Content Provider | Supreme Court of India |
---|---|
e-ISSN | 30484839 |
Language | English |
Access Restriction | NDLI |
Subject Keyword | Optional Fully Convertible Debentures Investor-fraud case |
Content Type | Text |
Resource Type | Law Judgement |
Jurisdiction | India |
Case Type | Contempt Petition |
Court | Supreme Court of India |
Disposal Nature | Case Disposed Off |
Headnote | Scams - Investor-fraud case - Invitation/collection of deposits from general public in the form of 'Optional Fully Convertible Debentures'-OFCD by a Company- Complaint by investors' group - Direction by SEBI to the Company not to offer equity shares/OFCDS or any other securities to public or invite subscriptions - In appeal, the High Court issuing further directions to the promoter and the directors of the Company to jointly and severely refund the amount collected alongwith interest @ 15% p.a. - Pursuant thereto orders passed by SEBI, tribunal and this Court as regards refund of amount as also extension of time period for making refund - However, non compliance with the directions - Contempt petitions against the contemnors - Various orders passed - Interim applications by contemnors praying that restraint on sale and transfer of properties of the Company be lifted- In the course of proceedings, contemnors committed to judicial custody - Subsequently, on the prayer of the contemnors seeking bail, conditional order granting interim bail to contemnors passed by this Court, condition being to deposit Rs. 10, 0001- crores - Non-compliance of the condition - Aggrieved, promoter filing writ petition, challenging the order whereby contemnor was committed to judicial custody; and also seeking release from custody- Dismissal of writ petition by this Court- Held: In view of the dilatory tactics adopted by the contemnors to delay the proceedings before SEBI, High Court and this Court, and non-compliance of the orders passed despite sufficient opportunities the terms stipulated in the order granting interim bail to the contemnors cannot be modified- Contemnors cannot be shifted to a guest house for continued custody and detention - However, orders passed by this Court and by SEBI restraining sale and transfer of moveable and immoveable properties held by the Company modified- In view of the importance of the issues and the fact that a three judge bench matter is sought to be enforced in these proceedings, said proceedings referred to three-Judge Bench - Reference to larger Bench. |
Judge | Honble Mr. Justice T.S. Thakur |
Neutral Citation | 2014 INSC 418 |
Petitioner | S.e.b.i. |
Respondent | Sahara India Real Estate Corporation Ltd. & Ors. |
SCR | [2014] 13 S.C.R. 1011 |
Judgement Date | 2014-06-04 |
Case Number | 412-413 |
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