2017 (12) TMI 1101 - SC - Indian Laws

Realization of amount by Home buyers - It is submitted by learned senior counsel appearing for Jaiprakash Associates Limited (JAL) that the company is ready with 275 crores. The home buyers raised their concern about the realization of the amount - Held that - Needless to say that direction for deposit of ₹ 2,000 crores shall remain as it is. The only indulgence is to pay the same in installments - Matters be listed on 10.1.2018.

Summary

Issues Involved:
1. Deposit of funds by the company for home buyers' concerns.
2. Directions regarding the deposit of specific amounts and restrictions on directors.
3. Creation of a portal by the Amicus Curiae for necessary actions.
4. Next hearing date and requirements for the presence of directors.

Analysis:

1. The judgment addresses the concerns raised by home buyers regarding the realization of funds from the company. The company, Jaiprakash Associates Limited (JAL), is directed to deposit a Demand Draft of ?275 crores before the Registry of the Court on the same day. Additionally, a sum of ?150 crores is to be deposited by a specified date and a further ?125 crores by another deadline to address the home buyers' concerns effectively.

2. Specific directions are given to the independent directors and promoter directors of JAL. They are prohibited from alienating their personal properties or assets, with a clear warning of potential criminal prosecution or contempt of court if they violate this directive. Moreover, the judgment extends this restriction to include the properties and assets of their immediate and dependent family members, emphasizing the gravity of compliance with the Court's orders.

3. The judgment mandates the creation of a portal by the appointed Amicus Curiae, Mr. Pawan Shree Agrawal, within a week. This portal is intended to facilitate the necessary actions related to the case, similar to previous matters handled by Mr. Agrawal. The company's counsel is directed to provide all required details to Mr. Agrawal, and a sum of ?5 lakhs is to be provided for the portal's creation and associated activities.

4. The judgment sets the next hearing date for the matter and requires all independent directors and promoter directors of JAL to be present on that day. Additionally, copies of affidavits from the five promoter directors are to be served on the Central Agency to inform the learned Attorney General of the contents. The judgment concludes with a directive to proceed as scheduled on the specified date for further proceedings.