Bombay HC Accepts Apology from NSEL Defaulter Arun Sharma
Arun Sharma tenders unconditional apology, pays ₹1 lakh. Contempt case disposed.
The Bombay High Court has accepted the unconditional apology of Arun Kumar Sharma, an alleged defaulter in the National Spot Exchange Limited (NSEL) scam, in a contempt petition filed against him. The contempt proceedings were initiated after Sharma failed to comply with an earlier court order directing him to pay costs of ₹1 lakh.
Justice Madhav Jamdar passed the order on June 29, after Sharma appeared before the court and handed over a demand draft of ₹1 lakh to NSEL, complying with the court's July 1, 2024, order. The amount was imposed as costs after the court found that Sharma had filed a frivolous petition. The contempt petition was filed by NSEL alleging that Sharma had failed to comply with the order despite repeated directions.
On June 17, the court observed that a prima facie case of contempt had been made out and directed Sharma to remain personally present. When he failed to appear on June 25, the court warned that a non-bailable warrant would be issued if he did not appear on June 29. Although the matter was not listed on June 29 as scheduled, it was taken up after both sides informed the court that Sharma was present in compliance with the earlier order.
Sharma filed an affidavit tendering an unconditional apology and confirmed that the ₹1 lakh had been paid. Counsel for NSEL acknowledged receipt of the demand draft but urged the court not to accept the apology and sought six months' imprisonment for Sharma.
However, Justice Jamdar held that since Sharma had complied with the July 1, 2024, order and had 'purged the contempt' by paying the costs and tendering an unconditional apology, there was no reason to proceed further. The court accepted the apology and disposed of the contempt petition.
The NSEL scam has been a long-standing issue, with several defaulters facing legal action. The acceptance of Sharma's apology and the disposal of the contempt petition bring some closure to the case. However, the broader implications of the NSEL scam continue to be felt, with many investors still awaiting justice.
The Bombay High Court's decision to accept Sharma's apology and dispose of the contempt petition is seen as a significant development in the case. It highlights the importance of complying with court orders and the consequences of failing to do so. The court's decision also underscores the need for defaulters to take responsibility for their actions and make amends.
In conclusion, the Bombay High Court's acceptance of Arun Sharma's apology and the disposal of the contempt petition mark a significant milestone in the NSEL scam case. The decision serves as a reminder of the importance of complying with court orders and the need for defaulters to take responsibility for their actions.
