Mumbai, Feb. 7 -- The Supreme Court on Friday asked Florida-based Digvijay Danny Gaekwad to deposit Rs.600 crore with the Securities and Exchange Board of India (Sebi) by 12 February to prove his bona fides regarding his planned counter-offer for Religare Enterprises Ltd.

It also directed keeping the Burman family's ongoing offer for Religare open until the regulator decides on Gaekwad's plan. A two-judge bench led by Chief Justice Sanjiv Khanna said if Gaekwad does not deposit the said amount, the order will automatically be set aside, and Burman's open offer will close. The Burmans' offer for Religare was scheduled to end on Friday.

In an open offer, the acquiring company gives existing shareholders the option to sell their shares and...