Jermyn Capital Llc vs Securities & Exchange Board Of ...

The Supreme Court addressed a contempt petition regarding the non-compliance of its order dated 5th December 2008, which allowed the petitioner to sell shares and deposit proceeds in an ICICI Bank account. The Court noted that while some shares were sold, objections from the Reserve Bank of India and SEBI hindered further transactions due to the expiration of the petitioner's registration. The Court clarified that the petitioner could sell the remaining shares but must comply with RBI regulations regarding the deposit of sale proceeds, ensuring no interest-bearing accounts are used, thus modifying its earlier directive.