In Brief
This case concerns an interlocutory application by Sahara India Real Estate Corporation seeking modification of a Supreme Court order requiring deposit of Rs. 600 crores by 6 February 2017. The Court declined to extend the deadline and reiterated that non-compliance would result in imprisonment. However, it permitted transfer of Rs. 285 crores held in Sahara's London bank account to SEBI's Refund Account, after SEBI and the Union of India consented. The modification petition was dismissed while the fund transfer request was granted."
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