ORDER 1. This is an application preferred by the Respondent No. 5-Dalmia Cement (Bharat) Ltd. (hereinafter 'Applicant') with a prayer to modify an interim order of this Court dated 27.08.2019 (hereinafter 'Interim Order') passed in Civil Appeal Nos. 5395-5398 of 2019 (hereinafter 'Accompanying Appeal'). Further, to that effect, direct the Respondent No. 7-National Securities Depository Limited (hereinafter 'NSDL') to release/transfer Mutual Fund units in favour of Respondent No. 5-Applicant herein, by crediting the same in their demat account maintained by NSDL. 2. For ready reference, the Interim Order dated 27.08.2019 is extracted below: "Permission to file appeal is granted. We have heard learned counsel for the parties and in view of the urgency and consequences explained, we are inclined to pass the following interim directions: 1. The National Security Clearing Corporation Limited will honour F & O Segment contract which had matured on 27 th June, 2019 and has not been paid in view of the interim order passed by this Court on 26 th June, 2019 in I.A. No. 91268/2019 in Civil Appeal No. 5104-5105/2019. The interim order is vacated, clarifying that the payments would be without prejudice to the rights and contentions of all the parties and subject to the final outcome and directions that this Court would pass. 2. Option is given to Novjoy Emporium Private Limited, OCL India Limited and Dalmia Cement East Limited to ask for conversion/sale/encashment of the mutual funds which were purportedly furnished as a security by Allied Financial Services Private Limited. Similar option is also given to 44 parties who had preferred Appeal No. 257/2019 before the Securities Appellate Tribunal, Mumbai. 3. On the option being exercised, IL & FS Securities Services Limited shall convert/encash the mutual funds, and the amount realised would be deposited in a fixed deposit in a Nationalised Bank for a period of six months to earn maximum interest. The deposit would be in the name of IL & FS Securities Services Limited and abide by further orders/directions of this Court. 4. The question of jurisdiction of Securities and Exchange Board of India, Securities Appellate Tribunal and the plea of IL & FS Securities Services Limited relying upon clause (5) of Chapter VII of the Bye-Laws framed by the National Security Clearing Corporation Limited are left open and would be decided at the timeof final hearing. List the matters after four weeks." I. Respondent No.5-Applicant's Submissions: 3. List the matters after four weeks." I. Respondent No.5-Applicant's Submissions: 3. Certain facts pertaining to the Applicant's submissions are outlined in brief below: i. Mutual fund units worth INR 344.07 crores belonging to the Applicant (hereinafter 'Mutual Fund units') were lying in two demat accounts of OCL India Limited (hereinafter 'OCL') and Dalmia Cement East Limited (hereinafter 'DCEL') which were erstwhile subsidiaries of the Applicant and have now merged with it. The said demat accounts were opened with NSDL through its participant, Respondent No. 4-Allied Financial Services Private Limited (hereinafter 'Allied'). ii. The Applicant states that the demat accounts were not trading accounts and that no power of attorney or authorization was given by the Applicant to Allied to deal with the Mutual Fund units in any manner whatsoever. The Mutual Fund units were not in physical form but in digitalized form, kept in the demat account of the Applicant. iii. The Applicant alleges that Allied had fraudulently and unauthorizedly placed the Applicant's Mutual Fund units as security with Respondent No.1-IL & FS Securities Services Ltd. & Ors. (hereinafter 'ISSL') as collateral for Allied's own transaction, i.e., margin obligations. iv. Aggrieved by the alleged fraudulent activities of Allied, the Applicant lodged a complaint dated 8.02.2019 with Respondent No. 1-Securities and Exchange Board of India (hereinafter 'SEBI) and a complaint dated 15.02.2019 with the Economic Offences Wing, Delhi Police (hereinafter 'EOW') against Allied, ISSL, NSDL and their officials. v. On 9.12.2019, i.e., subsequent to the passing of the Interim Order by this Court, SEBI issued a show cause notice to ISSL wherein it has observed that ISSL had allegedly facilitated Allied in executing the fraudulent transfer of Mutual Fund units from the accounts of inter alia DCEL and OCL. The Applicant alleges that the show cause notice evidences ISSL's "active participation" in the fraud committed by Allied. vi. On 12.11.2019, EOW filed a charge-sheet against inter alia ISSL and Allied under Sections 406/420/467/468/471/120B/34 IPC in the court of the Learned Chief Metropolitan Magistrate, Karkardooma (East), Delhi (hereinafter 'Trial Court'). As per the findings in the above mentioned charge-sheet, Allied and ISSL allegedly colluded with each other and fraudulently transferred the Mutual Fund units from the demat accounts of OCL and DCEL to their own accounts and related entities by forging the signatures of the authorized signatories of OCL and DCEL on 66 Delivery Instruction Slips. vii. As per the findings in the above mentioned charge-sheet, Allied and ISSL allegedly colluded with each other and fraudulently transferred the Mutual Fund units from the demat accounts of OCL and DCEL to their own accounts and related entities by forging the signatures of the authorized signatories of OCL and DCEL on 66 Delivery Instruction Slips. vii. On 13.12.2019, the Trial Court took cognizance against inter alia Allied and ISSL and issued summons. Thereafter, the Applicant herein preferred an application under Section 457/451 of the Code of Criminal Procedure, 1973 (hereinafter 'CrPC') before the Trial Court seeking release of possession of stolen Mutual Fund units on superdari as its rightful owner during pendency of the trial. However, ISSL filed objections to the said application contending that the said application was not maintainable in light of the Interim Order passed by this Court. After hearing the parties, vide order dated 25.08.2020, the Trial Court dismissed the application filed under Section 457/451 CrPC. Hence, the Applicant has approached this Court with the present Application. 4. The main contention of the learned Senior Counsel for the Applicant, Mr. Harish N. Salve, Mr. Mukul Rohatgi and Mr. Guru Krishna Kumar is that a bare perusal of the charge-sheet filed by the EOW against Allied and ISSL would show that ISSL is the main conspirator and perpetrator of the fraud played on the Applicant herein and therefore, ISSL cannot be allowed to continue to hold possession of the stolen Mutual Fund units. It is further submitted that there is no dispute that the Applicant herein is the rightful owner of the aforementioned Mutual Fund units and that none of the parties including Allied has disputed that the Mutual Fund units belong to the Applicant herein. It has thus been prayed that the Mutual Fund units be transferred into the demat account of the Applicant, as they are the undisputed owners of the said Mutual Fund units, and the Mutual Fund units should not be permitted to be kept with a party against whom charge-sheet has been filed. 5. It has also been submitted on behalf of Respondent No. 5-Applicant that though liberty was granted by the Interim Order to ask for conversion/sale/encashment of the Mutual Fund units, they do not wish to exercise such option as the value of the Mutual Fund units would increase over time. 5. It has also been submitted on behalf of Respondent No. 5-Applicant that though liberty was granted by the Interim Order to ask for conversion/sale/encashment of the Mutual Fund units, they do not wish to exercise such option as the value of the Mutual Fund units would increase over time. Therefore, by encashing the same at this point in time, the Applicant would stand to lose financially. II. Respondents' Submissions: 6. Per contra, learned Senior Counsel appearing for Respondent No. 1-ISSL, Mr. K.V. Vishwanathan and Mr. Sidharth Luthra have vehemently opposed the present Application for modification of the Interim Order. They have submitted that vide the Interim Order, this Hon'ble Court took constructive custody of inter alia the said Mutual Fund units and provided for an interim arrangement to protect the interests of all the parties and preserve the value of the Mutual Fund units. Thus, pending final disposal of the Accompanying Appeal, the Applicant's interests are protected. Further, it is submitted that mere filing of a charge-sheet by EOW and/or issuance of a summons against ISSL does not constitute a material change in circumstances warranting modification of the Interim Order. In fact, ISSL has itself filed a complaint before the EOW which has now culminated into an application under Section 156(3) of the CrPC before the Magistrate. That on perusal of such application, it is apparent on the face of the record that the Applicant herein was complicit in the fraud committed by Allied in the transfer of the subject Mutual Fund units to ISSL. It has been further contended that Allied and the Applicant herein had a private arrangement wherein the subject Mutual Fund units were provided by the Applicant to Allied as a loan for the purpose of generating income through fees/consideration/ commission in affiliate companies of the Applicant. Therefore, the custody/ownership of the Mutual Fund units are the subject matter of investigation and trial. Pending adjudication of the question of fraud, the present Application ought not to be allowed and is liable to be dismissed in limine. 7. The learned senior counsel for Respondent No. 4-Allied, Mr. Ranjit Kumar, learned counsel for the 44 Retail Investors, Mr. Keshav Mohan and learned senior counsel for the appellant-SEBI, Mr. Chander Uday Singh have also each respectively opposed the present Application for modification of the Interim Order. 7. The learned senior counsel for Respondent No. 4-Allied, Mr. Ranjit Kumar, learned counsel for the 44 Retail Investors, Mr. Keshav Mohan and learned senior counsel for the appellant-SEBI, Mr. Chander Uday Singh have also each respectively opposed the present Application for modification of the Interim Order. They have supported Respondent No.1-ISSL's stand that in light of the fact that the Accompanying Appeal is now being listed for final disposal before this Court, the Interim Order requires no modification. It has also been contended that the Mutual Fund units could be released in favour of the Applicant only on the furnishing of some form of security, like shares or Bank Guarantee, by the Applicant. 8. Learned counsel appearing on behalf of Respondent No. 6-Novjoy Emporium Private Limited, Mr. Kunal Katariya has supported the case of the Applicant and submitted that mutual fund units are identified and unique securities and cannot be replaced by other securities. Since the ownership of the Mutual Funds is not in dispute, they should be returned to their rightful owners, in. III. This Court's Analysis: 9. Having heard the learned counsel for the respective parties at length and having carefully gone through the record, in the facts and circumstances of the case, we are of the opinion that substantial doubts have been raised by both the Applicant and ISSL regarding each other's involvement/collusion with Allied in perpetrating the alleged fraud and in fact, the very nature and substance of the alleged fraudulent activities itself. These questions/allegations are subject matter of the Accompanying Appeal and the investigations being carried out by SEBI and EOW. Until the final disposal of the Accompanying Appeal, it is imperative that the interests of all the parties are substantially protected, including that of the Applicant. It is not disputed that the ownership of the Mutual Fund units vests with the Respondent No. 5-Applicant herein. Their contention is that Respondent No. 4-Allied wrongfully placed these units as collateral for certain transactions on the stock exchange. This contention was argued before this Court, and duly considered, prior to the passing of the Interim Order dated 27.08.2019 as well. In the meanwhile, a charge-sheet dated 12.11.2019 (supra) has been filed by the EOW which appears to support the Applicant's case. This contention was argued before this Court, and duly considered, prior to the passing of the Interim Order dated 27.08.2019 as well. In the meanwhile, a charge-sheet dated 12.11.2019 (supra) has been filed by the EOW which appears to support the Applicant's case. We agree with Respondent No. 1 to the extent that mere filing of a charge-sheet would not constitute a material change in circumstances showing mala fide on part of ISSL. The same is not conclusive proof of guilt. Indeed, we find it imperative to note that we do not wish to express any opinion on the merits of the allegations made by the parties against each other at this stage. Nevertheless, we understand the Applicant's concern that the value of the Mutual Fund units is likely to appreciate over time. This Court in the Interim Order had envisaged the deposit of the Mutual Fund units with Respondent No. 1-ISSL for a maximum period of six months. However, at the time of passing of the Interim Order, it could not have been contemplated by this Court that a pandemic situation would arise in the near future. The same has considerably delayed hearing of the Accompanying Appeal, and consequently the resolution of the case. We find some merit in the Applicant's contention that if they are compelled to encash the Mutual Fund units at this juncture, they would be deprived of increase in value of the securities. The Courts must adopt a pragmatic approach in such matters which touch upon high value commercial assets. At the same time, if it is subsequently proved that the Applicant was indeed hands-in-glove with Respondent No. 4-Allied, the other parties should not be left remediless. Hence, looking to the facts and circumstances, we find that the ends of justice would be served if the Mutual Fund units are released to the Respondent No. 5-Applicant subject to provision of appropriate guarantee. 10. Therefore, we modify the Interim Order dated 27.08.2019 to the extent that the Mutual Fund units of Respondent No. 5-Applicant, kept with the Respondent No. 1-ISSL, be released in favour of the Respondent No.5-Applicant by way of transfer of the said Mutual Fund units and crediting the same in the demat account of the Respondent No.5-Applicant. This is subject to the Applicant furnishing requisite Bank Guarantee of equivalent value as the Mutual Fund units, to the satisfaction of the Trial Court. This is subject to the Applicant furnishing requisite Bank Guarantee of equivalent value as the Mutual Fund units, to the satisfaction of the Trial Court. The Respondent No. 5-Applicant shall comply with this requirement within one month of filing of application for release of Mutual Fund units (along with a copy of this order)before the Trial Court. The Trial Court shall also dispose of such application expeditiously. It is clarified that the Interim Order dated 27.08.2019 shall continue to operate as it was as against the other parties/non-Applicants herein. 11. With these observations and directions, this I.A. stands disposed of. It is, however, made clear that any observations made hereinabove would not affect the merits of the appeals as we have considered the case only with regard to the disposal of the present Application and have not gone into the questions raised in the main appeals.