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2015 (1) TMI 112 - SC - Companies LawSale of stakes in property outside India or not - Whether apart from selling the immovable properties situated within the country 'Saharas' propose to sell their stakes in three other properties situated outside the country – Held that:- SEBI contended that the Court could apart from lifting the embargo on the sale of the moveable and immovable assets in India, vacate the same qua the said three properties to enable Saharas to comply with the directions issued by this court - there is nothing on record to show that any request was made by the Saharas to the Bank of China at any stage – there is no reason to prevent Saharas from taking up the matter with the Bank of China for its permission/consent to the proposed transfer/sale/alienation of their stakes in the equity of the companies that own the properties - it was urged that the valuation reports have been prepared by reputed valuers at the instance of the Bank of China in connection with the loan transactions as a part of on-going annual exercise undertaken by the lending Bank - if that be so, Saharas would do well to obtain a confirmation from the Bank of China to the effect that the valuation reports prepared in respect of the three properties mentioned above by CBRE and JLL, have been prepared at the instance of the Bank of China and that the said valuation reports have been accepted by the Bank to be correct - this could lend re-assurance to the Court that the value/stakes held by Saharas in these properties are sought to be transferred on the basis of the true market value of the assets.
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