9911796707
TMI Blog2005 (5) TMI 326X X X X Extracts X X X X X X X X Extracts X X X X ..... granting bail to the appellants herein should be recalled. Accordingly, the appellants, Arvind Mohan Johari and Anand Krishna Johari are hereby directed to surrender before the trial court within one week from the date whereupon they may be taken into custody. - CRIMINAL MISC. PETITION NOS. 47-48 AND 53-54 OF 2005 AND CRIMINAL APPEAL NOS. 1265-1266 OF 2004 - - - Dated:- 4-5-2005 - N. SANTOSH HEGDE, D.M. DHARMADHIKARI AND S.B. SINHA, JJ. R. Mohan, Swaraj Kaushal, Dushyant A. Dave, Rakesh Dwivedi, Jayant Bhushan and J.L. Gupta, Dinesh Kumar Garg, B.S. Billowria, D.K. Gupta, S.K. Bandyopadhyay, Manish Singhvi, Sheetal Prasad Juneja, Pratap Venugopal, P.S. Sudheer, Vivek Raj Singh, Ms. Meenakshi Arora, Rohima Nath, Umesh Kumar Kha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... res and Rs. 13 crores were lying with the Bombay Stock Exchange and National Stock Exchange respectively. It was further urged that the amounts lying with the Stock Exchanges stand admitted in their written statements filed in Civil Suit No. 312 of 2002. 4. The Bombay Stock Exchange now contends that the aforementioned two contentions raised on behalf of the appellants herein were not correct. In this behalf our attention has been drawn by Mr. Dushyant A. Dave, learned senior counsel appearing on behalf of the Bombay Stock Exchange, to the following statements : "( ii ) That in the instant case, Century Consultants Ltd., during the period from 15-3-2001 to 23-3-2001, had failed to make payments to the Exchange towards their settlement ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... esaid settlements as per its rules, bye-laws and Regulations of the Exchange. As at the relevant time, the securities and margin deposits furnished by Century Consultants Ltd., to avail of the trading facility, were sufficient to meet their liabilities in the aforesaid settlements, the Exchange completed the pay-out in the aforesaid settlements by utilizing same as provided in its rules, bye-laws and Regulations. As the aforesaid pay-out was to be made/completed on the respective pay-out dates and as the realization/liquidation of the collateral securities/guarantees would take some time to receive the payment, the Exchange fulfilled the above obligations of Century Consultants Ltd. initially from the funds of the Exchange. Thereafter the c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... upon M/s. Century Consultants Ltd. Mr. Dave would further contend that in the said suit even no written statement was filed by the Bombay Stock Exchange, as alleged by the appellants. 6. Mr. J.L. Gupta, learned senior counsel appearing on behalf of the National Stock Exchange, would submit that although written statement had been filed by the National Stock Exchange in the aforementioned suit it had categorically been contended therein: "Defendant No. 1 traded on defendant No. 3 and had cleared all its settlement dues up to Settlement No. W 2001045 (pay-in date 13-3-2001). It is submitted that defendant No.1 did not pay subsequent settlement and other obligations to defendant No. 3 and National Securities Clearing Corporation of India ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... etermine the dispute between the parties. 8. It is not in dispute that this court passed the aforementioned order dated 3-11-2004, granting bail to the appellants herein relying on or on the basis of the representation made by them that all endeavours would be made to disburse to the claimants, realize as much amount as possible from the personal and other assets of the appellants by putting them on sale or otherwise. It was with that end in view, this court directed : "The National Stock Exchange and the Bombay Stock Exchange are directed to deposit the money lying in the credit of the company/ appellants as early as possible subject to the determination of the pending enquiry by SEBI. If any enquiry is pending, SEBI shall dispose of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... guarantee money and securities margin money etc. 12. It is true that the prayers made by the applicants herein in their applications are confined to the directions issued against them but we are of the opinion, having regard to the peculiar facts and circumstances of this case, that if a substantial sum lying with them are not available for disbursement to the claimants, the very purpose for enlarging the appel-lants herein on bail would not be subserved and in that view of the matter the order dated 3-4-2004, granting bail to the appellants herein should be recalled. Accordingly, the appellants, Arvind Mohan Johari and Anand Krishna Johari are hereby directed to surrender before the trial court within one week from the date whereupon t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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