“You need not worry about anything and be at absolute peace,” it said, “as Sahara is the most dutiful and absolute honest custodians of your money (sic) and by the grace of God, we are so healthy with all-round strength that there cannot be even one day delay in any payment commitment of Sahara.” For reprint rights: Active cases have more than doubled in Maha, Delhi logs 409 cases, highest in over 2 months, 'Maharashtra Covid-19 situation very worrying', Polls: Kerala CM accused of violating poll code, The Night of Ideas: 24 Hours Live to Feel "Closer", The Economic Times Digital Payments Forum. Last Friday, the Supreme Court passed yet another important judgment on some interlocutory applications (IAs) in the five-year-old Sahara illegal bonds case. The Supreme Court on Thursday directed Sahara group chief Subrata Roy to appear before it on February 28 for failing to deposit Rs 25,700 crore in the SEBI-Sahara case … Latest 25 judgements are listed below. board of directors (appointment and change). Aug,2012: Landmark Judgment by Supreme Court … In its previous hearing, the apex court gave 15-days time to Roy to deposit Rs 552 crore in connection with the case. Radhakrishnan and J.S. Ltd & ors Vs. SEBI & Anr. Find mobile-friendly version of articles from the day's newspaper in one easy-to-read list. As per two separate orders passed on Thursday, it was alleged that the entities had indulged in non-genuine trades and created a false and misleading appearance of trading in the stock options segment of BSE. 221 of 2012, decided on 29-11-2012 Tri, holding that the same was premature and was not, therefore, maintainable. This claim of Sahara was immediately contested by the Sebi counsel Arvind Datar. Conclusion: The Supreme Court, while confirming the findings of SAT has appointed retired apex court judge Justice BN Aggarwal to oversee the probe by SEBI against the two Sahara companies. Sahara did comply with the order of the Hon’ble Supreme Court. SEBI on Tuesday made a forceful plea to the Supreme Court to punish Sahara chief Subrata Roy along with his two firms and their directors for not complying with its … Analysis of Judgment of Supreme Court in Sahara India Real Estate Corpn. John & Co, has filed a contempt petition in the apex court. The apex court asked Sahara group and Sebi to devise a mechanism under the supervision of Justice BN Agrawal to sell properties and seek help of "experts or expert agencies" if … Order of the Hon'ble Supreme Court in C A No. The last date for submitting refund applications along with original proof of investments was October 16, 2020. Earlier, this relaxation was given for rights issues opening till July 31, 2020, which was further extended till December 31, 2020. You have reached your limit for free articles this month. Enjoy reading as many articles as you wish without any limitations. Jan,2011: SEBI issues advertisements cautioning investors. Even SEBI stated that if Sahara withdraws its IAs, SEBI would insist on its IA being decided. SEBI, represented by law firm M/s K.J. Supreme Court had on 16 September extended the parole of the Sahara chief until 23 September. The markets regulator said the contemnors have been acting in “gross violation” of the apex court orders. Move smoothly between articles as our pages load instantly. Sahara : Subrata Roy Gets 10 More Days To Deposit Rs 700 Cr; Bail Extended Till Jul 5. Supreme Court orders Sahara to approach the Securities Appellate Tribunal (SAT), in Oct 2011, SAT upholds the SEBI order. The NDTV promoters have challenged the order directing them to deposit 50 per cent of the alleged unlawful gains which the Securities and Exchange Board of India (Sebi) found to have been made by them. It had extended Roy's parole on 3 August until 16 September with a condition that he has to deposit Rs 300 crore with SEBI. .. Respondents . He pointed out that the land in Versova was a part of a green zone where real estate development would not be possible, and that is why there was a plan to develop a golf course there. Judgment appealed [2018] EWCA Civ 2748. By Libertatem News Network. The initial deadline was February 29, 2020 and the same was extended following requests from investors. Securities Exchange Board of India v.Sahara India Real Estate Ltd. is regarded as one of the landmark cases with reference to the power and jurisdiction of SEBI in the case of corporate fundraising. The court took pains to detail the demeanour of the Sahara companies, referring specifically to the repeated denial of information over two years, and the 35 dates of hearing before the SC prior to the order summoning Subrata Roy. Supreme Court upheld the earlier direction to the Saharas and upheld SEBI … In October, the Securities and Exchange Board of India (SEBI) moved the top court, seeking contempt proceedings against the Sahara … John & Co, has filed a contempt petition in the apex court. It said the apex court had said as much in an order in May 2014. A landmark judgment was passed on 31st August 2012 by the Supreme Court of India, in Sahara India Real Estate Corporation Ltd. and others v. Securities and Exchange Board of India and another [2012] 174 Comp Cas 154 (SC) wherein the two companies of the Sahara Group, Sahara India Real Estate Corporation Limited (SIRECL) and Sahara Housing Investment Corporation Limited … Versus . In short, both Sahara and SEBI sought adjudication. The curious case of Subrata Roy: Highlights of the Sahara-SEBI story - The Supreme Court of India on Wednesday issued a non-bailable warrant against Sahara chief Subrata Roy for non-appearance despite a summon and contempt of court. 9833 OF 2011 . The Securities and Exchange Board of India (Sebi) had asked Sahara to refund over Rs 20,000 crore to investors but Sahara failed to do so repeatedly. The apex court in the country basically stood by Sebi's decision and asked Sahara to refund Rs 24,029 crore that it … Sebi vs Sahara: Supreme Court adjourns case. Sahara contested this claim by saying that the rules had been changed in 2012 and development was possible. Parties Appellant(s) Uber BV; Uber London Ltd; Uber Britannia Ltd; Respondent(s) Yaseen Aslam; James Farrer ; Robert Dawson and others; Appeal Justices. All previous judgments handed down prior to this can be found on our Decided cases section. This Sebi order was challenged in court by Sahara. The company had challenged the Securities and Exchange Board of India(Sebi) order which said 63 Moons Technologies, promoted by the NSEL scam- accused Jignesh Shah is not ‘fit and proper’ to provide software services to market intermediaries. On 14 June 2012, (during the final hearing of the case), the group had provided details of its financials up to 30 April 2012. Besides, they have not bothered to divulge information, or furnish explanations to the SEBI. SEBI again filed petition to Supreme court to consider Sahara case into its Jurisdiction. Aggrieved against the order of the Supreme Court, Sahara appealed to SAT (Securities Appellate Tribunal). We brief you on the latest and most important developments, three times a day. In Nov 2011, Sahara Challenges the SAT order obtains stay. According to the order, the contentions of the complainant was ICICI Bank’s rights are limited to transferring an employee only to a group company and not to ICICI Foundation. The Supreme Court held that as the companies evoked public demand for the OFCD ‘s this draws a clear outline that the issue was not meant for people related to the Sahara Group because in In such a case the introducer would not require any person as the person will be already a part of the Sahara group. Justice Jagdish Singh Khehar of the Supreme Court observed in his judgment: “One wonders whether the appellant companies were running a kindergarten, where their staff was expected to be unavailable during the summer.” Analysis of the Supreme Court Judgement Dated 12th August, 2012 . The regulator plans to introduce the dual-approval system for the appointment and removal of independent directors (ID). These findings were upheld by the Employment Appeal Tribunal and the Court of Appeal. The Supreme Court concluded by saying that the actions as well as the intentions on the part of … As a subscriber, you are not only a beneficiary of our work but also its enabler. The judgement was given by K.S. Decisions of the Supreme Court on “prior restraint” 26. Jan,2012: Court asks Sahara to furnish details of assets and reserves. Media, Publication Bans & Policies Court of Appeal Supreme Court . The Supreme Court on Tuesday rejected the plea by Sahara chief Subrata Roy challenging its March 4 order sending him to judicial custody for not complying the order to return investors money by routing it through SEBI. 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Supreme Court asks Sahara to approach Securities Appellate Tribunal(SAT). Sahara vs SEBI Latest News. Legal News India, Supreme Court News, Supreme Court Judgments, Indian Legal News, SEBI vs Sahara, Sahara Case. INTRODUCTION. The companies said monies were raised in cash from millions of Indians who could not avail banking facilities. Let's reshape it today, Hunt for the brightest engineers in India. Search Judgments (Court of Appeal and Supreme Court) ). 1. While the court reserved its order, Sahara claims that it has already paid to 93% of the investors and discharged its OFCD liability to the tune of Rs. The Securities and Exchange Board of India (Sebi) has moved the Supreme Court asking it to direct two Sahara firms — Sahara Indian Real Estate Corp Ltd (SIRECL) and Sahara Housing Investment Corp Ltd (SHICL) — that illegally raised money from investors to pay Rs 62,602 crore to the regulator, in compliance with the apex court order of August 31, 2012 or cancel the parole of Subrata … Written by Gopal Sankaranarayanan | Updated: May 13, 2014 9:49:16 am. HDFC Bank had granted credit facilities worth Rs 191.16 Crore to BRH and Rs 26.61 Crore to BRH Commodities, out of which an amount of Rs 87.75 Crore was granted as LAS(loan against securities). Sahara Appeals in Supreme Court that SEBI has no jurisdiction for the proposed issue. Key points of the video: 1:40 – The case against Dr. Sebi was the 2781 case brought before the Supreme Court for practicing medicine without a license and for making fraudulent medical claims. CIVIL APPEAL NO. 2. The Court had appointed retired judge Justice BN Agrawal to oversee the entire matter of returning the funds. Case No Case Title Author Judge Judgment Date Citation(s) Download; No Record found against provided parameters. SEBI made it clear that Mr. Roy undoubtedly “controls” the Sahara group. SEBI, represented by law firm M/s K.J. The Supreme Court on 31st August, 2012 in one of its most anticipated judgment of recent times has directed the Sahara Group and its two group companies Sahara India Real Estate Corporation Limited (SIRECL) and Sahara … The Supreme Court on Thursday directed Sahara group chief Subrata Roy to appear before it on Feb. 28 for failing to deposit Rs 25,700 crore in the Securities and Exchange Board of India-Sahara case … October 7, 2019 by admin. 1915. Explained | Why was Trivendra Singh Rawat asked to resign as Uttarakhand CM? Supreme Court Judgement in Sahara India Real Estate Corp Ltd & ors Vs. SEBI ... SEBI again filed petition to Supreme court to consider Sahara case into its Jurisdiction. INTRODUCTION ABOUT THE CASE On, 31st Aug, 2012, Supreme Court of India passed a landmark judgment wherein, the honorable court ordered business conglomerate and leading sports sponsor Sahara to refund more than $3 billion it collected from millions of small savers. India’s Supreme Court in 2012 ruled that Sahara group companies violated securities laws and illegally raised over $3.5 billion. May,2011: Supreme Court asks SEBI to proceed with OFCD probe. They are not usually delivered on the same day of the hearing but some time afterwards. Further, even Articles 14 and 21 are subject to the test of reasonableness after the judgment of this Court in the case of Maneka Gandhi v. Union of India [(1978) 1 SCC 248]. Speculations are rife on whether the market watchdog Sebi has managed to trump up the number of Sahara investors it promised to seek by Jan 31, as directed by the Supreme Court earlier. However, we have a request for those who can afford to subscribe: please do. But finally on 31st Aug, 2012 Honorable Supreme Court delivers the verdict against Sahara and asks the above mentioned two companies to pay the collected amount i.e. The court has now linked Sahara chief Subrata Roy's release to full payment of dues of over Rs 36,000 crore to the Securities and Exchange Board of India (Sebi). Why is Harry and Meghan’s son not a prince? Quick Links. The parole continued later to enable him arrange money to refund his investors. Print page. At this difficult time, it becomes even more important that we have access to information that has a bearing on our health and well-being, our lives, and livelihoods. They have not bothered to comply with the court’s orders to deposit the dues despite the several extensions granted to them by the court over the past few years. Latest Judgements. We have been keeping you up-to-date with information on the developments in India and the world that have a bearing on our health and wellbeing, our lives and livelihoods, during these difficult times. In Brij Bhushan v. “NISAR” is a joint collaboration for a dual-frequency L and S-band SAR for earth observation. Next Story. Aggrieved Sahara again moved towards Supreme court. Sebi could not trace the investors and when Sahara firms failed to pay up, the court sent Roy to jail. The Supreme Court on Thursday directed Sahara group chief Subrata Roy to appear before it on Feb. 28 for failing to deposit Rs 25,700 crore in the Securities and Exchange Board of India-Sahara case for returning investors’ money, warning that “the law will take its own course” now. June,2012: Orders reserved. Sahara gets SEBI order stayed in Allahabad High Court. As we fight disinformation and misinformation, and keep apace with the happenings, we need to commit greater resources to news gathering operations. Sahara chief Subrata Roy appeared in the Supreme court in connection with the Sebi-Sahara case on Friday. Posted Thursday, March 4, 2021: Bergen v. WestJet Airlines Ltd., 2021 BCSC 351 – 2021/03/03 British Columbia v. Apotex Inc., 2021 BCSC 346 – 2021/02/16 Dubroy v. Canadian Northern Shield Insurance Co., 2021 BCSC 352 – 2021/03/03 Conclusion: The Supreme Court, while confirming the findings of SAT has appointed retired apex court judge Justice BN Aggarwal to oversee the probe by SEBI against the two Sahara companies. WITH . Sheth is the CEO of Jhunjhunwala’s asset management firm Rare Enterprises. A three judges bench headed by the Chief Justice S H Kapadia adjourned the matter for a week after the group's investment arm Sahara … Again aggrieved by SAT ruling, Saharas approached Supreme Court. sahara sebi case After Sebi order, Sahara says SIFCL surrendered sub-broker registration 2 years ago On March 4, the group wrote to Sebi saying that on October 3, 2018, SIFCL had surrendered the sub-brokership license to IDBI Capital and that through a letter dated October 8, 2018, "it was well communicated to Sebi", as per the statement. K. S. RADHAKRISHNAN, J. Radhakrishnan, J. NEW DELHI: The Supreme Court on Friday exempted Sahara group chief Subrata Roy and two other directors from personal appearance till "further orders" in a case … 3174 2020 SEBI vs. Nimain Charan Biswal Nov 23, 2020 Order of the Hon'ble High Court of Kerala at Ernakulam in Writ Petition (C) Nos. You can support quality journalism by turning off ad blocker or purchase a subscription for unlimited access to The Hindu. It is possible to re-watch judgment hand-downs on this site. 1. Introduction; Publications; Team Members; Contact Us; Latest Judgements. But, on the day of the Supreme Court judgment, Sahara issued a statement to assuage the fears of investors. 1. Supreme Court Rules; Supreme Judicial Council; Reports. It led to a series of events, which finally led to the Supreme Court judgement on 31 August 2012. Sebi agreed to settled the case after the insurance company approached the regulator with a plea to settle the matter "without admitting or denying the findings of fact and conclusions of law". Ordered Sahara … Sahara India Real Estate Corporation Limited & Ors. Sahara : Subrata Roy Gets 10 More Days To Deposit Rs 700 Cr; Bail Extended Till Jul 5. The Securities and Exchange Board of India (SEBI) has asked the Supreme Court to cut short the “long rope” given to the Sahara group and direct it to cough up ₹62,602.90 crore in dues or … The top court had summoned the Sahara boss. A select list of articles that match your interests and tastes. What began as an innocuous letter pointing out a discrepancy in the Draft Red Herring Prospectus (hereinafter referred to as DRHP) of Sahara, soon … Printable version | Mar 11, 2021 5:59:14 PM | https://www.thehindu.com/news/national/end-relief-to-sahara-group-sebi-tells-sc/article33143765.ece, The awards are presented in recognition of outstanding work done by news publishers, in digital media. CIVIL APPEAL NO. The Supreme Court will today hear the Sahara-SEBI case. April,2011: Allahabad High courts vacates stay. Rs 24, 400 Crore + 15% Interest to its 2.21 … We promise to deliver quality journalism that stays away from vested interest and political propaganda. The Hindu has always stood for journalism that is in the public interest. Tomorrow is different. Link to Court Services Online. The Appellants now appeal to the Supreme Court. Self-Represented Litigants Court of Appeal Supreme Court. .. Appellants . Sahara vs Court; Sahara vs Court Elegantly and firmly, the SC emerged the winner . Regulated entities (REs) have already been uploading the KYC data pertaining to all individual accounts opened on or after August 1, 2016, onto CKYCR. 24,400 crores (after including the interest and adjusting the redemption vouchers) to SEBI in 3 installments within 4 months along with investor … Navigation. It has helped us keep apace with events and happenings. Latest Cases MADAN MOHAN SINGH VS VED PRAKASH ARYA ,05 Mar 2021 Supreme Court of India ... Supreme Court of India SHIVAJI CHINTAPPA PATIL VS STATE OF MAHARASHTRA ,02 Mar 2021 Supreme Court of India DAKSHIN HARYANA BIJLI VITRAN NIGAM LIMITED VS NAVIGANT TECHNOLOGIES PRIVATE LIMITED ,02 Mar 2021 Supreme Court of India . The judgement upheld the SEBI order and ordered Sahara to pay Rs. Thereafter Supreme Court directs SEBI to issue fresh notice to Saharas for non compliance to statutory provisions under Companies Act, SCR Act, ICDR 2009, DIP guidelines. *Our Digital Subscription plans do not currently include the e-paper, crossword and print. However, the strongest riposte to critics of the SC was posted that day by Justices K.S. Home Latest Judgements. The regulator has also imposed a penalty of Rs 25 lakh each on Ravi Narain and Chitra Ramakrishna- the former chief executives of NSE, as it held they were vicariously liable for the acts committed by the stock exchange. REUTERS. Sebi won the case on many fronts and the most compelling was the 72 witnesses that provided documentation showing the institute cured them of these diseases. Nos. The parole was granted to him in May after his mother passed away. … Your support for our journalism is invaluable. Further, on 28.03.2012, learned counsel for Sahara filed a note in the Court citing instances (mostly criminal cases) in which according to him certain aberration qua presumption of innocence has taken place. Sahara-Sebi case: Two Sahara group firms have moved the Supreme Court seeking initiation of contempt proceedings against SEBI alleging that the market regulator's demand of Rs 62,602 crore from them was not only contemptuous but a mischievous attempt to overreach the directions of the apex court. Oct,2011: SAT upholds SEBI order. A one-stop-shop for seeing the latest updates, and managing your preferences. We also reiterate here the promise that our team of reporters, copy editors, fact-checkers, designers, and photographers will deliver quality journalism that stays away from vested interest and political propaganda. The last date for submitting refund applications along with the original proof of investments was October 16, 2020.The initial deadline was January 31, 2020, and the same was extended following requests from investors. SAT ruled in favour of SEBI and directed in favour of SEBIs order. Annual Reports; Fortnightly Disposal Report; HR Cell. SEBI‟s contention (Cont‟d) Aggrieved Sahara appealed to SAT(Securities Appeallet Tribunal). June 14, 2017. The Hon'ble Supreme Court of India ("SC") in its recent judgment1 ("Sahara Judgment") has directed Sahara India Rea 1 Estate Corporation Limited ("SIRECL") and Sahara Housing Investment Corporation Limited ("SHICL") (both collectively referred to as the "Appellants") to refund to SEBI the ~USD 3.16 billion 1 they had raised along with an interest of 15% by November 30, … SEBI informed the court about the increasing liability of the companies towards investors. India: Sahara vs. SEBI-An In-Depth Analysis Of The Landmark Supreme Court Ruling. The Supreme Court on Thursday directed Sahara group chief Subrata Roy to appear before it on Feb. 28 for failing to deposit Rs 25,700 crore in the Securities and Exchange Board of India-Sahara case for returning investors' money, warning that "the law will take its own course" now. New Delhi: The Supreme Court will on Thursday hear a case involving Sahara chief Subrata Roy and the Securities and Exchange Board of India (SEBI) over a dispute of returning money to its investors. Similar Posts + … Supreme Court, SEBI & Sahara India – The Investor Fraud Case. Financial sector regulation has been in the news for at least three reasons. SEBI had moved the apex court seeking direction to the firms to pay the amount in … First, the Supreme Court judgment in the Sahara case is a landmark … To enable wide dissemination of news that is in public interest, we have increased the number of articles that can be read free, and extended free trial periods. Judgement. Subscribe to The Hindu now and get unlimited access. Khehar in slamming the misadventures of both client and counsel of Sahara in attempting to undermine the authority of the court. The SEBI v. Sahara India Case, ongoing case since 2009, is one of the most riveting corporate cases in recent times. “Direct the Saharas to forthwith deposit the balance amount of ₹62,602.90 crore as on September 30, failing which the contemnors [Roy and the two companies] may be directed to be taken into custody as directed by the Supreme Court in a judgment on June 15, 2015,” the 59-page SEBI application said. SEBI recounted how the Supreme Court itself, in an order in August 2012, had observed that there was a “possibility of a pre-planned attempt at the hands of the appellant companies to by-pass the regulatory and administrative authority of the applicant (SEBI)... Sahara India group has done the same”. Copyright © 2021 Bennett, Coleman & Co. Ltd. All rights reserved. Complaint Wing; Important Human Rights Cases; Research Centre . This appeal is directed against the judgment and order dated 29-11-2012, passed by the Securities Appellate Tribunal, in Sahara India Real Estate Corpn. Sahara has moved the Supreme Court and claimed that SEBI seeking a Rs 62,000 crore deposit from it is a clear case of contempt of court and to cause public outrage against Sahara. SEBI claimed that in the form of Optionally Fully Convertible Debentures, Sahara India Real Estate Corporation Limited (SIRECL) and Sahara Housing Investment Corporation Limited claim to have collected deposits from general public inc… Nov,2011: Sahara challenges SAT Order, obtains stay. | Photo Credit: Judgments are delivered orally by Justices in the courtroom. Also, the court empowered SEBI to take suitable actions to recover money from Sahara in case it defaulted. In fact, SEBI said Mr. Roy and the other contemnors are “enjoying their release from custody” by the Supreme Court in May 2016. The Supreme Court on Thursday directed Sahara group chief Subrata Roy to appear before it on February 28 for failing to deposit Rs 25,700 crore in the SEBI-Sahara case for returning investors' money. J U D G M E N T . Email page. Supreme Court delivered a judgment in Sahara’s Case which now confirms the jurisdiction and power of SEBI to inquire into hybrid securities issued by unlisted public Ltd companies in the name of private placement when offered to more than 50 persons. New Delhi: The Supreme Court will on Thursday hear a case involving Sahara chief Subrata Roy and the Securities and Exchange Board of India (SEBI) over a dispute of returning money to its investors. CIVIL APPELLATE JURISDICTION . Active COVID-19 cases have almost halved in Kerala and have more than doubled in Maharashtra: Health Ministry. In our case also concerned officials are on vacation and gone out of station with their children,” the two Sahara companies told Sebi in May 2010. India: Sahara vs. SEBI-An In-Depth Analysis Of The Landmark Supreme Court Ruling. Finally, Supreme court of India passed the judgment in favor of SEBI. Ltd. v. SEBI Appeal No. 9813 OF 2011 . The Supreme Court on Friday exempted Sahara group chief Subrata Roy and two other directors from personal appearance till "further orders" in a case … IN THE SUPREME COURT OF INDIA . Passed order in favor of SEBI. Apart from Jhunjhunwala, Aptech board members Utpal Sheth, Ramesh S Damani and Madhu Jayakumar are also learned to have filed consent applications with Sebi. Sahara appealed the SAT order in the Supreme Court. The companies, Sahara India Real Estate Corporation Ltd. (SIRECL) and Sahara Housing Investment Corporation Ltd. (SHICL), are respondents in the case along with Mr. Roy. Thereafter Supreme Court directs SEBI to issue fresh notice to Saharas for non compliance to statutory provisions under Companies Act, SCR Act, ICDR 2009, DIP guidelines. The Supreme Court Tuesday asked the Sebi to start selling properties of Sahara conglomerate for generating bail money required for Subrata Roy’s release. Sahara goes to the Apex court. After continue contentions between the parties Supreme Court was confirmed about the gross violations of rules and regulations mentioned above. Online Case Search; Judgement Search; Cause List Search; Latest Judgments; Supreme Judicial Council; Judicial Commission of Pakistan; Judicial Policy 2009; International Judicial Conference 2014 ; Fortnightly Disposal Report; Law Clerkship Program; Museum; Dam Fund; All … Securities and Exchange Board of India & Anr. Sahara contested the case in various courts which eventually came to Supreme Court of India. In its previous hearing, the apex court gave 15-days time to Roy to deposit Rs 552 crore in connection with the case. The Supreme Court of Appeal of South Africa is the successor to the Appellate Division, first established in 1910 when the Union of South Africa was created. The Securities and Exchange Board of India (SEBI) has asked the Supreme Court to cut short the “long rope” given to the Sahara group and direct it to cough up ₹62,602.90 crore in dues or send its chief, Subrata Roy, to jail for contempt. It’s a support for truth and fairness in journalism. Data Browser. Below you will find the latest judgment(s) handed down by the Supreme Court.