on 11 September, 2012
Author: …..……………………….......
Bench: S.H. Kapadia, D.K. Jain, Surinder Singh Nijjar, Ranjana Prakash Desai, Jagdish Singh Khehar
REPORTABLE
IN THE SUPREME COURT OF INDIA
CIVIL APPELLATE JURISDICTION
I.A. Nos. 4-5, 10, 11, 12-13, 16-17, 18, 19, 20-21, 22-23, 24-25, 26-27, 30-31, 32-33, 34, 35-36, 37-38, 39-40,
41-42, 43-44, 45-46, 47-48, 49- 50, 55-56, 57, 58, 59, 61 and 62
in
C.A. No. 9813 of 2011 and C.A. No. 9833 of 2011
Sahara India Real Estate Corp. Ltd. & Ors. …Appellants
Vs.
Securities & Exchange Board of India & anr. …Respondents
with
I.A. Nos. 14 and 17 in C.A. No. 733 of 2012
J U D G M E N T
S. H. KAPADIA, CJI
Introduction
1. Finding an acceptable constitutional balance between free press and administration of justice is a difficult
task in every legal system. Factual background
2. Civil Appeal Nos. 9813 and 9833 of 2011 were filed challenging the order dated 18.10.2011 of the
Securities Appellate Tribunal whereby the appellants (hereinafter for short “Saharaâ€) were directed to
refund amounts invested with the appellants in certain Optionally Fully Convertible Bonds (OFCD) with
interest by a stated date.
3. By order dated 28.11.2011, this Court issued show cause notice to the Securities and Exchange Board of
India (SEBI), respondent No. 1 herein, directing Sahara to put on affidavit as to how they intend to secure the
liabilities incurred by them to the OFCD holders during the pendency of the Civil Appeals.
4. Pursuant to the aforesaid order dated 28.11.2011, on 4.01.2012, an affidavit was filed by Sahara explaining
the manner in which it proposed to secure its liability to OFCD holders during the pendency of the Civil
Appeals.
5. On 9.01.2012, both the appeals were admitted for hearing. However, IA No. 3 for interim relief filed by
Sahara was kept for hearing on 20.01.2012.
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