SC and HC Judgments Online at MyNation

Judgments of Supreme Court of India and High Courts

Securities and Exchange Board of India Vs. IL&FS Securities Services Ltd. [27/08/19]

Section

Securities and Exchange Board of India Vs. ILFS Securities Services Ltd. Ors.

[Civil Appeal Nos. 5395-5398/2019]

[C.A. No. 6241-6244/2019]

[Diary Nos. 27426/2019]

[Diary Nos. 27604/2019]

[Diary Nos. 27624/2019]

O R D E R

Permission to file appeal is granted. We have heard learned counsel for the parties and in view of the urgency and consequences explained, we are inclined to pass the following interim directions:

1. The National Security Clearing Corporation Limited will honour F O Segment contract which had matured on 27th June, 2019 and has not been paid in view of the interim order passed by this Court on 26th June, 2019 in I.A. No. 91268/2019 in Civil Appeal No. 5104- 5105/2019. The interim order is vacated, clarifying that the payments would be without prejudice to the rights and contentions of all the parties and subject to the final outcome and directions that this Court would pass.

2. Option is given to Novjoy Emporium Private Limited, OCL India Limited and Dalmia Cement East Limited to ask for conversion/sale/ encashment of the mutual funds which were purportedly furnished as a security by Allied Financial Services Private Limited. Similar option is also given to 44 parties who had preferred Appeal No. 257/2019 before the Securities Appellate Tribunal, Mumbai.

3. On the option being exercised, IL FS Securities Services Limited shall convert/encash the mutual funds, and the amount realised would be deposited in a fixed deposit in a Nationalised Bank for a period of six months to earn maximum interest. The deposit would be in the name of IL FS Securities Services Limited and abide by further orders/directions of this Court.

4. The question of jurisdiction of Securities and Exchange Board of India, Securities Appellate Tribunal and the plea of IL FS Securities Services Limited relying upon clause(5) of Chapter VII of the Bye-Laws framed by the National Security Clearing Corporation Limited are left open and would be decided at the time of final hearing. List the matters after four weeks.

………………….J. [MOHAN M. SHANTANAGOUDAR]

………………….J. [SANJIV KHANNA]

NEW DELHI;

AUGUST 27, 2019.

Section SectionBack

Leave a Reply

Your email address will not be published. Required fields are marked *


Not found ...? HOW TO WIN 498a, DV, DIVORCE; Search in Above link

All Law documents and Judgment copies
Laws and Bare Acts of India
Landmark SC/HC Judgements
Rules and Regulations of India.

STUDY REPORTS

Copyright © 2021 SC and HC Judgments Online at MyNation
×

Free Legal Help, Just WhatsApp Away

MyNation HELP line

We are Not Lawyers, but No Lawyer will give you Advice like We do

Please read Group Rules – CLICK HERE, If You agree then Please Register CLICK HERE and after registration  JOIN WELCOME GROUP HERE

We handle Women Centric biased laws like False Sectioin 498A IPC, Domestic Violence(DV ACT), Divorce, Maintenance, Alimony, Child Custody, HMA 24, 125 CrPc, 307, 312, 313, 323, 354, 376, 377, 406, 420, 497, 506, 509; TEP, RTI and many more…

MyNation FoundationMyNation FoundationMyNation Foundation