Supreme Court - Daily Orders
Securities And Exchange Board Of India vs Subrata Roy Sahara And Ors on 5 September, 2024
Author: Bela M. Trivedi
Bench: Bela M. Trivedi
CONMT.PET.(C) Nos. 1820-1822/2017 Etc.
ITEM NO.1 COURT NO.2 SECTION XVII
S U P R E M E C O U R T O F I N D I A
RECORD OF PROCEEDINGS
CONTEMPT PETITION (C) NS. 1820-1822/2017
IN
CONTEMPT PETITION (C) Nos. 413/2012 In C.A. No. 9833/2011
SECURITIES AND EXCHANGE BOARD OF INDIA Petitioner(s)
VERSUS
SUBRATA ROY SAHARA AND & ORS. Respondent(s)
(IA No. 147567/2023 - APPLICATION FOR PERMISSION
IA No. 159484/2022 - APPROPRIATE ORDERS/DIRECTIONS
IA No. 54042/2023 - APPROPRIATE ORDERS/DIRECTIONS
IA No. 27489/2023 - APPROPRIATE ORDERS/DIRECTIONS
IA No. 160131/2022 - APPROPRIATE ORDERS/DIRECTIONS
IA No. 78070/2023 - APPROPRIATE ORDERS/DIRECTIONS
IA No. 194826/2024 - CLARIFICATION/DIRECTION
IA No. 161884/2022 - CLARIFICATION/DIRECTION
IA No. 159473/2022 - INTERVENTION APPLICATION
IA No. 27488/2023 - INTERVENTION APPLICATION
IA No. 78069/2023 - INTERVENTION APPLICATION
IA No. 54040/2023 - INTERVENTION/IMPLEADMENT
IA No. 194596/2024 - INTERVENTION/IMPLEADMENT
IA No. 161889/2022 - INTERVENTION/IMPLEADMENT
IA No. 183801/2023 - INTERVENTION/IMPLEADMENT
IA No. 160124/2022 - INTERVENTION/IMPLEADMENT)
WITH
CONMT.PET.(C) No. 260/2013 In C.A. No. 8643/2012 (XVII)
(IA No. 136343/2018 - APPROPRIATE ORDERS/DIRECTIONS
IA No. 102871/2019 - INTERVENTION/IMPLEADMENT)
R.P.(Crl.) No. 458/2014 In W.P.(Crl.) No. 57/2014 (X)
(IA No. 14799/2014 - APPLICATION FOR INSPECTION OF FILE)
T.C.(C) No. 87/2014 (III-A)
W.P.(C) No. 1424/2019 (X)
W.P.(C) No. 1123/2020 (X)
(FOR ADMISSION)
Signature Not Verified
W.P.(C) No. 1427/2020 (X)
Digitally signed by
babita pandey
Date: 2024.09.12
(FOR ADMISSION
17:16:59 IST
Reason:
IA No. 7256/2022 - EARLY HEARING APPLICATION)
W.P.(C) No. 1333/2020 (X)
(FOR ADMISSION)
CONMT.PET.(C) Nos. 1820-1822/2017 Etc.
Diary No(s). 26472/2020 (XVII)
C.A. No. 7443-7444/2021 (XVII)
(IA No. 159618/2021 - STAY APPLICATION)
W.P.(C) No. 312/2022 (X)
(FOR ADMISSION)
W.P.(C) No. 284/2022 (X)
(FOR ADMISSION)
CONMT.PET.(C) No. 413/2012 In C.A. No. 9833/2011 (XVII)
(IA No. 1/2013 - STAY APPLICATION)
CONMT.PET.(C) No. 412/2012 In C.A. No. 9813/2011 (XVII)
(IA No. 196057/2024 - ADDITION / DELETION / MODIFICATION PARTIES
IA No. 183/2016 - APP FOR PERMISSION TO FILE ADDITIONAL DOCUMENTS
IA No. 112086/2024 - APPLICATION FOR PERMISSION
IA No. 194846/2024 - APPLICATION FOR PERMISSION
IA No. 112083/2024 - APPLICATION FOR PERMISSION
IA No. 68897/2024 - APPLICATION FOR PERMISSION
IA No. 138094/2018 - APPROPRIATE ORDERS/DIRECTIONS
IA No. 163394/2019 - APPROPRIATE ORDERS/DIRECTIONS
IA No. 130199/2020 - APPROPRIATE ORDERS/DIRECTIONS
IA No. 136394/2021 - APPROPRIATE ORDERS/DIRECTIONS
IA No. 118234/2020 - APPROPRIATE ORDERS/DIRECTIONS
IA No. 44866/2021 - APPROPRIATE ORDERS/DIRECTIONS
IA No. 203516/2022 - APPROPRIATE ORDERS/DIRECTIONS
IA No. 188912/2024 - APPROPRIATE ORDERS/DIRECTIONS
IA No. 176906/2022 - APPROPRIATE ORDERS/DIRECTIONS
IA No. 188847/2024 - APPROPRIATE ORDERS/DIRECTIONS
IA No. 88721/2017 - APPROPRIATE ORDERS/DIRECTIONS
IA No. 58117/2020 - APPROPRIATE ORDERS/DIRECTIONS
IA No. 44861/2021 - APPROPRIATE ORDERS/DIRECTIONS
IA No. 99284/2021 - APPROPRIATE ORDERS/DIRECTIONS
IA No. 169125/2022 - APPROPRIATE ORDERS/DIRECTIONS
IA No. 203490/2022 - APPROPRIATE ORDERS/DIRECTIONS
IA No. 87599/2017 - APPROPRIATE ORDERS/DIRECTIONS
IA No. 52680/2020 - APPROPRIATE ORDERS/DIRECTIONS
IA No. 78626/2021 - APPROPRIATE ORDERS/DIRECTIONS
IA No. 109345/2022 - APPROPRIATE ORDERS/DIRECTIONS
IA No. 68141/2024 - APPROPRIATE ORDERS/DIRECTIONS
IA No. 30932/2018 - APPROPRIATE ORDERS/DIRECTIONS
IA No. 43715/2020 - APPROPRIATE ORDERS/DIRECTIONS
IA No. 24886/2021 - APPROPRIATE ORDERS/DIRECTIONS
IA No. 95547/2022 - APPROPRIATE ORDERS/DIRECTIONS
IA No. 203485/2022 - APPROPRIATE ORDERS/DIRECTIONS
IA No. 88532/2023 - APPROPRIATE ORDERS/DIRECTIONS
IA No. 48440/2024 - APPROPRIATE ORDERS/DIRECTIONS
IA No. 10494/2019 - APPROPRIATE ORDERS/DIRECTIONS
IA No. 71965/2021 - APPROPRIATE ORDERS/DIRECTIONS
IA No. 6292/2024 - APPROPRIATE ORDERS/DIRECTIONS
CONMT.PET.(C) Nos. 1820-1822/2017 Etc.
IA No. 49580/2017 - APPROPRIATE ORDERS/DIRECTIONS
IA No. 166294/2019 - APPROPRIATE ORDERS/DIRECTIONS
IA No. 202750/2022 - APPROPRIATE ORDERS/DIRECTIONS
IA No. 203523/2022 - APPROPRIATE ORDERS/DIRECTIONS
IA No. 191447/2023 - APPROPRIATE ORDERS/DIRECTIONS
IA No. 112089/2024 - APPROPRIATE ORDERS/DIRECTIONS
IA No. 47681/2017 - APPROPRIATE ORDERS/DIRECTIONS
IA No. 63773/2018 - CLARIFICATION/DIRECTION
IA No. 56231/2018 - CLARIFICATION/DIRECTION
IA No. 137135/2018 - CLARIFICATION/DIRECTION
IA No. 193416/2022 - CLARIFICATION/DIRECTION
IA No. 134546/2018 - CLARIFICATION/DIRECTION
IA No. 142662/2023 - CLARIFICATION/DIRECTION
IA No. 131658/2023 - CLARIFICATION/DIRECTION
IA No. 78376/2018 - CLARIFICATION/DIRECTION
IA No. 196058/2024 - CLARIFICATION/DIRECTION
IA No. 18940/2018 - CLARIFICATION/DIRECTION
IA No. 74012/2018 - CLARIFICATION/DIRECTION
IA No. 11181/2018 - CLARIFICATION/DIRECTION
IA No. 160939/2018 - CLARIFICATION/DIRECTION
IA No. 1446/2022 - CLARIFICATION/DIRECTION
IA No. 123268/2017 - CLARIFICATION/DIRECTION
IA No. 97945/2019 - EARLY HEARING APPLICATION
IA No. 44867/2021 - EXEMPTION FROM FILING AFFIDAVIT
IA No. 44863/2021 - EXEMPTION FROM FILING AFFIDAVIT
IA No. 115238/2017 - EXEMPTION FROM FILING O.T.
IA No. 142664/2023 - EXEMPTION FROM FILING O.T.
IA No. 48237/2018 - EXEMPTION FROM FILING O.T.
IA No. 99230/2019 - EXEMPTION FROM FILING O.T.
IA No. 87565/2017 - EXEMPTION FROM FILING O.T.
IA No. 112090/2024 - EXEMPTION FROM FILING O.T.
IA No. 25/2014 - EXEMPTION FROM FILING O.T.
IA No. 110/2015 - EXTENSION OF TIME
IA No. 60598/2017 - EXTENSION OF TIME
IA No. 136758/2019 - INTERVENTION APPLICATION
IA No. 99712/2021 - INTERVENTION APPLICATION
IA No. 232/2016 - INTERVENTION APPLICATION
IA No. 78372/2018 - INTERVENTION APPLICATION
IA No. 228/2016 - INTERVENTION APPLICATION
IA No. 71960/2021 - INTERVENTION APPLICATION
IA No. 22/2014 - INTERVENTION APPLICATION
IA No. 202747/2022 - INTERVENTION/IMPLEADMENT
IA No. 203520/2022 - INTERVENTION/IMPLEADMENT
IA No. 142671/2023 - INTERVENTION/IMPLEADMENT
IA No. 163389/2019 - INTERVENTION/IMPLEADMENT
IA No. 112084/2024 - INTERVENTION/IMPLEADMENT
IA No. 110821/2017 - INTERVENTION/IMPLEADMENT
IA No. 116947/2020 - INTERVENTION/IMPLEADMENT
IA No. 203515/2022 - INTERVENTION/IMPLEADMENT
IA No. 48224/2018 - INTERVENTION/IMPLEADMENT
IA No. 41944/2021 - INTERVENTION/IMPLEADMENT
IA No. 203489/2022 - INTERVENTION/IMPLEADMENT
IA No. 145301/2024 - INTERVENTION/IMPLEADMENT
CONMT.PET.(C) Nos. 1820-1822/2017 Etc.
IA No. 32764/2019 - INTERVENTION/IMPLEADMENT
IA No. 71987/2021 - INTERVENTION/IMPLEADMENT
IA No. 145099/2024 - INTERVENTION/IMPLEADMENT
IA No. 43479/2020 - INTERVENTION/IMPLEADMENT
IA No. 16501/2021 - INTERVENTION/IMPLEADMENT
IA No. 95545/2022 - INTERVENTION/IMPLEADMENT
IA No. 203484/2022 - INTERVENTION/IMPLEADMENT
IA No. 88529/2023 - INTERVENTION/IMPLEADMENT
IA No. 69646/2018 - INTERVENTION/IMPLEADMENT
IA No. 7584/2021 - INTERVENTION/IMPLEADMENT
IA No. 196054/2024 - INTERVENTION/IMPLEADMENT
IA No. 123051/2021 - MODIFICATION OF COURT ORDER
IA No. 129469/2018 - MODIFICATION OF COURT ORDER
IA No. 182815/2024 - MODIFICATION OF COURT ORDER
IA No. 56/2015 - MODIFICATION OF COURT ORDER
IA No. 119572/2023 - PERMISSION TO FILE ADDITIONAL
DOCUMENTS/FACTS/ANNEXURES
IA No. 233/2016 - PERMISSION TO FILE ANNEXURES
IA No. 47133/2017 - PERMISSION TO PLACE ON RECORD SUBSEQUENT FACTS
IA No. 28/2014 - RELEASE OF THE PETITIONER)
T.C.(C) No. 83/2014 (XVII)
T.C.(C) No. 86/2014 (XVII)
T.C.(C) No. 84/2014 (XVII)
T.C.(C) No. 85/2014 (XVII)
C.A. No. 7152-7153/2016 (XVII-A)
(IA No. 23883/2024 - APPLICATION FOR SETTLEMENT
IA No. 122100/2020 - APPLICATION FOR SUBSTITUTION
IA No. 122101/2020 - APPROPRIATE ORDERS/DIRECTIONS
IA No. 172155/2023 - EARLY HEARING APPLICATION
IA No. 72714/2022 - RELEASE OF THE FIXED DEPOSIT)
C.A. No. 9224-9225/2016 (XVII-A)
MA 1364-1365/2017 in C.A. No. 9813/2011 (XVII)
(IA No. 123568/2017 - APPROPRIATE ORDERS/DIRECTIONS)
W.P.(C) No. 877/2018 (X)
(IA No. 96025/2020 - APPLICATION FOR TAGGING/DETAGGING)
W.P.(C) No. 1459/2019 (X)
W.P.(C) No. 147/2024 (X)
(FOR ADMISSION and IA No.53947/2024-EXEMPTION FROM FILING O.T.)
CONMT.PET.(C) No. 55-57/2016 IN conmt.pet.(c) no. 413/2012,
conmt.pet.(c) no. 260/2013 @ CONMT.PET.(C) No. 412/2012 In C.A. No.
9813/2011 (XVII)
CONMT.PET.(C) Nos. 1820-1822/2017 Etc.
Date : 05-09-2024 These matters were called on for hearing today.
CORAM :
HON'BLE MR. JUSTICE SANJIV KHANNA
HON'BLE MR. JUSTICE M.M. SUNDRESH
HON'BLE MS. JUSTICE BELA M. TRIVEDI
Amicus Curie Mr. Shekhar Naphade, Sr. Adv.
Ms. Fauzia Shakil, AOR
Ms. Aishwarya Dash, Adv.
Ms. Salonee Paranjpe, Adv.
Ms. Farah Hashmi, Adv.
Mr. Shivansh Saxena, Adv.
Ms. Tasmiya Taleha, Adv.
Mr. Karan, Adv.
For Petitioner(s)/
Applicant(s)
Mr. Arvind P Datar, Sr. Adv.
Mr. Pratap Venugopal, Sr. Adv.
Ms. Surekha Raman, Adv.
Mr. Shreyash Kumar, Adv.
M/s. K J John And Co, AOR
Mr. Gautam Awasthi, AOR
Mr. Rohan Thawani, Adv.
Ms. Pooja Dhar, AOR
Ms. S. Ambica, Adv.
Ms. Sujata Kurdukar, AOR
Mr. Siddharth Dave, Sr. Adv.
Mr. Arvind Nayyar, Sr. Adv.
Mr. Simranjeet Singh, Adv.
Mr. Gautam Talukdar, AOR
Mr. Yajat Gulia, Adv.
Mr. Bishwajit Bhattacharyya, Sr. Adv.
Mr. Sahil Tagotra, AOR
Dr. Arvind S. Avhad, AOR
Mr. R. Balasubramanium, Sr. Adv. (N/P)
Mr. Abhigya Kushwah, AOR
Mr. Akhilesh Kumar Shrivastava, Adv.
Mrs. Sunita Yadav, Adv.
Mr. Akash Sharma, Adv.
CONMT.PET.(C) Nos. 1820-1822/2017 Etc.
Mr. Rishav Ranjan, Adv.
Mr. Debashish Mishra, Adv.
Ms. Sujatha Bagadhi, Adv.
Ms. Sanya Minhas, Adv.
Mr. Pradeep Kumar Dubey, Adv.
Mr. Siddharth Rajkumar Murarka, Adv.
Mr. Rohan Rohatgi, Adv.
Mrs. Shubhangini Rohatgi, Adv.
Mr. Ravindra Kumar Gupta, Adv.
Mrs. Shally Bhasin, AOR
For Respondent(s) Mr. Prashant Kumar, AOR
Mrs. Shally Bhasin, AOR
Mr. Siddharth Dave, Sr. Adv.
Mr. Simranjeet Singh, Adv.
Mr. Gautam Talukdar, AOR
Mr. Yajat Gulia, Adv.
Ms. Arundhati Mukherjee, Adv.
Mr. N. Venkataraman, A.S.G.
Mrs. V. C. Bharathi, Adv.
Mr. Merusagar Samantaray, Adv.
Mr. Saransh Kumar, Adv.
Mr. Bharat Sood, Adv.
Ms. Nachiketa Joshi, Adv.
Mr. T. S.sabarish, Adv.
Mr. Amrish Kumar, AOR
Mr. Kapil Sibal, Sr. Adv.
Mr. V. Giri, Sr. Adv.
Mr. Gautam Awasthi, AOR
Mr. Ayush Choudhary, Adv.
Mr. B. M. Tripathi, Adv.
Mr. Simranjeet Singh, Adv.
Mr. Gautam Talukdar, Adv.
Mr. Devanshu Yadav, Adv.
Mr. Sameer Pandey, Adv.
Mr. Yajat Gulia, Adv.
Mr. Sahil Sharma, Adv.
Mr. Rishabh Parikh, Adv.
Mr. Ram Sajan Yadav, Adv.
Mr. Vijay Kumar, Adv.
Ms. Rao Vishwaja, Adv.
Mr. Rahul Narang, Adv.
Mr. Harshed Sundar, Adv.
Mr. Nihar Dharmadhikari, Adv.
CONMT.PET.(C) Nos. 1820-1822/2017 Etc.
Mr. Rohan Thawani, Adv.
Ms. Pooja Dhar, AOR
Ms. S. Ambica, Adv.
M/s. K J John And Co, AOR
Ms. Supriya Juneja, AOR
Mr. Aniruddha Deshmukh, Adv.
Mr. Siddharth Dharmadhikari, Adv.
Mr. Aaditya Aniruddha Pande, AOR
Mr. Bharat Bagla, Adv.
Mr. Sourav Singh, Adv.
Mr. Aditya Krishna, Adv.
Ms. Preet S. Phanse, Adv.
Mr. Adarsh Dubey, Adv.
Mr. Gaurav Agrawal, AOR
Mr. Sahil Tagotra, AOR
Mr. Preshit Vilas Surshe, AOR
Mr. Sahil Jodhwani, Adv.
Mr. Tarun Kumar, Adv.
Mr. Satyajit A. Desai, Adv.
Mr. Abhinav K. Mutyalwar, Adv.
Mr. Siddharth Gautam, Adv.
Mr. Sachin Singh, Adv.
Ms. Anagha S. Desai, AOR
Ms. Jasmine Damkewala, AOR
Ms. Vaishali Sharma, Adv.
Mr. Divyam Khera, Adv.
Mr. Vinay Kumar Mudgal, Adv.
Mr. Vibhuti Sushant Gupta, Adv.
Mr. Devang Mudgal, Adv.
Mr. Narender Kumar Verma, AOR
Mrs. Pragya Baghel, AOR
Ms. Anuradha Mutatkar, AOR
Mr. Divakar Kumar, AOR
Mr. Manoj K. Mishra, AOR
Mr. Umesh Dubey, Adv.
Mr. Mithilesh Kumar Mishra, Adv.
Ms. Madhulika, Adv.
Ms. Vuzmal Nehru, Adv.
CONMT.PET.(C) Nos. 1820-1822/2017 Etc.
Mr. Amulya, Adv.
Mr. C. George Thomas, AOR
Dr. Yusuf Iqbal Yusuf, Adv.
Mr. Bhavya Sethi, Adv.
Ms. Gyanika Kochar, Adv.
Mr. Mohd. Abid Sheikh, Adv.
Ms. Neelam Singh, AOR
Mr. Kush Chaturvedi, AOR
Mr. Ravindra Keshavrao Adsure, AOR
Mr. Yash Prashant Sonavane, Adv.
Mr. Sagar N.pahune Patil, Adv.
Ms. Nikita Vilas Borde-patil, Adv.
Mr. Abinash Kumar Mishra, AOR
Mr. Pranaya Goyal, AOR
Mr. Himanshu Shekhar, AOR
Mr. M. L. Lahoty, Adv.
Mr. Paban K Sharma, Adv.
Mr. Anchit Sripat, Adv.
Mr. Pranab Kumar Nayak, Adv.
Mr. Arvind Kumar, Adv.
Mr. Vishal Prasad, AOR
Mr. Kunal Cheema, AOR
Mr. N Venkataraman, A.S.G.
Mr. Mukesh Kumar Maroria, AOR
Mr. V C Bharathi, Adv.
Ms. Rekha Pandey, Adv.
Mr. Rajat Nair, Adv.
Mr. P V Yogeswaran, Adv.
Mrs. Chitrangda Rastaravara, Adv.
Mr. Raman Yadav, Adv.
Mr. Tushar Mehta, Solicitor General(N/P)
Mr. N Venkatraman, A.S.G.
Mr. Rana Mukerjee, Sr. Adv.
Mr. Raj Bahadur Yadav Aor, Adv.
Mr. Venkatraman Chandrashekhara Bharathi, Adv.
Mr. Rajat Nair, Adv.
Mr. P V Yogeshwaran, Adv.
Mr. Kanu Agarwal, Adv.
Mr. Raj Bahadur Yadav, AOR
Mr. Kaushal Yadav, AOR
CONMT.PET.(C) Nos. 1820-1822/2017 Etc.
Mr. Amol Nirmalkumar Suryawanshi, AOR
Ms. Vandana Sehgal, AOR
UPON hearing the counsel, the Court made the following
O R D E R
We have heard the learned Senior Advocates for the parties at some length.
On behalf of M/s. Sahara India Real Estate Corporation Limited1 and M/s. Sahara Housing Investment Corporation Limited2, an attempt was made for us to reconsider the orders dated 31.08.20123, 05.12.20124 and 19.06.2015.
In our opinion, besides being impermissible, no reasons and grounds are made out for us to reconsider these orders and the directions therein, including the directions given in paragraph 326 of the order dated 31.08.2012. The orders have attained finality. Review viz. the order dated 31.08.2012 was dismissed on 08.01.2013. The correctness of the findings and the directions given therein cannot be repeatedly challenged and questioned. The arguments and contentions raised were specifically examined in great depth and detail vide order dated 05.12.2012. Attempts made to reargue these issues were also rejected on 19.06.2015. Vide order dated 31.01.2019 as well, this Court had noted that the conduct of the contemnors does not inspire confidence, or reflect the intention to 1 For short “SIRECL”.
2 For short “SHICL”.
3 Sahara India Real Estate Corp. Ltd. & Ors vs Securities & Exch. Board Of India & Anr. reported in (2013) 1 SCC 1.
4 Sahara India Real Estate Corp. Ltd. & Ors vs Securities & Exch. Board Of India & Anr. reported in (2013) 2 SCC 733.
CONMT.PET.(C) Nos. 1820-1822/2017 Etc. deposit the amount payable.
The Securities Exchange Board of India5 has filed the 23rd Status Report. We give an opportunity to SIRECL and SHICL, and the erstwhile and the present directors of the said companies to file objections to the said report within a period of four weeks from today. Response to the said objections will be filed within four weeks after service of the objections by SEBI and the office of the amicus curiae.
As per SEBI, ₹15,77,67,000/- (Rupees fifteen crore seventy seven lakhs sixty seven thousand only) (as on 31.03.2024) are available on deposit in the SEBI Sahara Refund Account. This figure is disputed on behalf of SIRECL and SHICL. It will be open to the authorized representatives of the companies to get in touch with SEBI and get the issue related to the accounts settled.
As per order dated 31.08.2012, the principal amount payable is ₹24,029.73 crore,6 even if at this stage we do not go into the question of interest. The aspect of interest will be considered at an appropriate time.
It is suggested on behalf of the Sahara Group of Companies that they may be given four weeks’ time to enter into a Joint Venture7 or Development Agreement with regard to the land situated at Versova, Mumbai, Maharashtra. We accept this suggestion as a last and final opportunity, and direct that within the said period 5 For sort “SEBI”.
6 There appears to be some dispute about the figure of the principal amount. It is stated on behalf of SEBI that the total principal amount due and payable to the depositors is ₹25,781.32 crore. We are not, for the time being, deciding this issue.
7 For short, “JV”.
CONMT.PET.(C) Nos. 1820-1822/2017 Etc. of four weeks, they shall seek prior approval of this Court for executing the JV/Development Agreement. Further, an amount of ₹1,000 crore will be deposited along with the application seeking approval of this Court for the JV/Development Agreement for the land at Versova. The agreement must state the details of the payments, date of payment etc. which will be deposited in the SEBI Sahara Refund Account. The balance principal amount should be deposited within a period of nine months. Thus, the Sahara Group of Companies may pursue negotiations for the JV/Development Agreement. The execution, however, will require prior approval of this Court.
The amount of ₹1,000 crore, which will be deposited by a third party, will be kept in an escrow account. In case this Court does not grant an approval for the JV/Development Agreement, the amount will be refunded to the said third party.
In case the JV/Development Agreement is not entered into within a period of four weeks from today, this Court will undertake the sale of the Versova land on “as is where is” basis.
We also permit the Sahara Group of Companies to enter into the JV/Development Agreement with regard to the other properties. The Sahara Group of Companies shall seek prior approval/permission of this Court before finalising any such JV/Development Agreement and creating any third-party rights.
By orders dated 03.09.2024, 04.09.2024 and 05.09.2024, we have permitted initiation and continuation of legal proceedings against Sahara Group of Companies. Sale of any immovable property belonging to Sahara Group of Companies will comply with the mandate with regard to circle rate, and in case sale consideration is less/below CONMT.PET.(C) Nos. 1820-1822/2017 Etc. 10% of the circle rate, prior permission of this Court will be taken. The sale consideration would be deposited in the SEBI Sahara Refund Account. Liberty is granted to Sahara Group of Companies, as well as the third parties, to move an application before this Court for release of payment from the SEBI Sahara Refund Account.
The direction given in the order dated 06.05.2016 regarding deployment of Delhi Police officials, is hereby recalled/withdrawn.
The Registry will not entertain any application, objection or status report filed by any party or third party, without service thereof on the Advocate-on-Record for SEBI, SIRECL and SHICL, and the office of the learned amicus curiae8. Physical copy, as well as e-copy of the application/objection/status report will be served/filed.
Liberty to mention the matter is granted to the parties. Re-list after one month.
Writ Petition (C) No. 877/2018 Re-list after one month.
I.A. No. 122/2015, 244/2016, 205/2016, 148/2016, 174/2016, 180- 182/2016, 185/2016, 196/2016, 284/2017, 268/2017, 47681/2017 and 60598/2017 It is stated that these applications have become infructuous. The same are dismissed as infructuous.
8 [email protected] (email ID of the office of learned Amicus Curiae).
CONMT.PET.(C) Nos. 1820-1822/2017 Etc. I.A. No. 83-85/2015 Re-list after one month.
I.A. Nos. 63773/2018 and 137135/2018 Notwithstanding the pendency of the present proceedings and the order(s) passed herein, all proceedings can continue in accordance with law.
The application is disposed of accordingly. We clarify that we have not made any comments on merits. All pleas and contentions are left open.
I.A. No. 129469/2018 Re-list after one month.
I.A. No. 74012/2018 Re-list after one month.
I.A. No. 30932/2018 Notwithstanding the pendency of the present proceedings and the order(s) passed herein, all proceedings can continue in accordance with law.
The application is disposed of accordingly. We clarify that we have not made any comments on merits. All pleas and contentions are left open.
I.A. No. 56231/2018 In view of the statement made by the learned Senior Advocate appearing for SEBI, the present application has become infructuous.
The application is accordingly dismissed as infructuous. CONMT.PET.(C) Nos. 1820-1822/2017 Etc. I.A. Nos. 58012/2018 and 138094/2018 No orders are required to be passed in these applications and the same will be treated as disposed of.
I.A. No. 134546/2018
Re-list after one month.
I.A. No. 176906/2022 Notwithstanding the pendency of the present proceedings and the order(s) passed herein, all proceedings can continue in accordance with law.
The application is disposed of accordingly. We clarify that we have not made any comments on merits. All pleas and contentions are left open.
I.A. Nos. 88529/2023 and 88532/2023 Re-list after one month.
In the meanwhile, SEBI will file its response/reply to the applications within three weeks from today.
Rejoinder affidavit, if any, will be filed within one week after service of the response/reply.
I.A. Nos. 191447/2023 and 6292/2024 Notwithstanding the pendency of the present proceedings and the order(s) passed herein, all proceedings can continue in accordance with law.
We clarify that we have not made any comments on merits. All pleas and contentions are left open.
CONMT.PET.(C) Nos. 1820-1822/2017 Etc. The application is disposed of accordingly. I.A. No. 182815/2024 Re-list after one month.
I.A. Nos. 31-33/2014 In view of the statement made by the learned Senior Advocate appearing for SEBI, the present application has become infructuous. The application is accordingly dismissed as infructuous. I.A. No. 104/2015 Re-list after one month.
I.A. No. 218/2016 In view of the statement made by the learned Senior Advocate appearing for SEBI, the present application has become infructuous. The application is accordingly dismissed as infructuous. I.A. No. 88721/2017 Re-list after one month.
I.A. No. 49580/2017 In view of the statement made by the learned Senior Advocate appearing for SEBI, the present application has become infructuous. The application is accordingly dismissed as infructuous. I.A. No. 118234/2020 Re-list after one month.
I. A. No. 78626/2021, 48440/2024 and 188847/2024 These applications are allowed, subject to all just CONMT.PET.(C) Nos. 1820-1822/2017 Etc. exceptions.
I.A. No. 136394/2018 Re-list after one month.
In the meanwhile, reply will be filed by the non-applicant(s) within three weeks from today.
Rejoinder affidavit, if any, will be filed within one week. from the date of service of the reply.
I.A. No. 109345/2022 Re-list after one month.
In the meanwhile, reply will be filed by the non-applicant(s) within three weeks from today.
Rejoinder affidavit, if any, will be filed within one week. I.A. No. 119572/2023 The documents are taken on record.
Application is accordingly disposed of. I.A. No. 68141/2024 Re-list after one month.
In the meanwhile, it will be open to SIRECL and SHICL to file reply to the objections/complaints enclosed with the application within three weeks from today, with a copy to the complainant, who may file response within seven days from the date of service. I.A. No. 188912/2024 Issue notice to the non-applicant(s).
Notice will be served by all modes, including dasti. CONMT.PET.(C) Nos. 1820-1822/2017 Etc. Reply will be filed by the non-applicant(s) within three weeks from today.
Rejoinder affidavit, if any, will be filed within one week. Re-list after one month.
(DEEPAK GUGLANI) (BABITA PANDEY) (R.S. NARAYANAN) AR-CUM-PS COURT MASTER (SH) ASSISTANT REGISTRAR