Decided on July 11,2016

S.E.B.I. Appellant
Sahara India Real Estate Corpn. Ltd. And Others Respondents


- (1.) By our Order dated 11.05.2016, we had extended the interim arrangement made by under our Order dated 06.05.2016 till 11.07.2016 subject to the contemnors-Subrata Roy Sahara and Ashok Roy Choudhary depositing an additional sum of L Two hundred crores by 11.07.2016. In the event of their failure to do so, the police escort team, in whose protective custody they have been placed, was directed to take them back to Tihar jail for being lodged there. Mr. Kapil Sibal, learned senior counsel appearing for the contemnors has today handed over to Mr.Arvind Datar, learned senior counsel appearing for SEBI six different bank drafts- five drawn on Union Bank of India and one on Punjab National Bank for a total sum of L Two hundred crores in compliance with the direction mentioned above. Mr. Sibal submits that given time till 03.08.2016, the contemnors would deposit a further sum of L Three hundred crores for continuance of the interim arrangement made in terms of our Orders dated 6th and 11th May, 2016.
(2.) Mr. Datar, learned senior counsel appearing for SEBI and Mr. Shekhar Naphade, learned Amicus Curiae have no serious objection to the time prayed for being granted on the condition that the Saharas shall during the intervening period deposit a further sum of L Three hundred crores with SEBI in the SEBI Sahara account. In that view, therefore, we continue the arrangement made in terms of the orders mentioned above till 03.08.2016 subject to the deposit of an additional amount of L Three hundred crores by 03.08.2016. Needless to say, that in case the needful is not done within the time allowed, the two contemnors mentioned above shall be sent back to custody in Tihar jail as already directed.
(3.) Mr. Sibal next submitted that certain directions have been issued by this Court earlier enabling the SEBI to collect certain amount due to Saharas in National Spot Exchange Limited. He submits that the amount payable by Saharas towards mutual funds and shares have not so far been recovered by SEBI despite the directions of this Court. Mr. Datar, however, submits that SEBI has taken steps in that direction and a status report regarding the progress made shall be filed by the next date of hearing. We make it clear that the direction for deposit of L three hundred crores by Saharas by 03.08.2016 shall remain independent of the collection which SEBI may make pursuant to the directions already issued.;

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