Federal Court of Australia
Federal Court of Australia
Securities and Exchange Board of India v MiiResorts Group 1 Pty Ltd (No 2) [2021] FCA 1646 File number: QUD 147 of 2017
Judgment of: LEE J
Date of judgment: 21 December 2021
Catchwords: PRACTICE AND PROCEDURE – distribution of funds held on trust to investors affected by the operation of a "Ponzi" scheme – where funds transferred to India to be administered by a committee constituted by the Securities and Exchange Board of India (SEBI) – where undertaking given and secured by a conditional bond – where only 65 per cent of funds distributed in 18 months – need to extend time for distribution – further delay will result in bond amount being forfeited to the Court
Cases cited: Kadam v MiiResorts Group 1 Pty Limited (No 5) [2018] FCA 1086; (2018) 129 ACSR 74 Securities and Exchange Board of India v MiiResorts Group 1 Pty Ltd [2020] FCA 824
Division: General Division
Registry: Queensland
National Practice Area: Commercial and Corporations
Sub-area: Corporations and Corporate Insolvency
Number of paragraphs: 12
Date of hearing: 21 December 2021
Solicitor for the Applicant: Mr L T Prescott of DLA Piper Australia
ORDERS QUD 147 of 2017
BETWEEN: SECURITIES AND EXCHANGE BOARD OF INDIA Applicant
AND: MIIRESORTS GROUP 1 PTY LTD ACN 140 177 395 First Respondent
PEARLS INFRASTRUCTURE PROJECTS LIMITED (INDIA) Second Respondent
order made by: LEE J DATE OF ORDER: 21 December 2021
THE COURT ORDERS THAT:
1. The interlocutory application dated 30 November 2021 be dismissed. 2. Order 6 made on 3 June 2020 be varied such that if, on or by 21 December 2022, an affidavit is not filed by the solicitors for the applicant deposing to the complete distribution of the Residual Fund then, subject to further order, the Bond Amount be forfeited to the Court. Note: Entry of orders is dealt with in Rule 39.32 of the Federal Court Rules 2011.
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