- (1.) On 12th January, 2017, this Court, after referring to the earlier order dated 28th November, 2016, dismissed the application for extension of time to deposit L 600 crores. Be it noted, on that day, it was submitted by Mr. Kapil Sibal, learned senior counsel appearing for the contemnors that they may be permitted to transfer thirty-five million pounds equivalent to L 285 crores (Rupees two hundred eighty-five crores only) lying in Saharas account in London bank. After hearing Mr. Arvind P. Datar, learned senior counsel for the SEBI and Mr. Rana Mukherjee, learned senior counsel appearing for the Union of India, this Court granted the permission. In pursuance of the aforesaid order, L 295 crores (Rupees two hundred ninety-five crores only) has been transferred which is equivalent to thirty-five million pounds.
(2.) Today, Mr. Kapil Sibal, learned senior counsel being assisted by Mr. Gautam Awasthi, learned counsel for the contemnors, has handed over ten bank drafts amounting to L 2,862,750,000/- to Mr. Pratap Venugopal, learned counsel appearing for the SEBI. That apart, two deposit slips have also been handed over to the learned counsel for the SEBI. In essence, the order passed on 28th November, 2016, stands complied with.
(3.) The question that emerges for consideration is with regard to payment of entire principal sum. The issue of amount of interest shall be adverted to after deposit of the principal amount. Mr. Sibal, learned senior counsel has given a road map stating, inter alia, that the principal amount shall be cleared by end of July, 2019.;