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2018 (8) TMI 2115 - HC - SEBIFreezing of Bank account of petitioner - Seeking withdrawal of amount held in Bank Account - imposition of condition of furnishing bank guarantee of any nationalized bank of an amount equal to the amount lying on such account on the date of withdrawal - HELD THAT:- Before the Supreme Court, the petitioner sought permission to sell further shares - the Supreme Court permitted the petitioner to sell its remaining shares and securities through recognized stock exchanges and registered stock brokers and credit the sale proceeds in the bank account maintained by the petitioner with ICICI Bank. It is a matter of record that the sale proceeds of the remaining shares brought a sum of Rs.42.51 crores which was deposited in the petitioner's said bank account. One may recall, the initial order restraining the petitioner from dealing in Indian Stock Market was passed by SEBI. However, when these proceedings were on going, the CBI restraint order dated 26.10.2006 also came to be passed. The Appellate Tribunal had permitted the petitioner-Company to sell some of the shares and to deposit sale proceeds in the bank account. Along with existing balance added by the sale proceeds, the total came to approximately Rs.38 crores. The Supreme Court further permitted the petitioner to sell shares proceeds of which came to Rs.42.51 crores - All along, the Supreme Court had made a clear distinction between the two amounts. Insofar as, sum of Rs.42.51 crores is concerned, the Supreme Court had concluded that the same was not covered under CBI's restraint order. The petitioner was allowed to withdraw the same unconditionally. However, with respect to rest of the amount, the Supreme Court granted no relief except allowing the petitioner to challenge such restraint order passed by CBI. Thus, the first contention of the counsel for the petitioner that there was no distinction between the two amounts is not well founded. Had the case been so simple, surely the Supreme Court itself would have released both the amounts. Quite apart from the various aspects emerging from the affidavit, it is neither possible nor correct on my part to interfere at this interim stage in the present proceedings and hold that all the above assertions made by CBI are incorrect and there is no trail of tainted money having been routed through foreign destinations back into the said account in ICICI Bank. Discharge of Dharmesh Doshi, accused No.8 - HELD THAT:- Learned Magistrate noted that he has already been discharged. It is primarily on this basis that he permitted the petitioner to withdrawal of the amount. He, however, imposed condition for providing bank guarantee of a matching sum. If the discharge of accused No.8 had attained finality perhaps the petitioner was justified in contending that petitioner should have been allowed withdrawal of the amount unconditionally. However, discharge of Dharmesh Doshi accused No.8 is not yet final. Revision Petition filed by CBI against the order of the Magistrate is pending before the Sessions Court. To safeguard the interest of the respondents, it would be absolutely necessary to maintain the condition imposed by the learned Magistrate. Petition dismissed.
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