Sahara SEBI Refund Account: Deposit Orders, Property Sale Restrictions, Interlocutory Applications

The Court directed Saharas to deposit further amounts in the Sahara SEBI Refund Account to continue the interim arrangement. Saharas were not allowed to sell properties below circle rates but could seek permission in specific cases. Mr. Sibal was given time to ensure the deposit of balance sale consideration in the SEBI account. Various Interlocutory Applications were addressed, with parties granted time to respond and certain applications withdrawn. The Court scheduled hearings and allowed liberty for seeking redress in appropriate proceedings.

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Issues involved:
1. Payment plan proposed by Saharas
2. Continuance of interim arrangement
3. Sale of properties by Saharas at a price less than circle rates
4. Deposit of balance sale consideration for a property in SEBI account
5. Various Interlocutory Applications (I.As) filed

Analysis:
1. The judgment addresses the payment plan proposed by Saharas, with Mr. Kapil Sibal offering to pay the amount recoverable from Saharas as per a Payment Plan enclosed in an I.A. The counsels for SEBI and Amicus Curiae seek time to respond and file objections within four weeks. The Court schedules a hearing on the matter for a later date.

2. Regarding the continuance of the interim arrangement, Mr. Kapil Sibal requests for the interim arrangement made by previous orders to continue. The Court directs the Saharas to deposit a further amount in the Sahara SEBI Refund Account, failing which the contemnors will face imprisonment. The Court extends the interim arrangement till a specified date.

3. The judgment discusses the issue of selling properties by Saharas at a price less than circle rates. Mr. Sibal argues for relaxation of the condition imposed by the Court on the sale price of properties. The Court declines to modify the rate but allows Saharas to apply for permission to sell at a lower price in specific cases.

4. In the context of a property sale, SEBI's counsel mentions a pending sale where the purchaser has not deposited the balance amount. Mr. Sibal is given time to verify and ensure the deposit of the balance sale consideration in the SEBI account. The Court prohibits the execution of the sale deed without the deposit being made.

5. The judgment also addresses various Interlocutory Applications (I.As) filed, including notices issued, applications withdrawn, and requests for time to file objections. Counsel for the parties are granted time to respond, and hearings are scheduled for specific dates. The Court allows the withdrawal of certain applications and reserves liberty for seeking redress in appropriate proceedings.

This detailed analysis provides insights into the key issues addressed in the judgment, including the proposed payment plan, interim arrangements, property sale conditions, deposit of sale consideration, and the handling of various Interlocutory Applications filed in the case.

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