Back
SUPREME COURT OF INDIA
KRISHNA MURARI, SANJAY KUMAR, JJ.
M/s. Jermyn Capital LLC Dubai – Appellant
VERSUS
Central Bureau of Investigation & Ors. - Respondents
Miscellaneous Application No. 1278 of 2023 in Criminal Appeal No. 1434 of 2023
Decided On : 17-05-2023
Fact of the Case:
The appellant seeks modification of an order allowing their appeal and withdrawing a condition imposed by lower courts.Finding of the Court:
The court grants the application for modification, allowing unconditional withdrawal of funds along with accrued interest.Issues:
Modification of an order regarding withdrawal conditions.Ratio Decidendi:
The court can modify an order to allow unconditional withdrawal based on previous orders directing placement in bank fixed deposits for higher interest rates.Final Decision:
The application seeking modification is allowed, and the related matter is disposed of.ORDER
IA No. 100413/2023 in M.A. No. 1278/2023
1. By way of this application, the appellant seeks modification of the order dated 09.05.2023 passed by this Court allowing the appeal. Thereby, the condition imposed upon the appellant by the Courts below to furnish a bank guarantee for release of the sum of Rs. 38.52 crore was set aside and the appellant was permitted to withdraw the said amount along with 4 percent simple interest payable from 08.05.2006 till the date of actual payment.
2. 2. While so, the appellant produced copies of various orders passed earlier, be it by the Securities Appellate Tribunal or by this Court, directing the sale proceeds, which ultimately aggregated to Rs. 38.52 crore, to be placed in bank fixed deposits so as to garner a higher rate of interest. Reference in this regard may be made to the order dated 08.05.2006 of the Securities Appellate Tribunal and the orders dated 05.12.2008, 14.05.2009 & 16.11.2009 passed by this Court.
3. In that view of the matter, the final order dated 09.05.2023 passed in Criminal Appeal No. 1434 of 2023 shall stand modified by substituting para 21 therein as under:
“21. As a consequence, the appellant shall be permitted to unconditionally withdraw the aforesaid amount along with the fixed deposit interest amount that has accrued thereon.”
4. IA No. 100413/2023 is allowed and, in consequence, M.A. No. 1278/2023 stands disposed of.
AI
Courts have discretion to modify orders regarding withdrawal conditions based on previous directives.
Imposing a bank guarantee as a bail condition is illegal, as established by the Supreme Court.
The court held that in the interest of judicial consistency and parity, where a specific bail condition has been relaxed for a co-accused in the same criminal case by an appellate order, the same rel....
An indispensable Tool for Legal Professionals, Endorsed by Various High Court and Judicial Officers
Please visit our Training & Support
Center or Contact Us for assistance
Scan Me!
India’s Legal research and Law Firm App, Download now!
For Daily Legal Updates, Join us on :
Back to top
