2024 (8) TMI 1719

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....ar Ms. Maitree Roy. For the SEBI: Mr. Tilak Kumar Bose, Sr. Adv. Mr. Prasanta Kumar Dutta Mr. Rupak Ghosh Mr. Susanta Kumar Dutt Mr. Syamantak Banerjee. For the respondent No. 4: Mr. Anumoy Basu Mr. Mehul Bachhawat (in RVW 230 of 2024). ORDER 1. On the prayer of the learned advocate-on-record of the appellants, the review applications and the applications connected thereto are dismissed as 'not pressed'. 2. Records reveal that in connection with the appeals, two applications for modification of the judgment dated 19th February, 2024 have been preferred. 3. Mr. Mitra, learned senior counsel appearing for the appellants/applicants submits that after delivery of the judgment on 19th February, 2024, a Board meeting was held on....

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....rview of unrelated activity and would accordingly be subject to approval of SEBI and thereafter by a letter dated 8th July, 2024, SEBI requested CSE to submit information in terms of the check list. A further letter was issued by SEBI on 13th August, 2024 observing inter alia, that CSE's request for approval of subleasing of 3 acres of the said land has not been acceded to. 4. He argues that the Court may in its discretion from time to time enlarge a period granted even though said period originally fixed or granted, may expire. The true purport of a conditional order is that the said orders merely create sanction for obedience of the Court's order but cannot take away the Court's jurisdiction. The facts would reveal that active steps we....

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.... have no manner of application in the present case. 7. We have heard the learned advocates appearing for the respective parties at length and we have given our anxious consideration to the facts and circumstances of the case. 8. Paragraph 30 of the said judgment dated 19th February, 2024 runs as follows:- '30. Disengaging ourselves from the logjam, we direct that CSE would be at liberty to establish a clearing corporation in compliance with the provisions of SECC Regulations, 2012 or to tie up with another clearing corporation eligible to clear trades as per SECC Regulations, 2012 to achieve the prescribed not worth within a period of six months from date. In the event CSE fails to do so, SEBI would be free to take necessary ....