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Issues: Whether the amount realised from the sale of shares could be released to the petitioner on superdari pending adjudication of the criminal case.
Analysis: The dispute arose from an allegedly fraudulent share transaction in which the petitioner had placed its shares in the market for sale, while the alleged fraud was found to have occurred at the buyer-side transaction through impersonation. The Court found no material to show that the petitioner was a party to the alleged fraud. It also noted that the shares were no longer in the petitioner's possession and that the amount represented the sale proceeds of the petitioner's shares. Since the petitioner's entitlement to the proceeds was not denied on the facts before the Court, the Court held that release on superdari could be ordered without determining title finally. The Court further clarified that the order would not decide the ultimate ownership of the shares or the money, which would remain subject to trial.
Conclusion: The amount of Rs. 15.90 lakhs was directed to be released to the petitioner on superdari against a guarantee for the same amount, and the issue was decided in favour of the petitioner.
Ratio Decidendi: Interim release of property or its sale proceeds may be ordered where the applicant is not shown to be a participant in the alleged fraud and the order does not prejudge title or the merits of the criminal case.
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