2013 (10) TMI 1527 - SC - SEBI

Summary

Issues involved: Contempt of court, submission of original title deeds of unencumbered properties to SEBI, permission to leave the country.

Contempt of Court: Mr. C.A. Sundaram, representing respondent No.5, informed the court about a letter from the Managing Director and CEO of PNB Investment Services Limited. The letter stated that the alleged contemnors are willing to provide SEBI with original title deeds of unencumbered properties valued at Rs. 20,000 crores within three weeks. SEBI will review the documents and respond, with the court considering the matter further at the next hearing. Until SEBI is satisfied with the submission, the respondents are prohibited from leaving the country without the court's permission.

Submission of Title Deeds to SEBI: The alleged contemnors, as per the submission made by Mr. Sundaram, have agreed to present the original title deeds of unencumbered properties worth Rs. 20,000 crores to SEBI within three weeks. This submission is subject to SEBI's evaluation and response, which will be reviewed by the court in the upcoming hearing scheduled for November 20, 2013, at 2:00 p.m.

Permission to Leave the Country: The court has directed that the alleged contemnors (respondents) are not allowed to leave the country without the court's permission until SEBI is content with the submission of the original title deeds and valuation reports of the properties. The next hearing on this matter is set for November 20, 2013, at 2:00 p.m.