JERMYN CAPITAL LLC vs SECURITIES & EXCHANGE BOARD OF INDIA&ORS

The Supreme Court directed that the sale proceeds from shares held by ICICI Securities should be deposited with SEBI, and the amounts in the petitioner's frozen account with ICICI Bank should also be released to SEBI for investment in short-term fixed deposits. The Court clarified that the disbursement of these amounts will be subject to SEBI's final decision, and manual processing of transactions by ICICI Bank is permitted due to the expiration of the petitioner's registration. The contempt proceedings were dropped, and the investigation period was extended until August 31, 2009.