1
ITEM NO.301 COURT NO.1 SECTION XVII
S U P R E M E C O U R T O F I N D I A
RECORD OF PROCEEDINGS
CONTEMPT PETITION (CIVIL) NOS. 1820-1822/2017
IN
CONTEMPT PETITION (CIVIL) NO 413/2012
IN
CIVIL APPEAL NO. 9833/2011
SECURITIES AND EXCHANGE BOARD OF INDIA Petitioner(s)
VERSUS
SUBRATA ROY SAHARA AND ORS. & ORS. Respondent(s)
(Mr. Shekhar Naphade, Sr. Advocate (Amicus Curie) Ms. Fauzia
Shakil, AOR
(IA No. 247435/2024 - INTERVENTION APPLICATION AND IA No.
224258/2024 - RECTIFICATION OF COURTS ORDER IN TYPOGRAPHICAL ERROR)
WITH
CONMT.PET.(C) No. 412/2012 In C.A. No. 9813/2011 (XVII)
(IA No. 282738/2024 - APPROPRIATE ORDERS/DIRECTIONS
IA No. 233758/2024 - APPROPRIATE ORDERS/DIRECTIONS
IA No. 253470/2024 - MODIFICATION OF COURT ORDER)
C.A. No. 7152-7153/2016 (XVII-A)
(IA No. 23883/2024 - APPLICATION FOR SETTLEMENT
IA No. 122100/2020 - APPLICATION FOR SUBSTITUTION
IA No. 122101/2020 - APPROPRIATE ORDERS/DIRECTIONS
IA No. 172155/2023 - EARLY HEARING APPLICATION
IA No. 72714/2022 - RELEASE OF THE FIXED DEPOSIT)
C.A. No. 9224-9225/2016 (XVII-A)
W.P.(C) No. 877/2018 (X)
(IA No. 96025/2020 - APPLICATION FOR TAGGING/DETAGGING)
Date : 08-01-2025 These matters were called on for hearing today.
CORAM :
HON'BLE THE CHIEF JUSTICE
HON'BLE MR. JUSTICE M.M. SUNDRESH
Signature Not Verified
HON'BLE MS. JUSTICE BELA M. TRIVEDI
Digitally signed by
babita pandey
Date: 2025.01.10
17:54:17 IST
Reason:
For Petitioner(s) Mr. Arvid P. Datar, Sr. Adv.
Mr. Pratap Venugopal, Sr. Adv.
Ms. Surekha Raman, Adv.
Mr. Shreyash Kumar, Adv.
2
Mr. Amarjit Singh Bedi, Adv.
Mr. Imli K. Jamir, Adv.
M/s. K J John And Co, AOR
Mr. Siddhartha Dave, Sr. Adv.
Mr. Simranjeet Singh, Adv.
Mr. Gautam Talukdar, AOR
Mr. Yajat Gulia, Adv.
Ms. Arundhuti Mukherjee, Adv.
Mr. Bishwajit Bhattacharyya, Sr. Adv.
Mr. Sahil Tagotra, AOR
Mr. Sujay Jain, Adv.
Ms. Pooja Dhar, AOR
For Respondent(s) Mr. Kapil Sibal, Sr. Adv.
Mr. V. Giri, Sr. Adv.
Mr. Gautam Awasthi, AOR
Mr. Ayush Choudhary, Adv.
Mr. B. M. Tripathi, Adv.
Mr. Devanshu Yadav, Adv.
Mr. Simranjeet Singh, Adv.
Mr. Sameer Pandey, Adv.
Mr. Gautam Talukdar, Adv.
Mr. Sahil Sharma, Adv.
Mr. Rishabh Parikh, Adv.
Mr. Yajat Gulia, Adv.
Ms. Chandni Sharma, Adv.
Mr. Ram Sajan Yadav, Adv.
Mr. Vijay Kumar, Adv.
Ms. Rao Vishwaja, Adv.
Mr. Rahul Narang, Adv.
Mr. Harshed Sundar, Adv.
Mr. Nihar Dharmadhikari, Adv.
Mr. Rohan Thawani, Adv.
Ms. S. Ambica, Adv.
Ms. Pooja Dhar, AOR
M/s. K J John And Co, AOR
Mr. Simranjeet Singh, Adv.
Mr. Gautam Talukdar, AOR
Mr. Yajat Gulia, Adv.
Mr. Suryakant Singla, Sr. Adv.
Ms. Supriya Juneja, AOR
Mr. Manoj K. Mishra, AOR
Mr. Kush Chaturvedi, AOR
3
Mr. Syed Faraz Alam, Adv.
Mr. Atharva Gaur, Adv.
Mr. Aayushman Aggarwal, Adv.
Mr. Shaurya Gupta, Adv.
Ms. Neelam Singh, AOR
Mr. Abinash Kumar Mishra, AOR
Mr. Ravindra Keshavrao Adsure, AOR
Mr. Himanshu Shekhar, AOR
Dr. Abhishek Manu Singhvi, Sr. Adv.
Mr. Dhruv Mehta, Sr. Adv.
Mr. Dhawal Mehta, Adv.
Mr. Krishna Balaji Moorthy, Adv.
Ms. Shachi Udeshi, Adv.
Mr. Chiranjivi Sharma, Adv.
Ms. Nehal Gupta, Adv.
Mr. Nidhiram Sharma, Adv.
Ms. Anupama Dhruve, Adv.
Ms. Juhi Shah, Adv.
Ms. Seher Bhalla, Adv.
Mr. Pranaya Goyal, AOR
Mr. Vishal Prasad, AOR
Mr. N Venkataraman, A.S.G.
Mr. Mukesh Kumar Maroria, AOR
Mr. V C Bharathi, Adv.
Ms. Rekha Pandey, Adv.
Mr. Rajat Nair, Adv.
Mr. P V Yogeswaran, Adv.
Mrs. Chitrangda Rastaravara, Adv.
Mr. Raman Yadav, Adv.
Mr. Kunal Cheema, AOR
Mr. Tushar Mehta, Solicitor General
Mr. N Venkatraman, A.S.G.
Mr. Rana Mukerjee, Sr. Adv.
Mr. Raj Bahadur Yadav Aor, Adv.
Mr. Venkatraman Chandrashekhara Bharathi, Adv.
Mr. Rajat Nair, Adv.
Mr. P V Yogeshwaran, Adv.
Mr. Kanu Agarwal, Adv.
Mr. Raj Bahadur Yadav, AOR
Mr. Kaushal Yadav, AOR
Mr. Nandlal Kumar Mishra, Adv.
Dr. Ajay Kumar, Adv.
4
Mr. Ritul Tandon, Adv.
Mr. Arjun Raghuvanshi, Adv.
Mr. Amol Nirmalkumar Suryawanshi, AOR
Mr. Rohan Srivastava, Adv.
Mr. Ramesh Babu M. R., AOR
Ms. Vandana Sehgal, AOR
Mr. Ashish Batra, AOR
Mr. Gaurav Agrawal, AOR
Ms. Deeplaxmi Subhash Matwankar, AOR
Mr. Sahil Tagotra, AOR
Mr. Sureshan P., AOR
Mr. Preshit Vilas Surshe, AOR
Mr. Satyajit A. Desai, Adv.
Mr. Abhinav K. Mutyalwar, Adv.
Mr. Siddharth Gautam, Adv.
Mr. Sachin Singh, Adv.
Mr. Ananya Thapliyal, Adv.
Ms. Anagha S. Desai, AOR
Mr. Preetraj R. Dhok, Adv.
Ms. Jasmine Damkewala, AOR
Ms. Vaishali Sharma, Adv.
Mr. Divyam Khera, Adv.
Mr. Advait Joshi, Adv.
Mr. Narender Kumar Verma, AOR
Mrs. Pragya Baghel, AOR
Ms. Anuradha Mutatkar, AOR
Mr. Rakesh Uttamchandra Upadhyay, AOR
Mr. Divakar Kumar, AOR
Mr. Manan Kumar Mishra, Sr. Adv.
Mr. Mahesh Agarwal, Adv.
Mr. Ankur Saigal, Adv.
Ms. Madhavi Agarwal, Adv.
Mr. E. C. Agrawala, AOR
Mr. C. George Thomas, AOR
5
Mr. Ratnakar Dash, Sr. Adv.
Mr. G. Sivabalamurugan, Adv.
Mr. S. Mahendran, Adv.
Mr. Hari Krishnan P.V., Adv.
Mr. C. Kavin Ananth, Adv.
Mr. Shekhar Naphade, Sr. Adv./Amicus Curiae
Ms. Fauzia Shakil, AOR
Ms. Salonee Parajape, Adv.
Ms. A.S. Jamuna, Adv.
Ms. Tasmiya Taleha, Adv.
Mr. C. Manishankar, Sr. Adv.
Mr. Anandh K., AOR
Mr. Gopal Kannan, Adv.
Mr. Ang Bajaj, Adv.
UPON hearing the counsel, the Court made the following
O R D E R
The proposer will hand over the proposal to the learned
counsel appearing for the Securities and Exchange Board of India1
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.2 and Sahara
Housing Investment Corporation Ltd.3
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.
The proposal given by Valor Estate Limited will be also
1 For short, “SEBI”.
2 For short, “SIRECL”.
3 For short, “SHICL”.
6
examined by SEBI and the learned Amicus Curiae. Valor Estate
Limited has undertaken to deposit ₹1,000 crores in this Court by
way of a demand draft within a period of fifteen days from today.
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.
However, the aforesaid demand drafts will not be encashed.
Re-list on 05.02.2025 at 03.00 p.m.
I.A. No. 253470/2024
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.
M/s. Vaagai Commercial Ventures LLP can also participate in
the mediation proceedings.
The settlement, if arrived, may be submitted in this Court in
a sealed cover.
Re-list on 05.02.2025 at 03.00 p.m.
I.A. No. 224258/2024
The present application for correction in the order dated
05.09.2024 is allowed. The correction will be carried out in
today’s date.
(BABITA PANDEY) (R.S. NARAYANAN)
COURT MASTER (SH) ASSISTANT REGISTRAR
