5.1.1999 wherein it was duly resolved to increase the capital of the company by providing in its memorandum of association that the capital of the company shall be Rs. 15.0 crores only divided into 15 crores shares of Rs. 10/-each. Thereafter the company took all actions and measures for being able to come out with the said rights issue as per the deadline laid down by the Reserve Bank of India.

(3). Shri Manish Agarwal plaintiff, who had been sitting silent during all these proceedings, chose to file a civil suit on 17.3.1999 in the court of District Judge, Jaipur City, Jaipur from where it was transferred to Additional District Judge No. 5. Plaintiff Manish Agarwal sought relief in terms of declaration and injunction. He wanted a temporary injunction in respect of the aforesaid rights issue. A notice was given to the Bank of Rajasthan and on 22.3.1999 the trial court passed an order of injunction against the rights issue. An appeal was filed by the SEBI in the High Court which was dismissed on 30.3.1999 against which a special leave to appeal before Honble Supreme Court is pending.

(4). The Bank of Rajasthan moved an application under Order 7 Rule 11 CPC for rejection of the plaint on the ground that the plaint does not disclose the cause of action and that no civil suit was maintainable against the defendants in view of the provisions of Sections 20-A and 23 of the SEBI Act as the two sections bar jurisdiction of a civil court. On 30.4.1999 the learned court below held that the suit is not maintainable against the defendant SEBI and consequently the suit against SEBI was dismissed and its name was deleted from the array of defendants but the suit was kept alive against Bank of Rajasthan. It is against this order that the Ban

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