In Brief
The Supreme Court modified its 2021 order concerning release of mutual funds worth approximately Rs. 350 Crores to Dalmia Cement (Bharat) Ltd. (Respondent No.5) in a securities fraud case. The Court initially required a bank guarantee of Rs. 344.07 Crores and unencumbered asset security of Rs. 300 Crores. Upon reviewing supplementary charge-sheet findings by the Economic Offences Wing and SFIO against IL and FS Securities Services Ltd. (opposing party), and considering the applicant's strong financial position (assets of Rs. 18,556 Crores), the Court modified the security requirement to a bank guarantee of Rs. 100 Crores and corporate guarantee of Rs. 300 Crores instead, thereby significantly reducing the financial burden on the applicant."
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