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Sc Judgment 110912

Sc Judgment 110912

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Published by Network18

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Published by: Network18 on Sep 11, 2012
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01/18/2013

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REPORTABLE
IN THE SUPREME COURT OF INDIACIVIL APPELLATE JURISDICTIONI.A. Nos.
4-5, 10
, 11, 12-13, 16-17, 18, 19, 20-21, 22-23, 24-25, 26-27, 30-31, 32-33, 34, 35-36, 37-38, 39-40, 41-42, 43-44, 45-46, 47-48, 49-50, 55-56, 57, 58, 59, 61 and 62inC.A. No. 9813 of 2011 and C.A. No. 9833 of 2011 Sahara India Real Estate Corp. Ltd. & Ors. …AppellantsVs.Securities & Exchange Board of India & anr. …RespondentswithI.A. Nos. 14 and 17 in C.A. No. 733 of 2012 J U D G M E N T S. H. KAPADIA, CJI
Introduction
 1. Finding an acceptable constitutional balance between freepress and administration of justice is a difficult task in every legal system.
 
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Factual background
 2. Civil Appeal Nos. 9813 and 9833 of 2011 were filedchallenging the order dated 18.10.2011 of the SecuritiesAppellate Tribunal whereby the appellants (hereinafter for short“Sahara”) were directed to refund amounts invested with theappellants in certain Optionally Fully Convertible Bonds(OFCD) with interest by a stated date.3. By order dated 28.11.2011, this Court issued show causenotice to the Securities and Exchange Board of India (SEBI),respondent No. 1 herein, directing Sahara to put on affidavit asto how they intend to secure the liabilities incurred by them tothe OFCD holders during the pendency of the Civil Appeals.4. Pursuant to the aforesaid order dated 28.11.2011, on4.01.2012, an affidavit was filed by Sahara explaining themanner in which it proposed to secure its liability to OFCDholders during the pendency of the Civil Appeals.
 
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5. On 9.01.2012, both the appeals were admitted for hearing.However, IA No. 3 for interim relief filed by Sahara was kept forhearing on 20.01.2012.6. On 20.01.2012, it was submitted by the learned counselfor SEBI that what was stated in the affidavit of 4.01.2012 filedby Sahara inter alia setting out as to how the liabilities of Sahara India Real Estate Corporation Ltd. (SIRECL) and SaharaHousing and Investment Corporation (SHICL) were to besecured was insufficient to protect the OFCD holders.7. This Court then indicated to the learned counsel forSahara and SEBI that they should attempt, if possible, to reacha consensus with respect to an acceptable security in the formof an unencumbered asset. Accordingly, IA No. 3 got stood overfor three weeks for that purpose.8. On 7.02.2012, the learned counsel for Sahara addressed a
personal
letter to the learned counsel for SEBI at Chennaienclosing the proposal with details of security to securerepayment of OFCD to investors as pre-condition for stay of the

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