pvr １ A468-11 IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION APPEAL NO.468 OF 2011 IN NOTICE OF MOTION NO.1399 OF 2011 IN SUIT NO.988 OF 2011 Vector Program Pvt.Ltd. ...Appellant vs. 1.Standard Chartered Bank & Ors. ...Respondents --- Mr.P.K.Samdani, Sr.Advocate @ Mr.G.R.Joshi, for Appellant. Mr.Aditya Jalan i/b. ALMT Legal, for Respondent no.1. Mr.Hiren Mehta, for Respondent no.2. Mr.J.J.Bhatt, Sr.Advocate i/b. Shital Turaklia, for Respondent no.3. Mr.Zal Andhyarujina i/b. Shailesh Kantharia, for Respondent no.4. Mr.R.M.Tiwari, for Respondent no.5. --- CORAM: D.K.DESHMUKH & R.G.KETKAR, JJ. DATED: 8th August,2011. pvr ２ A468-11 P.C.:- 1. Admit. Heard finally by consent of parties. The learned Counsel appearing for defendant no.1-Standard Chartered Bank has informed us that the shares which are subject matter of this suit are physically in possession of defendant no.1. It appears from the record that the plaintiff has received money through defendant no.2. But it, prima facie, appears that the transaction was for the benefit of respondent no.4. The plaintiff, admittedly, has, after acquiring the shares, delivered the shares in the custody of defendant no.1 alongwith the blank signed transfer forms in escrow. It is also an admitted position that unless the Reserve Bank of India grants permission, the shares cannot be transferred in favour of Respondent no. 4 and admittedly till this date the Reserve Bank of India has not granted permission. The pvr ３ A468-11 plaintiff though has offered to refund the money which was received by him for buying of shares, has not actually tendered the money to anybody. In this situation, therefore, in our opinion, the following order would meet the ends of justice:- Ad-interim order, which is challenged in this petition, is set aside and is substituted by the following order:- (i) Hearing of Notice of Motion no.1399 of 2011 is expedited. (ii) During the pendency of that notice of motion, the respondent no.1 Bank shall continue to be in its possession, as escrow agent, the shares which are subject matter of this petition and the signed blank transfer forms, and shall not hand over and transfer those shares to anybody without seeking leave of the Court. (iii) The parties shall be at liberty to apply pvr ４ A468-11 to the learned Single Judge for appropriate interim order in case any development which is relevant in relation to transfer of the shares takes place. If such an application is made, the learned Single Judge shall consider it in accordance with law on the basis of material produced before him. The appeal is disposed of. As appeal itself is disposed of, notice of motion no.2194 of 2011 does not survive for consideration, it is disposed of. (D.K.DESHMUKH, J.) (R.G.KETKAR, J.)