TMI Blog2017 (12) TMI 665X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 dir ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n of opinion expressed by the applicant which we have gathered from the original file shown to us in the Court. 4. In view of above, let notice be issued to the respondents returnable on 20lh December, 2017. Process dasti as well. 5. In view of the aforesaid facts, we are satisfied that for issuing interim directions, a prima facie case is made out under Section 242 (4) of the Companies Act, 2013 and in the larger public interest, we grant the following interim directions: (i) The current directors Respondent no. 2 to 9 are suspended and restrained from acting as directors of respondent no. 1 company; (ii) All the respondents are restrained from alienating, mortgaging, creating charge or lien or interest in the The current direc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... jay Chandra and Mr. Ajay Chandra, Respondent no. 3 and 4. The broad arguments advanced on behalf of the aforesaid two Directors is that Hon ble Supreme Court has passed various directions with regard to deposits required to be made by them with the Supreme Court. 7. 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 refun ..... X X X X Extracts X X X X X X X X Extracts X X X X
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