1. This Hon'ble Court, on 17-02-2025 (notice issue date), has been pleased to pass the following order:

" 1. Re-list on Monday i.e., 24.02.2025. 

 2. Court notices will be issued to the nominated/Standing counsel for the Reserve Bank of India (RBI) and the learned counsel appearing for the RBI before the High Court. 

 3. In the meanwhile, the counsel for the parties shall file written synopses, not exceeding four pages, citing relevant page numbers vis-a-vis the pleas and contentions raised by them. 

 4. The petitioner is also given liberty to file a reply to the show cause notice issued by the RBI. 

 5. The RBI, notwithstanding the pendency of the present Special Leave Petition as well as the directions given in the impugned judgment, would be entitled to pass appropriate orders thereon in accordance with law."

This matter was lastly listed on 24.02.2025 and the Hon'ble Court was pleased to pass the following order:

In this matter, several issues and questions have been raised for consideration. Notably, the scope and ambit of the order passed by the learned single Judge of the High Court of Delhi dated 26.10.2024 is under scrutiny, particularly in the light of the ongoing proceedings concerning oppression and mismanagement before the National Company Law Tribunal1/ National Company Law Appellate Tribunal2, which are currently seized of the matter. The primary prayer in the writ petition pertains to the alleged inaction or failure on the part of the Reserve Bank of India3 in fulfilling its obligations. However, it is pertinent to note that the interim directions issued by the learned Judge appear to address and adjudicate all issues and contentions inter se the parties, including those that are sub-judice before the NCLT/NCLAT and the RBI. 

Issue notice, returnable in the week commencing 14.04.2025. 

Notice is accepted by Mr. Sahil Tagotra, learned counsel, who is present in Court on advance notice/caveat for respondent No. 1. Hence, notice need be served on the said respondent. 

Respondent No. 2, RBI, is represented upon notice being issued to it by this Court, vide order dated 17.02.2025. 

Notice shall be served upon the unrepresented respondents by all modes, including dasti, upon steps being taken within ten days from today.

 As an interim measure, the following directions are issued: -

 (i) There shall be stay of operation of the directions issued in the order dated 23.10.2024 passed by the learned single Judge in W.P.(C) No. 9877/2024, which supersedes the Board of Directors of respondent No. 7, Exclusive Capital Limited, and appoints an Interim Committee of Administrators4. For the time being and till the date of this order, the payments to be made to the ICA, as per the said order, shall be borne by the writ petitioner. 

(ii) The orders passed by the NCLAT in relation to the appointment of the Observer, including the directions and powers given to such Observer, shall, however, continue to operate. 

(iii) Till the next date of hearing in the present special leave petition, we find it appropriate to direct that the respondent No. 7, Exclusive Capital Limited, shall continue with its day-to day business activities. However, it shall not enter into any financial transaction exceeding ₹10,00,000/- (Rupees Ten Lakhs only) without prior notice to the Observer. If the Observer deems it appropriate, he may bring the details of such transaction to the notice of the NCLT, where proceedings under Section 242 of the Companies Act, 2013, are pending. The NCLT may, thereupon, pass appropriate orders. 

(iv) The proceedings before the RBI, pursuant to its show-cause notice and in view of the liberty granted by this Court, vide order dated 17.02.2025, shall continue and appropriate orders shall be passed, preferably within a period of four weeks from today. 

(v) The observations recorded in the order passed by the learned single Judge and in the impugned judgment will not influence the RBI when it takes a decision. The RBI shall also not be influenced by this order, granting stay. It shall take an independent decision on the merits of the matter and proceed in accordance with law. 

(vi) Liberty is granted to the writ petitioner and the shareholders, who have moved the NCLT, to move an application before the NCLT/NCLAT seeking appropriate directions. If any such application is filed, the same will be considered and decided in accordance with law, without being influenced by the impugned judgment, including the order of the learned single Judge and the present order, granting stay.

 (vii) The proceedings before the NCLT/NCLAT may continue. It will be equally open to the petitioner before us, who is the respondent before the NCLT and the petitioner before the NCLAT, to contest/pursue the proceedings.

2. There are six respondent(s) in the matter and in view of aforesaid order, notice was issued to Mr Ramesh Babu, Standing Counsel for RBI by email on 20.02.2025.

Name of the Parties	Notice issued on	Notice served on	Status	Remarks
RESPONDENT No. - 1 to 6	21.03.2025

3. The status of parties and pleadings as regards the special leave petition/appeal is as under:

Name of the Parties	Vakalatnama file by Advocate on-Record/ Memo of Appearance by Party in-person	Counter Affidavit filed on	Rejoinder Affidavit filed on	Page No(s)	Remarks
RESPONDENT No. - 1 EVAAN HOLDINGS PVT LTD	Mr. Sahil Tagotra
RESPONDENT No. - 2 RESERVE BANK OF INDIA	Mr. Ramesh Babu
RESPONDENT No. - 3 RAJEEV UBEROI					service is awaited
RESPONDENT No. - 4 KRISHNAMA CHARY MUDUMBA					service is awaited
RESPONDENT No. - 5 OM PRAKASH SHABHARIA	Ms. Namita Suri
RESPONDENT No. - 6 HARVINDER SINGH	Ms. Namita Suri
PETITIONER No. - 1 JOHNSON KA	Mr. Vaibhav Manu Srivastava

4. The status of applications/affidavits/documents filed by the parties, subsequent to the filing of special leave petition/appeal, is as under:

S.No.	Appln. No.	Name of Advocate on-record	Filed on	Description of Application/Affidavit/Document	Page No	Remarks
1	42639/2025	2447 - VAIBHAV MANU SRIVASTAVA	15-02-2025 14:35:06	PERMISSION TO FILE ADDITIONAL DOCUMENTS/FACTS/ANNEXURES		included
2	42640/2025	2447 - VAIBHAV MANU SRIVASTAVA	15-02-2025 14:35:20	PERMISSION TO FILE LENGTHY LIST OF DATES		included
3	42641/2025	2447 - VAIBHAV MANU SRIVASTAVA	15-02-2025 14:35:29	EXEMPTION FROM FILING C/C OF THE IMPUGNED JUDGMENT		included
4	46063/2025	2447 - VAIBHAV MANU SRIVASTAVA	19-02-2025 13:01:31	AFFIDAVIT OF SERVICE		included
7	48168/2025	2447 - VAIBHAV MANU SRIVASTAVA	21-02-2025 10:52:24	WRITTEN SUBMISSION/STATEMENT		included
8	50930/2025	2447 - VAIBHAV MANU SRIVASTAVA	25-02-2025 09:56:35	PERMISSION TO FILE ADDITIONAL DOCUMENTS/FACTS/ANNEXURES	1-654	circulated
9	74877/2025	2447 - VAIBHAV MANU SRIVASTAVA	25-03-2025 13:12:49	PERMISSION TO FILE ADDITIONAL DOCUMENTS/FACTS/ANNEXURES	1-9	circulated
10	107649/2025	2447 - VAIBHAV MANU SRIVASTAVA	28-04-2025 13:14:02	MODIFICATION OF COURT ORDER	1-431	circulated

5. It is submitted that counsel for the petitioner has on 21.2.25 filed Amended Memo of parties but there is no order for amendment. Already included in paper books 

Service is not complete on Respondent No. 3 & 4.

6. The petition/appeal along with the application(s) above-mentioned is listed before the Hon'ble Court with this office report.