Supreme Court - Daily Orders
National Securities Clearing ... vs The State Of Maharashtra on 18 September, 2015
Bench: Madan B. Lokur, S.A. Bobde
1
ITEM NO.3 COURT NO.9 SECTION IIA
S U P R E M E C O U R T O F I N D I A
RECORD OF PROCEEDINGS
CRLMP. 12482/2015 in Criminal Appeal No(s).1592/2014
NATIONAL SECURITIES CLEARING CORP. LTD Appellant(s)
VERSUS
STATE OF MAHARASHTRA & ORS Respondent(s)
(for directions and office report)
Date : 18/09/2015 This application was called on for hearing today.
CORAM : HON'BLE MR. JUSTICE MADAN B. LOKUR
HON'BLE MR. JUSTICE S.A. BOBDE
For Appellant(s) Mr. Shyam Divan, Sr. Adv.
Mr. Manu Nair, Adv.
Mr. Anuj Berry, Adv.
Mr. Malak Bhatt, Adv.
Mr. Vishal Nijhawan, Adv.
Mr. S. S. Shroff, AOR
For Respondent(s) Ms. Udita singh, Adv.
Mr. Ravi Prakash, Adv.
Mr. Chandra Prakash, AOR
Mr. Sandeep Kapur, Adv.
Mr. Ravi Sharma, Adv.
Mrs. Manik Karanjawala, Adv.
for M/s. Karanjawala & Co.
Mr. Vadrevu V. Pattabhiram, Adv.
Mr. Nishant R. Katneswarkar, Adv.
UPON hearing the counsel the Court made the following
O R D E R
We have heard learned counsel for the parties. The application filed by the appellant is for Signature Not Verified Digitally signed by Sanjay Kumar Date: 2015.09.19 permission to sell 17,02,269 shares of Gitanjali Gems 12:37:17 IST Reason: Limited pledged with it by Respondent No.2 and to deposit the proceeds of sale in an interest bearing account. 2 Learned counsel appearing on behalf of Respondent Nos.1 and 2 have no objection if the interim relief is granted to the appellant. However, Respondent Nos. 3 and 4 have an objection to the interim relief being granted on the ground that the shares belong to these respondents. Therefore, the petitioner should not be allowed to sell the shares. It is also submitted that since the market fluctuates, the value of the shares may increase. Therefore, there may be a potential loss caused to these respondents.
We are of the opinion that we cannot depend upon the fluctuations in the market and if the shares are allowed to be sold, at least there will be some certainty with regard to the amount that is in dispute.
Under the circumstances, we permit the appellant to dispose of the shares as prayed for, but this will be without prejudice to the rights and contentions of any of the parties before us.
The sale proceeds will be deposited in the Registry of this Court and it may be kept in a fixed deposit for a period of one year in the first instance.
The application is disposed of.
(SANJAY KUMAR-I) (JASWINDER KAUR) COURT MASTER COURT MASTER