2017 (8) TMI 540 - SUPREME COURT OF INDIA
Securities & Exchange Board of India Versus Anandkumar Baldevbhai Patel
Penalty imposed by SAT - Held that - In the appeal(s) filed by the aggrieved person(s) against the order(s) of the Adjudicating Officer, the learned Appellate Tribunal was expected to record its own independent findings and arrive at its own conclusions for holding the respondent liable for the penalty imposed. It seems that the learned Appellate Tribunal has proceeded on the basis that the case of the respondent is same and similar to the case o....... + More
2017 (8) TMI 49 - SUPREME COURT OF INDIA
Sahara Asset Management Co. Pvt. Ltd. Versus Securities & Exchange Board of India, Mumbai
Proper status of a Promoter/Director of Sahara Sponsor who holds about 80 of its capital and who controls all Sahara Group Companies - Held that - In the instant case SEBI itself found that two group companies of Sahara and its Directors were not conducting their business following the rules relating to public issue and were restrained from associating themselves with any listed Company or Company which intends to raise money from the public. It ....... + More
2017 (8) TMI 48 - SUPREME COURT OF INDIA
D.B. Negandhi Versus Registrar of Companies
Petition filed u/s 482 of Criminal Procedure Code - complaint filed by ROC against the Directors for failure to lay before the Company in Annual General Meeting held the balance sheet and profit and loss account for the period required under sub-sections (1) and (3) of Section 210 - Held that - The resignation of the appellant was accepted on 16.06.1997 in the meeting of Board of Directors of the Company, and the Registrar of Companies was inform....... + More
2017 (8) TMI 6 - SUPREME COURT OF INDIA
Securities and Exchange Board of India Versus Sahara India Real Estate Corpn. Limited
Auction notice - proclamation for the auction of Ambey Vally - Held that - It is directed that the respondent-contemnor shall deposit ₹ 1500 crores (Rupees fifteen hundred crores only) which would include the balance amount of today by 7.9.2017. After due consideration, we have granted time till 7.9.2017, though Mr. Sibal, with all humility at his command, prayed for fixing the date some time in October, 2017. Though we appreciate the humbl....... + More
2017 (7) TMI 748 - SUPREME COURT OF INDIA
Laurel Energetics Pvt. Ltd. Versus Securities And Exchange Board of India
Interpretation of Regulation 10 of the SEBI Takeover Regulations of 2011 - upliftment of corporate veil - Held that - For the purpose of the present case, the Target Company, therefore, means a company whose shares are listed on a Stock Exchange. This would mean, on the facts of the present case, the Rattan Company, whose shares are listed on the two Stock Exchanges as mentioned above. Coming back to Regulation 10, it is thus clear that persons n....... + More
2017 (7) TMI 180 - SUPREME COURT OF INDIA
Securities and Exchange Board of India Versus Sahara India Real Estate Corporation Ltd.
Auction of properties of Saharas - permitting the sale of Grosvenor House Hotel - Held that - In the interlocutory application relates to grant of permission for sale of Grosvenor House Hotel, i.e. by transfer of shares of the company to the buyer i.e. GH Equity U.K. Limited. Mr. Arvind P. Datar, learned senior counsel appearing for the S.E.B.I. has no objection if such permission is granted. The permission is, accordingly, granted. - Permit Saha....... + More
2017 (5) TMI 542 - SUPREME COURT OF INDIA
Excel Crop Care Limited Versus Competition Commission of India And Another
Validity of anti-competitive agreement - offending the provisions of Section 3(3) of the Competition Act, 2002 - penalty imposed by COMPAT - CCI jurisdiction to hold enquiry - Held that - Merely because the purported agreement between the appellants was entered into and bids submitted before May 20, 2009 are no yardstick to put an end to the matter. No doubt, after the agreement, first sting was inflicted on May 8, 2009 when the bids were submitt....... + More
2017 (5) TMI 23 - SUPREME COURT OF INDIA
S.E.B.I. Versus SAHARA INDIA REAL ESTATE CORPN. LTD. AND ORS.
Reserved price for the purpose of auction - Held that - Regard being had to the submissions of the official liquidator and the affidavit that has been filed by the contemnor, we direct that the reserved price for the purpose of auction be fixed at ₹ 37,392 Crores. The Official Liquidator shall proceed in accordance with the Rules of procedure and prepare a draft terms and conditions and sale notice and the same shall be filed for our approv....... + More
2017 (4) TMI 932 - SUPREME COURT OF INDIA
S.E.B.I. Versus SAHARA INDIA REAL ESTATE CORPN. LTD. AND ORS.
Auction notice - deposit with SEBI Sahara Refund Account not been done - Held that - As no amount has been deposited by the contemnor, we are inclined to go ahead with auction for the Aamby Valley City near Lonavala, Maharashtra. It is submitted by Mr. Shekhar Naphade, learned Amicus Curiae assisting the Court in the matter that the Official Liquidator of the Bombay High Court may be appointed to conduct the sale. Mr. Arvind P. Datar, learned sen....... + More
2017 (3) TMI 1062 - SUPREME COURT OF INDIA
M/s. Brakewel Automotive Components (India) Pvt. Ltd. Versus P.R. Selvam Alagappan
Rejecting the prayer of the appellant/plaintiff/decree-holder to eschew evidence of the respondent/defendant/judgment-debtor in a proceeding under Section 47 of the Code of Civil Procedure, 1908 as well as to dismiss such application as not maintainable - Held that - Having regard to the contextual facts and the objections raised by the respondent, we are of the unhesitant opinion that no case has been made out to entertain the remonstrances agai....... + More
2017 (3) TMI 1061 - SUPREME COURT
National Securities Depository Ltd. Versus Securities And Exchange Board Of India And Vice-Versa
Administrative circular issued by SEBI under Section 11(1) of the Securities Exchange Board of India Act, 1992 - whether can be the subject matter of appeal under Section 15T of the said Act? - Held that - Both Rules made under Section 29 as well as Regulations made under Section 30 have to be placed before Parliament under Section 31 of the Act. It is clear on a conspectus of the authorities that it is orders referable to Sections 11(4), 11(b), ....... + More
2017 (3) TMI 908 - SUPREME COURT OF INDIA
Raftaar Media Pvt Ltd Versus Noida Software Technology Park Ltd.
Discontinuation of satellite services - default in payment of charges - Held that - On a perusal of the order passed by the TDSAT, we find that the conclusion that has been arrived at by it with regard to the justification of disconnection by the respondent, cannot be found fault with. It has analysed the default at length by the appellant and come to a definite conclusion that there was default by it and the disconnection had been done in accord....... + More
2017 (3) TMI 695 - SUPREME COURT OF INDIA
Board of Trustees, Port of Kandla & Another Versus The Official Liquidator
Over-charge towards wharfage claim from the Board of Trustees - refund of the amount allegedly paid in excess - Period of limitation - revival of extinguished claim - Held that - Section 120 of Major Port Trusts Act stipulates six months from the date of accrual of the cause of action whereas Section 55 stipulates six months from the date of the payment . - Proviso to Section 55 authorises the Board to remit the over-charge made in its bill on it....... + More
2017 (3) TMI 277 - SUPREME COURT OF INDIA
S.E.B.I. Versus SAHARA INDIA REAL ESTATE CORPN. LTD. AND ORS.
Public auction - properties free from any encumbrance - Held that - We permit the contemnor to sell the properties mentioned in Part A barring the property at Item No.15, and any other properties mentioned in Part B and other properties which are not encumbered and deposit ₹ 5092.64 crores on or before 13th April, 2017. The amount shall be deposited in SEBI Sahara Refund Account. In case, the substantial amount is deposited, this Court may ....... + More
2017 (2) TMI 416 - SUPREME COURT OF INDIA
S.E.B.I. Versus SAHARA INDIA REAL ESTATE CORPN. LTD. AND ORS.
Public auction - Attachment orders - Held that - We direct that the contemnors shall file a list of properties that can be put to public auction. Needless to emphasize that the properties suggested for public auction shall be free from any encumbrance. Needless to say, any encumbrance means it shall not be encumbered in any manner whatsoever. The said list be positively filed on or before 27th February, 2017, after giving a copy to the learned co....... + More
2017 (2) TMI 347 - SUPREME COURT OF INDIA
MADHUKAR C. SHETH Versus SECURITIES AND EXCHANGE BOARD OF INDIA
Penalty under Section 15A(b) of SEBI Act - acquired and sold shares in excess of the limits - SECURITIES APPELLATE TRIBUNAL MUMBAI(2017 (2) TMI 288 - SECURITIES APPELLATE TRIBUNAL MUMBAI)confirmed penalty - Held that - Issue notice to show cause as to why the appeal should not be admitted. - There shall be stay of implementation of the impugned order passed by the Securities Appellate Tribunbal, Mumbai, until further orders........ + More
2017 (2) TMI 287 - SUPREME COURT OF INDIA
Manoranjana Sinh @ Gupta Versus Central Bureau of Investigation
Grant of bail - detention in custody of under-trial prisoners - Chit Fund Scam involving the Saradha Group of Companies - Held that - Having regard to the materials available, we are of the opinion, mainly in the face of the disclosures in the latest status report, that presently further confinement of the appellant in judicial custody is not an indispensable necessity for the unhindered investigation, that is in progress. - In the above view of ....... + More
2017 (1) TMI 637 - SUPREME COURT OF INDIA
S.E.B.I. Versus SAHARA INDIA REAL ESTATE CORPN. LTD. AND ORS.
Re-auction - higher amount offered for the same in the previous auction shall be taken as the reserve price for the said properties except in the case of property at Ajmer where the reserve price shall be treated to be ₹ 41,00,00,000/- offered by Shri Rajinder Daga - Held that - Keeping in view the status report received from Justice Agrawal and the fact that the Income-Tax Department does not oppose the sale of the properties in question p....... + More
2016 (12) TMI 255 - SUPREME COURT
Securities & Exchange Board of India Versus Burren Energy India Ltd. & Others
Guilty of contravening the provisions of Regulation 22(7) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 - whether the words Memorandum of Understanding are not words of Art conveying a single meaning? - Held that - In the present case, while Burren was the acquirer, UBL was the person acting in concert. This is evident from the letter of offer (public announcement) dated 15th Feb....... + More
2016 (12) TMI 63 - SUPREME COURT OF INDIA
S.E.B.I. Versus SAHARA INDIA REAL ESTATE CORPN. LTD. AND ORS.
Permission to sell the property - relaxation of condition to enable the Saharas to sell the properties at a price less than the circle rates - Held that - We direct that the interim arrangement made by our Orders dated 06.05.016 and 11.05.2016 shall continue till 06.02.2017 subject to the Saharas depositing in the Sahara SEBI Refund Account a further amount of ₹ 600,00,00,000/- (Rupees Six hundred crores only). Needless to say, in case the ....... + More
