Authority: Supreme Court of India
Order Date: 06-08-2026
Case Overview
- Petition: Writ Petition (Civil) No.188/2004 filed by M/S. Raiganj Consumer Forum against the Union of India & others.
- Hearing held on 06‑08‑2026 before Hon’ble Justices Dipankar Datta and Manmohan, with senior counsel Mr. Sunil Fernandes appointed as Amicus Curiae.
- The dispute centres on finalising a Tripartite Agreement among SBI CAP, the Income Tax Department and the GFIL Committee for settlement of investor dues.
- A status report dated 26‑07‑2026 filed by Mr. Ashok Kumar Vishrant, Deputy Director of Income Tax (L&R), indicated that the draft Tripartite Agreement from SBI CAP is awaited.
- Ms. Aishwarya Bhati, Additional Solicitor General for the Union, confirmed receipt of the final draft and proposed a meeting within two weeks to finalise it.
- The GFIL Committee reported holding approximately Rs 404.55 crore as of 30‑04‑2026; counsel for the Investors’ Forum seeks release of 90 % of this amount to traceable investors.
- The Court directed verification of the figures by Ms. Suruchi Aggarwal and required the GFIL Committee to file an affidavit within three weeks, with a copy to Amicus Curiae Mr. Fernandes.
- Numerous Interlocutory Applications (IAs) were listed, including IA Nos. 117348/2026, 134873/2022, 152519/2026 (WP(C) 188/2004), IA No. 228664/2026 (TC(C) 2/2004), IA No. 200178/2026, IA No. 137978/2025 (correction), and many others ranging from 2018 to 2026 covering permissions, clarifications, exemptions, interventions, and recall orders.
- Parties were ordered to submit short written notes (maximum three pages) on their claims/counter‑claims for the listed IAs by the next hearing date; any objections must be filed within two weeks, with rejoinders a week later.
- The Court also directed issuance of notice on IA No. 200178/2026 in TC(C) 2/2004 and amendment of paragraph 10 of the order dated 22‑04‑2026 to refer to IA No. 137978/2025.
- The matters are to be listed again on 17‑September‑2026 after obtaining orders from the Chief Justice of India.
Final Outcome
- The Court permitted SBI CAP, the Income Tax Department and the GFIL Committee to finalise the Tripartite Agreement and proceed as per the order dated 13‑May‑2026.
- An affidavit on the GFIL Committee’s fund position must be filed within three weeks; based on its content, 90 % of the Rs 404.55 crore may be released to traceable investors, with the possibility of adjusting the percentage if the fund position differs.
- All parties must comply with the procedural directions regarding IA submissions, notices, and the next listing on 17‑September‑2026.
Topics: Court Order, Investor Recovery, Tripartite Agreement