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2017 (12) TMI 665 - Tri - Companies LawBail proceedings against Directors - Held that:- A perusal of the order dated 01.09.2017 shows that a sum of ₹ 15 crores had already been deposited and a further sum of ₹ 5 crores was required to be deposited by 6.9.2017. In the order dated 08.09.2017, it is recorded that ₹ 5 crores was also deposited and Mr. Pawan Shree Agarwal was appointed as amicus curiae for all the projects with certain directions. On 21.09.2017, the Amicus Curiae pointed out that a sum of ₹ 7816 crores was required to be refunded to home buyers and he was directed to invite options from the home buyers of the 61 projects whether they were inclined to take possession of the flats or desirous to get the amount refunded. The matter was again taken up on 30.10.2017 when R-l company was also impleaded as a party at the behest of respondent no. 3 & 4. The Directors-respondent no. 3 and 4 were to get bail subject to deposit of a sum of ₹ 750 crores in the registry of the Supreme Court and further directions were issued. After hearing learned Counsel for the parties, we direct that the order which has already been passed in the forenoon session by this Bench shall be subject to compliances of all directions including the one mentioned in the preceding paras. In pursuance to our direction if a new Board of Directors is constituted then it shall also be bound to obey the directions of Hon’ble the Supreme Court which are binding on all authorities in any case.
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