Summary:
Supreme Court (File) Supreme Court (File)The Supreme Court on Wednesday restrained the promoters and independent directors of Jaypee Associates Ltd (JAL) from alienating their property and warned them of contempt if they do so. “Neither the independent directors nor the promoter directors shall alienate their personal properties or assets in any manner, and if they do so, they will not only be liable for criminal prosecution but contempt of court. The court also allowed subsidiary firm Jaypee Infratech Ltd — which was ordered to deposit in court Rs 2,000 crore to refund home buyers — to do so in installments. During the hearing, the bench told the promoters and independent directors of the company, who had appeared in the court pursuant to its order, “We have nothing against you. The court, however, said: “Needless to say that direction for deposit of Rs 2,000 crore shall remain as it is..