Home Case Index All Cases Companies Law Companies Law + SC Companies Law - 2014 (8) TMI SC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (8) TMI 416 - SC - Companies LawTransfer, sale and encumbrance of properties - Repayment of outstanding loan Deposited with SEBI - Conditional Bail application of Subrata Roy Sahara - Held that:- To the experience that Saharas have had with the sale of properties in Ahmedabad which fetched more than three times the circle rates prescribed for the same, we are of the view that the actual market value of the property held by Saharas is many times more than the circle rates for such property. This is evident not only from the sale transaction relating to Ahmadabad property but also the fact that Saharas have themselves estimated the value of the properties much higher than the circle rates for the same. In the circumstances, we see no difficulty in clarifying that the sale of the remainder of the properties which we have permitted to be sold by our order dated 4th June, 2014 shall not be lesser than the estimated value of the properties given by Saharas less by no more than 5% of such estimated value. In case the offer(s) received is/are less by more than 5%, prior approval of the Court will have to be sought. There is nothing before us to show that Shri Subrata Roy Sahara suffers from any serious medical condition. At any rate, we expect the jail doctors to keep a check on his medical condition and provide necessary medical aid as and when required. The alternative ground urged for the grant of parole also does not stand closer scrutiny. There is, at present, no concrete proposal with Saharas for sale of the properties situate in India or abroad that may call for any negotiation by Shri Subrata Roy Sahara. While it may be true that such negotiations cannot be said to be advisable when properties of such magnitude as in the instant case are sought to be sold, yet it is premature for us to make any arrangement to facilitate any such negotiations either by directing release of Shri Subrata Roy Sahara on parole or otherwise - Decided against Appellant.
|