Securities And Exchange Board Of India v. Subrata Roy Sahara
2025-01-08
BELA M.TRIVEDI, M.M.SUNDRESH, SANJIV KHANNA
body2025
DigiLaw.ai
ORDER : 1. The proposer will hand over the proposal to the learned counsel appearing for the Securities and Exchange Board of India[For short, "SEBI".] and to Mr. Shekhar Naphade, learned Senior Advocate, who is appearing as an Amicus Curiae in the present matters. The said proposal in a sealed cover has been handed over by the proposer to us. The same will be taken on record. SEBI will conduct their own investigation/scrutiny and examine the proposal. They may file their response in a sealed cover in this Court. The said report will be furnished to the learned Advocate-on-Record appearing for the proposer, Sahara India Real Estate Corporation Ltd.[ For short, "SIRECL".] and Sahara Housing Investment Corporation Ltd.[ For short, "SHICL".] 2. A copy of I.A. No. 247435/2024 filed by Valor Estate Limited will also be furnished to the learned Advocate-on-Record appearing for SEBI, SIRECL and SHICL. 3. The proposal given by Valor Estate Limited will be also examined by SEBI and the learned Amicus Curiae. Valor Estate Limited has undertaken to deposit Rs.1,000 crores in this Court by way of a demand draft within a period of fifteen days from today. 4. The demand draft brought to the Court by Oberoi Realty Ltd. will also be deposited in the Registry of this Court within a period of fifteen days from today. 5. However, the aforesaid demand drafts will not be encashed. 6. Re-list on 05.02.2025 at 03.00 p.m. I.A. No. 253470/2024 7. Learned counsel appearing for the parties are permitted to explore possibility of settlement through Mediation. The parties will approach the coordinator of the Supreme Court Mediation Centre for appointment of a Mediator. However, the mediation settlement, if arrived at, shall remain a proposal till accepted by this Court. 8. M/s. Vaagai Commercial Ventures LLP can also participate in the mediation proceedings. 9. The settlement, if arrived, may be submitted in this Court in a sealed cover. 10. Re-list on 05.02.2025 at 03.00 p.m. I.A. No. 224258/2024 11. The present application for correction in the order dated 05.09.2024 is allowed. The correction will be carried out in today's date.