- (1.) Though these matters were to be taken up at 2.00 p.m., learned counsel for the petitioners, Mr. K.K. Venugopal, learned Attorney General and learned senior counsel for the respondents agreed to have it taken in the first hour. In pursuance of earlier order, eight independent directors and five promoter directors are present.
(2.) It is submitted by learned senior counsel appearing for Jaiprakash Associates Limited (JAL) that the company is ready with 275 crores. The home buyers raised their concern about the realization of the amount. This Court appreciates the grievance and the concern of the home buyers.
(3.) We think it would be appropriate to direct as follows:- (a) A Demand Draft of Rs. 275 crores be deposited by Mr. Anupam Lal Das, learned counsel appearing for the company, before the Registry of this Court, today. (b) A sum of Rs. 150 crores be deposited by 13.12.2017. (c) A further sum of Rs. 125 crores be deposited by 31.12.2017. (d) Neither the independent directors nor the promoter directors shall alienate their personal properties or assets in any manner, and if they do so, they will not only be liable for criminal prosecution but contempt of the Court. (e) That apart, we also direct that the properties and assets of their immediate and dependent family members should also not be transferred in any manner, whatsoever. ;