Authority: Supreme Court of India

Order Date: 21-07-2026

Case Overview

  • Parties: Appellant – Anant Kajare; Respondents – Eknath Aher and others. The matter was heard by a two‑judge bench comprising Hon'ble Mr. Justice J.B. Pardiwala and Hon'ble Mr. Justice K.V. Viswanathan.
  • Interlocutory Applications (IAs): The record lists numerous IAs (e.g., IA Nos. 447/2019, 100501/2021, 107221/2019, etc.) covering permissions, clarifications, exemptions, interventions, modifications, and other directions.
  • Key Directions Issued:

1. The Court inquired about the status of a parallel criminal case pending in Court No.20, Designated Judge, MPID Court for Greater Bombay City Civil and Sessions Court, Mumbai. It was confirmed that charge‑sheets have been filed and some accused remain absconding. The Court directed the registry to obtain a fresh report on the current status.

2. The Enforcement Directorate (ED) appeared through learned ASG Mr. N. Venkataraman and submitted its investigation report. The registry was ordered to furnish a copy of the ED report to the learned Amicus, Mr. Shyam Divan, promptly.

3. Senior counsel for SEBI, Mr. S. Niranjan Reddy, confirmed that SEBI’s report has also been filed with the Court registry and a copy provided to the Amicus.

4. IA No. 102331/2026 (applicants: Aanya Properties and Access Investments India) sought:

  • a) Direct SEBI/SMC to conduct an immediate, time‑bound valuation of Mirah Group’s 38.20% interest in LIPL and subsequently place the MGI for sale.
  • b) Alternatively, direct SEBI/SMC to accept the applicants’ earlier offer of Rs 15 Crores dated 01‑05‑2024 to purchase the MGI, enabling LIPL’s disassociation from the corporate debtor.
  • The Court directed SEBI to file its report on these matters and ordered that the report be placed on record by the next hearing date, with a copy to be furnished to Mr. Nakul Dewan (counsel for the applicants) in advance.

5. IA No. 35672/2023 (applicant: unnamed) requested deletion of certain properties (Sl. No. 37) from the Tender Document dated 29‑10‑2021 and an investigation by Maharashtra Police into alleged wrongful claims over land by a Power of Attorney holder and two companies. The Court asked the Amicus to examine the application and report at the next hearing.

6. IA No. 204652 (applicant: unnamed) referenced a Court order dated 08‑08‑2024 and sought clarification on the deposit of a specified amount. The Court instructed the Amicus to inform where the amount should be deposited.

7. Implementation Orders:

  • IA No. 100718/2026: Application for impleadment allowed; Axis Bank was impleaded as a party‑opponent in IA No. 100938/2026. Notice to Axis Bank was ordered, and “dasti” service permitted.
  • IA No. 45872/2019: Modification of the May 10 2018 order to delete Laurel Hotel Pvt. Ltd from the list of 88 companies. The Court granted this relief.
  • IA No. 322834/2025: Granted two reliefs – (A) permission to acquire a 35% stake in KML Estates at the auction reserve price of Rs 15.00 Crore, and (B) direction to issue a sale certificate upon full payment. The applicants were directed to deposit Rs 15 crore with SEBI within 4 months from the order date; upon receipt, the sale certificate will be issued.
  • IA No. 204507/2026: Requested direction for the return of a passport for renewal. The Court called for the Investigating Officer’s report on this relief and noted that counsel Mr. Aniruddha Deshmukh waived service of notice on behalf of the EOW. The matter was listed for 23‑09‑2026 at 3:00 PM.

Final Outcome

  • The Court issued multiple interim orders: it sought fresh reports on the criminal case, ED investigation, and SEBI valuation; it directed SEBI to value Mirah Group’s 38.20% stake in LIPL and report by the next hearing.
  • It approved the deletion of Laurel Hotel from the earlier list of impleaded companies.
  • It allowed the acquisition of a 35% stake in KML Estates for Rs 15 crore, with a 4‑month deposit timeline and subsequent issuance of a sale certificate.
  • It impleaded Axis Bank as a party‑opponent in a related IA.
  • It directed further investigation into alleged land title misrepresentations and ordered the removal of certain properties from a tender document.
  • It ordered the return of a passport pending investigation and set a hearing date for further directions.

Topics: Court Orders, SEBI Valuation, Corporate Stake Acquisition