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TMI Blog2013 (1) TMI 202X X X X Extracts X X X X X X X X Extracts X X X X ..... to verify the same. Essentially, the appellants have failed on both counts, since neither the amount indicated in the order, together with interest @ 15% per annum, accrued thereon, has been paid, nor have the documents been submitted within the time stipulated in the said order. Appellants shall immediately hand over the Demand Drafts as produced in Court, to SEBI, for a total sum of Rs. 5120/- Crores and deposit the balance in terms of the order of 31st August, 2012, namely, Rs. 17,400/- Crores and the entire amount, including the amount mentioned above, together with interest at the rate of 15% per annum with SEBI, in two installments. The first installment of Rs. 10,000/- Crores, shall be deposited with SEBI within the first week of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 011 and C.A. No. 9833 of 2011, this Court was concerned with the powers of the Securities and Exchange Board of India (SEBI) under Section 55A(b) of the Companies Act, 1956, to administer various provisions relating to issue and transfer of securities to the public by listed companies or companies which intend to get their securities listed on any recognised Stock Exchange in India and also the question whether Optionally Fully Convertible Debentures, offered by the appellants, should have been listed on any recognised Stock Exchange in India, being Public Issue under Section 73 read with Section 60B and allied provisions of the Companies Act. The said appeals were heard and finally disposed of on 31st August, 2012, with the following direc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ounts and other supporting staff to carry out directions and the expenses for the same will be borne by Saharas and be paid to SEBI. 6. SEBI (WTM) shall take steps with the aid and assistance of Investigating Authorities/Experts in Finance and Accounts and other supporting staff to examine the documents produced by Saharas so as to ascertain their genuineness and after having ascertained the same, they shall identify subscribers who had invested the money on the basis of RHPs dated 13.3.2008 and 16.10.2009 and refund the amount to them with interest on their production of relevant documents evidencing payments and after counter checking the records produced by Saharas. 7. SEBI (WTM), in the event of finding that the genuineness of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o the additional staff and experts, etc. would be borne by Saharas. 10. We also make it clear that if Saharas fail to comply with these directions and do not effect refund of money as directed, SEBI can take recourse to all legal remedies, including attachment and sale of properties, freezing of bank accounts etc. for realizations of the amounts. 11. We also direct SEBI (WTM) to submit a status report, duly approved by Mr. Justice B.N. Agrawal, as expeditiously as possible, and also permit SEBI (WTM) to seek further directions from this Court, as and when, found necessary. The appeals were, therefore, dismissed with the aforesaid directions. 3. As indicated above, the present appeal is directed against the order of the Securities Ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e amount indicated in the order, together with interest @ 15% per annum, accrued thereon, has been paid, nor have the documents been submitted within the time stipulated in the said order. The reliefs prayed for in the writ petition filed by Universal Investors Association, amounts to a review of the order passed by this Court on 31.08.2012. 7. We, therefore, dispose of the appeal and the writ petition, as also the intervention applications with the following directions:- (I) The appellants shall immediately hand over the Demand Drafts, which they have produced in Court, to SEBI, for a total sum of Rs. 5120/- Crores and deposit the balance in terms of the order of 31st August, 2012, namely, Rs. 17,400/- Crores and the entire amount, inc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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