J.S.Khehar, J.

1. M/s. PGF Limited (hereinafter referred to as the PGFL) was originally incorporated on 19-1-1983 as Pearls General Finance Limited. Its name was changed to Pearls Green Forests Limited in 1988 and finally to PGF Limited in 1997. Eversince the commencement of business, PGF Ltd. (hereinafter referred to as the PGFL) claims to be subject to regulation, under the provisions of the Companies Act, 1956 , under the Department of Company Affairs, the Company Law Board, and the Registrar of Companies. PGFL has its registered office at S.C.O. No. 1042-43, Sector 22-B, Chandigarh, and its Head Office at 2nd Floor, Vaishali Building, Community Centre, Paschim Vihar, New Delhi.

2. So far the activities of PGFL are concerned, the same have been depicted in a communication addressed by the PGFL to the Securities and Exchange Board of India (hereinafter referred to as the SEBI) dated 15-1-1990. PGFL is stated to be operating two kinds of schemes; firstly, a scheme involving sale/sale and development of agricultural land, and secondly, joint venture schemes. During the course of hearing of the instant writ petition on 28-5-2004, learned counsel for the petitioners informed