Supreme Court of India
Securitiesand Exchange Board of India(sebi) & Anr. v. Sahara India Real Estate Corpn. Ltd. & Ors.
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
What the Court ordered
We are of the view that since most of the properties owned by Sahara group remain frozen by the order of this Court, the contemnors require time to enable them to deposit the balance oUtstanding.
Judgment, page 19
From the headnote
c Contempt of Court - Sahara matters - Issuance of direction to Sahara Companies-Promoters and Director to refund the amount collected by them for the Optional Fully Convertible Debentures - However, failure to deposit the same within the stipulated period- Contempt Petition by SEBI - Various opportunities given to contemnors to purge the contempt by depositing the amount, as directed - However, non-compliance of the directions - Three out of four contemnors taken to judicial custody and direction issued to deposit sum of Rs. 33, 0001-crores - Subsequently, grant of bail to the contemnors,
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