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 unc