(Dipak Misra, C.J. and Ranjan Gogoi and A.K. Sikri, JJ.)
Securities and Exchange Board of India _______________ Petitioner
v.
Subrata Roy Sahara & Ors. _______________________ Respondent(s)
Conmt. Pet.(C) Nos. 1820-1822/2017 In Conmt. Pet.(C) Nos. 412 and 413/2012 In C.A. Nos. 9813 and 9833/2011 And Conmt. Pet.(C) No. 260/2013 In C.A. No. 8643/2012, decided on May 16, 2018
(with I.A. No. 88721/2017 (application for directions) and I.A. No. 54921/2018, 48224 and 48235 of 2018 (application for extension of time of payment, impleadment and direction) in Ct. Pt. 412 and 413/2012 and 260/2013 in C.A. Nos. 9813 and 9833/2011 and 8643/2012, Mr. Shekhar Naphade, Sr. Adv. (AC), Mr. Gautam Awasthi)
With
[Item No. 301.1 – M.A. Nos. 1364-1365/2017 in C.A. Nos. 9813/2011 and 9833/2011 (XVII) (For Appropriate Orders/Directions on IA 123568/2017)].
The Order of the court was delivered by
Order
1. Mr. P.K. Dhakephalkar, learned senior counsel representing the Official Liquidator and the Court Receiver submits that in pursuance of the earlier order dated 19.04.2018, the contemnor has failed to pay the amount with regard to the movable properties and also failed to maintain the properties, as directed by this Court.
2. At this juncture, Mr. Vikas Singh, learned senior counsel submitted that the respondent has not been given proper opportunity to maintain the movable property, as directed by this Court. We do not intend to decline the right to maintain the property which was conferred on him by the previous order.
3. As far as the sale of movable properties is concerned, we have been apprised by the learned senior counsel appearing for the Official Liquidator and the Receiver that the highest value was Rs. 6.47 crores. Mr. Vikas Singh has given a demand draft for a sum of Rs. 7.5 crores to Mr. Venugopal. The said amount shall be deposited in the SEBI-Sahara Account. Needless to say, the movable property shall be retained by the contemnor. Other persons who had given the pre-deposit for participating in the auction shall be refunded their amount.
4. As far as the auction of the properties is concerned, as directed by this Court on earlier occasion, the same shall continue as the contemnor has failed to deposit Rs. 750 crores, as suggested by the contemnor.
5. Let the matter be listed at 03:00 p.m. on 12.07.2018.
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