S.E.B.I.versusSAHARA INDIA REAL ESTATE CORPORATION LTD.

                      (2014] 13 S.C.R. 1036


A                             S.E.B.I.
                                   v.
       SAHARA INDIA REAL ESTATE CORPORATION LTD.
                         &ORS.
B                  I.A. Nos. 8-9 & 10-12of2014
                                 in
              Contempt Petition (C) No. 412 of 2012
                                 in
c
                  Civil Appeal No. 9813 of 2011
                          JULY22, 2014
      [T. S. THAKUR, ANIL R. DAVE AND A. K. SIKRI, JJ.]
D        Contempt of Court - Contemnors committed to jail on
  account of their failure to comply with directions of the
  Supreme Court- Interim bail order passed by Supreme Court
  requiring them to deposit Rs. 10, 0001- crores -Applications
  filed by contemnors seeking various directions - Prayer by
E Shri Subrata Roy Sahara for temporary/conditional release
  from judicial custody - Further, prayer by Saharas for
  permission to obtain bank guarantee of Rs. 5, 0001- crores by
  leveraging three overseas hotel properties - Held: On facts,
  contemnors cannot be granted parole as prayed for- Nothing
F to show that Shri Subrata Roy Sahara suffered from any
  serious medical condition - Alternative ground for parole,
  viz. facilitating negoiiations with prospective purchasers of
  property offered for sale by Saharas, also not justified - No
  legal impediment in permitting the sale of offshore properties
G owned by Saharas for raising funds for compliance with the
  order of Court - Three offshore hotel properties owned by
  Saharas allowed to be transferred, sold or encumbered
  subject to conditions - Bail.
         Parole - Entitlement of
H
                               1036
 S.E.8.1. v. SAHARA IN DIA REAL ESTATE CORPN. LTD.           1037


     Disposing of the applications, the Court                A
      HELD:1. The anxiety on the part of the Saharas
generally and the contemnors in particular to sell the
offshore properties is understandable especially when
such sale and transfer is not only going to help Saharas
in liquidating the outstanding loan amount payable to 8
the Bank of China but leave sufficient surplus with the
Sahai'as to not only deposit the balance of Rs.2,000/-
crores approximately that needs to be immediately paid
by them but also furnish a bank guarantee for a sum of
Rs.5,000/- crores, as directed. There is therefore no legal C
impediment in permitting the sale of the offshore
properties owned by Saharas. [Para 11][1046-C-F]
     2. There is nothing to show that Shri Subrata Roy
Sahara suffers from any serious medi~al condition. At 0
any rate, one expects the jail doctors to keep a check on
his medical condition and provide necessary medical aid
as and when required. The alternative ground urged for
the grant of parole also does not stand closer scrutiny.
There is, at present, no concrete proposal with Saharas E
for sale of the properties situate in India or abroad that
may call for any negotiation by Shri Subrata Roy Sahara.
[Para 13)[1047-G-H; 1048-A-B]
     CIVIL APPELLATE JURISDICTION: I.A. No. 8-9 and
10-12 of2014.                                                F
                               in
     Contempt Petition (C) No. 412 of2012
                               in
                                                             G
     Civil Appeal No. 9813 of 2011
     [Application on behalf of Sahara India Read Estate
Corporation Limited (SIRECL) and Sahara Housing
Investment Corporation Limited (SHICL) for modification of
order dated 21.11.2013]                                      H
1038         SUPREME COURT REPORTS                 (2014] 13 S.C.R.


 A                                     With
            I.A. Nos. 8-9 and 10-12 in Contempt Petition (C) No. 413
       of 2012 in Civil Appeal No. 9833of2011
                                  And
 B       I.A. Nos. 10-12 in Contempt Petition© No. 260 of 2013
   in Civil Appeal No. 8643of2012
            Arvind P. Datar, Sr. Adv., Tushar Mehta ASG., Pratap
       Venugopal, Ms. Meenakshi Chauhan, Gaurav Nair, P.K. Jha,
       Anuj Sarma (For Mis. K.J. John & Co.), Vishwa Pal Singh,
 c     Mrs. Anil Katiyar and Arijit Prasad , Advs. for the Appellants.
             Raj iv Dhavan, S. Ganesh, Sr. Ad vs., Gaurav Kejriwal and
       Keshav Mohan, Advs. for the Respondents.
            The Judgment of the Court was delivered by
            T. S. THAKUR, J.
 D
         1. By our order dated 4th June, 2014 we had, while
   declining the prayer made by the contemnors for modification
   of the terms on which they were granted interim bail, partially
   modified order dated 21st November, 2013 passed by this
 E Court and that passed by SEBI on 131hFebruary, 2013 so as
   to enable Sahara India Real Estate Corporation Limited
   (SIRECL) and Sahara Housing Investment Corporation Limited
   (SHICL) (hereinafter referred to as 'Saharas' for short) to
   deposit with SEBI the maturity value/sale consideration of FDs,
 F bonds and securities held by the Saharas. We had also, by
   the same order, permitted Saharas to sell nine different
   properties situate in nine different cities in the country and to
   deposit the sale proceeds thereof with SEBI, to the extent the
   same was necessary to make a total deposit of Rs.5,000/-
   crores required in terms of the bail order. We had also
 G permitted Saharas to charge its immovable property situate
   in Aamby Valley (Pune) for obtaining and furnishing to this Court
   a bank guarantee for an amount of Rs.5,000/- crores in terms
   of the bail order dated 4th June, 2014. As regards Sahara's
 H
  S.E.B.I. v. SAHARAINDIAREALESTATE CORPN. LTD.                      1039
                   [T. S. THAKUR, J.]

prayer for permission to sell three hotel properties situate         A
outside the country, we had left the question open to be
determined after Saharas furnished the requisite documents/
information in terms of our order dated 291h May, 2014
evidencing the approval of Bank of China to the proposed
transfer of the stakes held by the· Saharas in the said three        B
properties. We were informed that Bank of China had a charge
over the three properties and that it had agreed in principle to
the sale of the stakes held by Saharas subject to the repayment
of the outstanding loan amount for which the said properties
were charged. We had also noticed the valuation reports in           c
regard to the three properties mentioned above and a
contention urged by Saharas that the same had been prepared
by reputed valuers at the instance of the Bank of China in
connection with the loan transactions as a part of the ongoing
exercise undertaken by the bankers. We had asked Saharas             o
to obtain a confirmation from the Bank of China to the effect
that the valuation reports prepared in respect of the three
offshore hotel properties by CBRE and JLL have been
prepared at the instance of the Bank of China and that the
same had been accepted by the bank to be correct. We were            E
of the view that such a confirmation would lend re-assurance
to the Court that the valuation reports represented the true value
of the stakes held by the Saharas in the said three properties.
This is evident from the following portion of the order passed
 by us on 291h May, 2014:                                             F
      "Dr. Dhawan submitted, on instructions, that an
      appropriate communication could subject to the order
      of this Court be addressed to the Bank of China by the
      Saharas seeking its approval to the proposed transfer
      of the stakes held by Saharas in the three properties G
      mentioned above, subject to the repayment of the loan
      outstanding against those properties. Dr. Dhawan
      submitted that a copy of the communication addressed
      to the Bank of China and its response shall be placed
      on record before this Court along with an affidavit within H
1040      · SUPREME COURT REPORTS                 [2014] 13 S.C.R.


 A        one week from today He further submitted that apart
          from the correspondence that may be exchanged on
          the subject between Saharas and the Bank of China,
          the
          Bank of China will a/~o be requested to confirm the
 B        amount that is outstanding towards the loan advanced
          by it in regard to each one of the three properties
          mentioned above to give a clear picture to this Courts
          to the outstanding liability that remains to be liquidated
          by the Saharas qua the said properties.
 c        Our attention was also drawn to the valuation reports in
          regard to the three properties mentioned earlier. It was
          urged that the said valuation reports have been
          prepared by reputed valuers at the instance of the Bank
          of China in connection with the Joan transactions as a
 D
          part of on-going annual exercise undertaken by the
          lending Bank. If that be so, Saharas would do well to .
          obtain a confirmation from the Bank of China to the
          effect that the valuation reports prepared in respect of
          the three properties mentioned above by CBRE and
 E
          JLL, have been prepared at the instance of the Bank of
          China and that the said valuation reports have been
          accepted by the Bank to be correct. This could lend re-
          assurance to the Court that the value/stakes held by
          Saharas in these properties are sought to be transferred
 F
          on the basis of the true market value of the said assets.
          Needful shall be done expeditiously, but not later than
          one week from today"
         2. Saharas have now made the present applications
 G seeking certain directions. In I.As No. 8-9 of 2014, Shri Subrata
   Roy Sahara has prayed for temporary/conditional release from
   judicial custody for a period of 15 days or so to meet his
   nonagenarian and ailing mother as also for taking steps for
   compliance with the order of this Court datP.d 26th March, 2014.
 H The applicant has, -inter alia, stated that his mother Smt. Chhabi
 S.E.B.I. v. SAHARAINDIAREALESTATECORPN. LTD.                      1041
                  [T. S. THAKUR, J.]

Roy who is aged over 93 years suffers from several ailments A
which complicate matters in view of her being in a fragile
emotional state. The applicant Shri Subrata Roy Sahara is
also, according to the averments, not keeping good health
requiring medical attention. The application, however, stops
short of elaborating the medical condition of the applicant Shri B
Sahara. More importantly, the application seeks release of Shri
Sahara on parole with a view to negotiating deals directly with
the purchasers who have shown interest in the purchase of the
property being offered for sale by the Saharas.
       3. In the accompanying I.As Nos.10, 11 & 12 of 2014 C
Saharas have prayed for permission to obtain a bank
guarantee of Rs.5,000/- crores by leveraging the three
overseas hotel properties by way of sale, mortgage in the light
of the Bank of China's consent to such sale or transfer, and
certification that the valuation reports were prepared at the D
instance of the Bank and accepted by it. The Saharas also
seek permission for sale, hypothecation, mortgage/leverage
the land owned by them and situate in Versova.
      4. Appearing for the applicants, Dr. Rajiv Dhavan,            E
learned senior counsel, argued that the applicants had,
pursuant to our order dated 291h May, 2014, addressed a joint
letter to the Bank of China on 2nd June, 2014 requesting the
Bank of China to confirm the information sought for by this
Court. The Bank of China had, on receipt of the said                F
communication, consented to the proposed sale of the stakes
held by Saharas in the hotel properties subject to the repayment
of the amount outstanding against Saharas. It had also
confirmed the loan amounts and the valua.tion reports as
required by the Order passed by this Court. _Our attention was,     G
in support of that submission, drawn by the learned counsel to
letter dated 3rd June, 2014 sent by the Bank of China to the
Saharas conveying the Bank's consent to the sale and direct
or indirect disposal by the Saharas Group of its interests in
the three hotels subject to the condition that the sale proceeds    H
1042       SUPREME COURT REPORTS                             [2014] 13 S.C.R.


 A are sufficient to and the same are applied towards repayment
   in full of the outstanding principal, interest and other amounts
   including any applicable prepayment premia, fees, out of pocket
   costs and expenses of Facility Agents and lenders owned by
   Sahara Group in connection with the loans obtained from the
 B Bank. The letter sets out the outstanding amount under the
   Sahara Group loans as on 2"d June, 2014 in the following words:
          "2) Amounts outstanding under the Sahara Group
          Loans as at 02 June 2014
c         A. Amounts outstanding under the S,ahara Group Loans
          as at 02 June 2014 are:
          As at 02 June             GHHLoan              IPlazaLDream Loan
          2014
          Loan                        £289, 750,000.0         US$427,241,303.00
          outstanding
 D        balance
          Accrued Interest               £985,469.20              US$244,036.67

          Prepayment Fee               £2,89 7,500. 00             $8,544,826. 07

          Ubor Breakage          Awroximately             Approximately
          Costs                  £11,873,16, final        £9,740.96,     final
 E                               amount to be             amount     to     be
                                 confirmed at the         confirmed at the
                             '
                                 prepayment date         Iprepayment date
          Legal Fees             Awroximate/y            iApproximately
                                 £'1.5,000   final       I£15,ooo,      final
                                 amount to be            amount    to    be
 F                               confirmed at the        confirmed at the
                                 prepayment date         prepayment date
                                                                            --
          Please note that the exact amounts required to prepay
          the Saha.ra Group Loans will depend on when the
G         prepayment is made. Whilst the above numbers are
          accurate as at 2 June 2014 (Except that the Libor
          Breakage Costs and Legal fees are estimates}, they
          are subject to change."
     5. The Bank of China has also, in the same
H communication, confirmed that valuation reports were
 S.E.B.I. v. SAHARAINDIAREALESTATE CORPN. LTD.                  1043
                  [T. S. THAKUR, J.]

instructed and accepted by the Facility Agents for loan security A
purposes in regard to the three properties in question. The
bank says:
     "Latest Valuation reports prepared pursuant to the
     Sahara Group loans
                                                                 B
     The following Valuation reports were instructed and
     accepted by Facility Agent for loan security purposes:
       • Plaza Hotel Valuation Report prepared by CBRE
         dated 27 Oct 2013 with the Market Value 9f
         US$592, 000,000;                                       c
       • Dream Downtown Hotel Valuation Report prepared
         by CBRE dated 29 Oct 2013 with the Market Value
         of US$252,000,000
       • Grosvenor House Hotel Valuation Report prepared         o
         by Jones Lang LaSalle (JLL) dated 26 February
         2014 with the Market Value of £516, 000, 000
      We understand that you wi(I share a copy of this letter
      with the Supreme Court of India."
                                                                 E
      6. It was in the above context, Dr. Dhavan submitted that
(a) Bank df China had no objection to the proposed sales/
transfer of the stakes held by the Sahe1ras in the three hotel
properties and (b) the valuation reports indicating the value of
the assets in question were prepared on the instructions of F
the Bank of China and had been accepted by it for loan security
purposes. Dr. Dhavan argued that the valuation reports had
been prepared in the ordinary course of business long before
the present controversy arose and were truly indicative of the
market value of the properties. It was also submitted that the
reports were prepared by reputed international valuers after a G
thorough and analytical applicatidn of recognised methods of
valuation of a going establishment like a hotel. There was,
therefore, no basis for any apprehension that the properties
proposed to be sold may be sold at a price lesser than the
true market value with a view to defrauding the creditors or H
1044       SUPREME COURT REPORTS                [2014) 13 S.C.R.


 A siphoning away the sale consideration. Dr. Dhavan argued that
   while the encashment of FDs and sale of bonds and securities
   had already resulted in the deposit of a substantial amount of
   over Rs.3,000/- crores in SEBl-Sahara Refund account, sale
   of the three hotel properties would enable the Saharas to make
 B up the deficit amount of Rs.2000/- crores besides helping
   Saharas arrange a bank guarantee for another Rs.5,000/-
   crores, as directed by this Court.
         7. Mr.Arvind P. Datar, learned Senior Counsel appearing
   for SEBI, on the other hand, contended that the prayer made·
 C by the contemnors/applicants in I.As. No.8 and 9 for release
   on parole was not justified on the ground stated. The material
   on record did not, according to the learned counsel, suggest
   that Shri Subrata Roy Sahara had any serious medical
   problem to justify his release on parole nor can his release on
 D parole be justified on the ground for facilitating negotiations
   with the prospective purchasers. It was submitted that Saharas
   had not come forward to disclose the names of the prospective
   buyers with whom they proposed to hold such negotiations
   nor was there any concrete proposal at present under their
 E consideration.
         8.As regards sale of the three hotel properties, Mr.Arvind
   P. Datar, did not deny that though the Bank of China has a
   substantial charge over the said properties but according to
   the valuation reports the market value of the property is
 F considerably higher than the outstanding loan amount, thereby
   accepting the plea of the applicants that if the properties are
   sold, sufficient surplus would be available even after discharge
   of the Bank loan that could be utilised for deposit with SEBI
 G and for furnishing a bank guarantee as demanded by this Court.
   Moreover, the valuation ~eports prepared by leading and
   reputed international valuers were not questioned by Mr. Arvind
   P. Datar nor was it suggested that the reports had been
   procured only for use in these proceedings.
 H
  S.E.B.I. v. SAHARA IN DIA REAL ESTATE CORPN. LTD.           1045
                    [T. S. THAKUR, J.]

        9. We have considered the matter in the light of the A
submissions made at the bar. The contemnors stand committed
to jail by the Order of this Court dated 4th March, 2014 on
account of their failure to comply with the directions of this
Court's Orders dated 31st August, 2012 and 5th December,
2012 and those issued on 25th February, 2013 in I.A. No.67 of · B
2013 in Civil Appeal No.9813 of 2011 and I.A No.5 in Civil
Appeal No.9833 of 2011 .. Interim bail order passed by this
Court on 26th March, 2014 requires them to deposit Rs.10,000/
- crores, out of which Rs.5,000/- crores has to be in cash while
the balance has to be secured by bank guarantee of a c
nationalised bank furnished in favour of SEBI. It was with a
view to enabling the contemnors to comply with the said
direction that this Court had by Order dated 4th June, 2014
lifted the embargo placed upon operation of the bank accounts
and sale/transfer of immovable assets held by the Saharas D
qua nine properties referred to in the said order. Saharas have
since then deposited an amount of more than Rs.3,000/- crores
with SEBI by encashment of FDs, Bonds and securities.
       10. Saharas have also out of the nine properties referred
to above sold the property situate in Ahmedabad for a sum of E
Rs.4, 11,82,55, 138/- (Rupees Four Hundred and Eleven
Crores Eighty Two Lacs Fifty Five Thousand One Hundred
and Thirty Eight only). The remaining eight properties, however, .
remain to be sold or encumbered. We had in the light of the
above asked Dr. Dhavan whether the proposed sale/transfer F
of the offshore hotel properties was essential when no less
than eight other properties apart from Aamby Valley (Pune)
remained to be sold or encumbered for raising funds necessary
for compliance with the order of this Court. Dr. Dhavan argued
that it may be easier for the contemnors-Saharas to leverage G
the overseas hotel properties for deposit of the deficit of around
Rs.2000/- crores and arranging a bank guarantee of Rs.5,000/
- crores in comparison to sale or transfer of property situate
within the country which may take a relatively longer period
leading to continued incarceration of the contemnors in jail. It H
1046        SUPREME COURT REPORTS                    [2014] 13 S.C.R.


 A was submitted that so long as it was ensured that the offshore
   properties are sold for the market value they command, the
   Saharas should ~ave the liberty to do so.
            11. There is, in our opinion, merit in the contention urged
     by Dr. Dhavan. What is important is that the properties held
 8 by the Saharas are sold at their market value and the sale
     proceeds, subject to any other directions issued by this Court,
     utilised for compliance with the terms of the conditional bail
     order issued by this Court. It is evident that if sale of properties
     situate within the country is likely to take time, the contemn ors
 C may be exposed to a longer period of incarceration on account
     of their failure to comply with the directions of this Court. On
     the other hand, quicker the compliance with the directions of
     the Court's Order for deposit of cash and bank guarantee, the
     easier would be the way out of jail for them. The anxiety on the
 D part of the Saharas generally and the contemnors in particular
     to sell the offshore properties is, therefore, understandable
     especially when such sale and transfer is not only going to
     help Saharas in liquidating the outstanding loan amount
     payable to the Bank of China but leave sufficient surplus with
 E · the Saharas to not only depostt the balance of Rs.2,000/- crores
     approximately that needs to be immediately paid by them but
     also furnish a bank guarantee for a sum of Rs.5,000/- crores,
     as directed. We, therefore, see no legal impediment in
     permitting the sale of the offshore properties owned by
 F Saharas. This is particularly so when not only do we have the
     valuation reports of the said properties on record prepared as
     they are by internationally reputed valuers but also the
     concurrence of SEBI for the sale of such properties at that
     value subject to the condition that the sale consideration shall
 G as far as possible be at the estimated value of such properties,
     less, at the most by 5% of such value. We are, mindful of the
     fact that Saharas have sold the property atAhmedabad at more
     than three times the circle rates of such property. No such
     rates are, however, available or prescribed for offshore
 H properties. We shall, therefore, have to go only by the valuation
  S.E.B.I. v. SAHARAINDIAREALESTATE CORPN. LTD.                     1047
                   [T. S. THAKUR, J.]

reports of the valuers as the basis for such proposed sale/ A
transfer subject to a margin of 5% which we have indicated
above. In case the offer received is lesser by more than 5%,
they will seek prior approval of the Court.
       12. We may incidentally mention at this stage that Dr.
Dhavan had sought a clarification of our Order dated 4th June,      B
2014 inasmuch as in the para 23 (iii) (b) of the said order, we
had stated that the sale of the properties referred to in the
order shall not be for an amount lesser than the circle rate for
such properties or the estimated value indicated by the
Saharas whereas in the operative portion of the said order we       C
had permitted sale at a price that is not lower than the circle
rate prescribed for such properties. Having regard, however,
to the experience that Saharas have had with the sale of
properties in Ahmedabad which fetched more than three times
the circie rates pr-escribed for the same, we are of the view       D
that the actual market value of the property held by Saharas is
many times more than the circle rates for such property. This
is evident not only from the sale transaction relating to
Ahmadabad property but also the fact that Saharas have
themselves estimated the value of the properties much higher         E
than the circle rates for the same. In the circumstances, we
see no difficulty in clarifying that the sale of the remainder of
the properties which we have permitted to be sold by our order
dated 4th June, 2014 shall not be lesser than the estimated
value of the properties given by Saharas less by no more than        F
5% of such estimated value. In case the offer(s) received is/
are less by more than 5%, prior approval of the Court will have
to be sought.
      13. That brings us to the question whether the contemnors
can be granted parole as prayed for in the applications? We G
regret to say that we do not, for the present, see any justification
for us to take a view different from the one taken in our order
dated 4th June, 2014. There is nothing before us to show that
Shri Subrata Roy Sahara suffers from any serious medical
condition. At any rate, we expect the jail doctors to keep a H
                     .                                  .
1048       SUPREME COURT REPORTS                   [2014] 13 S.C.R. .

 A check on his medical condition and provide necessary medical
   aid as and when required. The alternative ground urged for
   the grant of parole also does not stand closer scrutiny. There
   is, at present, no concrete proposal with Saharas for sale of
   the properties situate in India or abroad that may call for any
 B negotiation by Shri Subrata Roy Sahara. While it may be true
   that such negotiations cannot be said to be advisable when
   properties of such magnitude as in the instant case are sought
   to bE: sold, yet it is pre-mature for us to make any arrangement
   to facilitate any such negotiations either by directing release
 c of Shri Subrata Roy Sahara on parole or otherwise. We may
   make it clear that if a situation arises in which negotiations
   become essential, this Court may consider passing orders to
   facilitate such negotiations. Beyond that we do not consider it
   necessary or proper to say anything at this stage.
 D        14. In the result:
             1.   I.As. No.8-9 of 2014 in Contempt Petitions (C)
                  No.412 and 413 of 2012 are dismissed.
             2.   I.As. No.10-12of2014 in Contempt Petitions (C)
 E                No.412 of 2012, 413 of 2012 and 260 of 2013
                  are allowed to the extent that three offshore hotel
                  properties owned by Saharas are allowed to be
                  transferred, sold or encumbered subject to the
                  condition that the entire sale consideration
 F                received by the Saharas after repayment of the
                  loan outstanding towards the Bank of China is
                  deposited with SEBI towards compliance with the
                  directions contained in the conditional bail order
                  dated 26.3.2014 passed by this Court. The
 G                excess amount, if any, shall be deposited by the
                  Saharas in a separate account to await orders
                  from this Court regarding their utilisation. The sale
                  of the offshore properties shall not be at a price
                  lesser than the value estimated by CBRE and JLL
 H
 S.E.B.I. v. SAHARA IN DIA REAL ESTATE CORPN. LTD.                     1049
                   [T. S. THAKUR, J.]

              for the said properties reduced at the most by A
              5% of such value.
         3.   We clarify that sale of remainder of the properties
              which Saharas have been allowed to transfer, sell
              or encumber in terms of our order dated 4th June,
              2014 shall not be at a price less than the B
              estimated value of the said properties reduced
              at the most by 5% of such estimate.
         4.   We had by our order dated 4th June, 2014
              requested Shri F.S. Nariman, Senior Advocate, c
              to assist the Court as an Amicus Curiae. We had
              also permitted Shri Nariman to associate two
              juniors of his choice to brief him in the matter. Shri
              Nariman as in terms of a communication dated
              5th June, 2014 regretted his inability to assist the D
              Court as he had also appeared for Saharas upto
              31st August, 2012 when the main judgment was
              delivered in the case. That Shri Nariman had
              appeared on behalf of Saharas had been brought .
              to our notice also but only after we had
                                                                     E
              pronounced the order in the Court on 4th June,
              2014 by which he was appointed as Amicus
              Curiae. It is obvious that having appeared as a
              counsel on behalf of Saharas Mr. Nariman cannot
              possibly take up the assignment offered to him.
                                                                     F
              We, therefore, have no option but to modify our
              order dated 4th June, 2014 to the extent that in
              place of Shri F.S. Nariman, Senior Advocate, we
               request Shri Shekhar Naphade, Senior
              Advocate, to assist the Court in the case as an
              Amicus Curiae. The terms and conditions of Shri G
               Naphade's appointment shall, however, remain
              the same as were stipulated for Shri Nariman.

Bibhuti Bhushan Bose                              I.As. disposed of.