- 1 - HC-KAR CNR: KAHC010420272024 NC: 2026:KHC:54060 WP No. 20369 of 2024 IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 29TH DAY OF SEPTEMBER, 2026 BEFORE THE HON'BLE MR. JUSTICE T.P.VIVEKANANDA WRIT PETITION NO. 20369 OF 2024 (GM-RES) BETWEEN: 1. M/S FIVE OCEANS TELECOM INC. NO.4, DARCY MAGEE CRESCENT SCARBOROUGH, ONTARIO MIC 2T3, CANADA REP. BY ITS MANAGING DIRECTOR ARSHAD REHAN S/O. LATE SHEIK MAHABOOB AGED ABOUT 57 YEARS EMAIL:Aarshadrehan18@gmail.com 2. MRS. AYESHA FIRDOUZ W/O. ARSHAD REHAN AGED ABOUT 56 YEARS DIRECTOR M/S. FIVE OCEAN TELECOM INC. NO.4, DARCY MAGEE CRESCENT SCARBOROUGH, ONTARIO MIC 2T3, CANADA EMAIL:firaye@gmail.com BOTH HAVING LOCAL ADDRESS AT C/O MADHU JAYAN SHANKAR REDDY BUILDING NO.6, 2ND FLOOR, 9TH CROSS, Digitally signed by PAVITHRA B Location: HIGH COURT OF KARNATAKA - 2 - HC-KAR CNR: KAHC010420272024 NC: 2026:KHC:54060 WP No. 20369 of 2024 24TH MAIN, I SECTOR, HSR LAYOUT, BENGALURU - 560102 …PETITIONERS (BY SRI. M. VAIBHAV ALVA, ADVOCATE FOR SRI. M.J. ALVA, ADVOCATE) AND: 1. THE STATE OF KARNATAKA REP. BY ITS PRINCIPAL SECRETARY DEPARTMENT OF FINANCE VIDHANA SOUDHA, BENGALURU - 560001. 2. UNDER SECRETARY GOVERNMENT OF KARNATAKA (I/C) REVENUE DEPARTMENT (SPECIAL CELL) VIDHANA SOUDHA BENGALURU - 560001. 3. THE SPECIAL OFFICER AND THE COMPETENT AUTHORITY FOR M/S MUZARIBA BULLION TRADING LLP 3RD AND 4TH FLOORS, MINI VV TOWER PODIUM BLOCK, DR. AMBEDKAR VEEDHI BENGALURU - 560001 REP. BY ITS SPECIAL OFFICER AND ASSISTANT COMMISSIONER …RESPONDENTS (BY SMT. K.P. YASHODHA, AGA FOR R1 AND R2; SRI. VEERESH BUDIHAL, ADVOCATE FOR R3) - 3 - HC-KAR CNR: KAHC010420272024 NC: 2026:KHC:54060 WP No. 20369 of 2024 THIS WP IS FILED UNDER ARTICLES 226 AND 227 OF THE CONSTITUTION OF INDIA PRAYING TO DIRECT THE SPECIAL OFFICER AND COMPETENT AUTHORITY (IMA AND OTHER KPID CAES)/R3 TO CONSIDER THE CLAIM OF THE PETITIONERS MADE BEFORE IT VIDE THEIR CLAIM APPLICATION DATED 21/06/2024 PRODUCED AT ANN-D. THIS PETITION, COMING ON FOR ORDERS, THIS DAY, ORDER WAS MADE THEREIN AS UNDER: CORAM: HON'BLE MR. JUSTICE T.P.VIVEKANANDA ORAL ORDER The petitioners are before this Court seeking issue of writ of mandamus directing respondent No.3 to consider the claim application dated 21.06.2024 at Annexure-D. 2. The petitioners claim to be the investors/depositors of M/s. Muzariba Bullion Trading LLP. In order to enquire into the alleged fraudulent financial transactions and misuse of funds of the aforesaid establishment, the State Government has appointed respondent No.3 as the Competent Authority under the provisions of Karnataka Protection of Interest of Depositors in Financial Establishments Act, 2004 ('the 2004 Act' for short). - 4 - HC-KAR CNR: KAHC010420272024 NC: 2026:KHC:54060 WP No. 20369 of 2024 3. The Competent authority has invited the claims from the investors/depositors. In response to which, the petitioners stated to have submitted their representation/claim application before respondent No.3. On the ground that the claim application is not considered, the writ petition is filed seeking writ of mandamus. 4. It is noticed that, in response to the claim application dated 21.06.2024, an endorsement dated 04.07.2024 has already been issued by respondent No.3, which has been produced as Annexure- A to the writ petition. 5. Added to that, after filing of the present writ petition, respondent No.3 has once again issued an endorsement dated 23.08.2024 pointing out that without there being relevant information and documentary proof of the petitioners having made payments to the financial establishment in question, respondent No.3 is not in a position to entertain the claim of the petitioners. It is also stated in the aforesaid endorsement that if the petitioners provide necessary - 5 - HC-KAR CNR: KAHC010420272024 NC: 2026:KHC:54060 WP No. 20369 of 2024 information and proof with regard to the transactions, the same would be considered. 6. Learned counsel for the respondent No.3 submits that the endorsements dated 04.07.2024 and 23.08.2024 are not called in question. However, it is his submission that notwithstanding the endorsements referred to supra, if the petitioners produce relevant documents and information with regard to the payments made to the financial establishment is in question, the Competent Authority would consider the claim in accordance with law. 7. Learned counsel for the petitioners submits that the petitioners would approach respondent No.3 with better particulars and required information and make a fresh claim application. 8. In the light of the aforesaid submissions, this Court deems it appropriate and expedient to permit the petitioners to file fresh claim application with better particulars and information to the satisfaction of the Competent Authority in - 6 - HC-KAR CNR: KAHC010420272024 NC: 2026:KHC:54060 WP No. 20369 of 2024 terms of Section 7(2) of the 2004 Act. If such application is filed, respondent No.3 to consider the same and take appropriate decision within a period of two (2) months. 9. It is also noticed that if a fresh claim application is now filed by the petitioners, it would be time barred in terms of the provisions of the 2004 Act. Since the petitioners are before this Court since 2024, if a fresh claim application is filed, respondent No.3 to consider the claim on merits without raising any objection with regard to the delay. 10. The petitioners to submit their representation within four (4) weeks from today and respondent No.3 to consider the same within two (2) months thereafter. With the aforesaid observations, the writ petition is disposed of. Sd/- (T.P.VIVEKANANDA) JUDGE SJK List No.: 1 Sl No.: 49