SECURITIES AND EXCHANGE BOARD OF INDIA vs IL AND FS SECURITIES SERVICES LTD.

The Supreme Court modified its previous order regarding the release of mutual funds valued at approximately 350 crores in favor of the applicant, Respondent No. 5. The Court mandated that instead of a bank guarantee of Rs. 344.07 crores, a reduced guarantee of Rs. 100 crores and an additional security of Rs. 300 crores in unencumbered assets be provided, certified by a qualified valuer. The modification was aimed at expediting the release process while ensuring adequate security for the funds.