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2017 (12) TMI 1823 - HC - Indian LawsCriminal misconduct of the officials of State Bank of India for undue waiver of interest - accused failed to pay dues to Government of India - non-payment of percentage of net sale proceeds to Tamil Nadu Small Industries Development Corporation as per NOC - HELD THAT:- This court finds that the subject property was put to e-auction for the first time on 17.02.2011 fixing reserve price as ₹ 209.54 crores. The second and third auction date was fixed on 09.03.2011 and 04.01.2012 with same reserve price. Thereafter paper publication effected for auction on 05.10.2012, 05.11.2012 and 23.01.2013 with revised reserve price of ₹ 250/- crores. Meanwhile M/s. RMZ properties, Bangalore has offered ₹ 298/- crores for this property but sale not confirmed in its favour but sold to 5th Accused Company through private negotiation for ₹ 272 Crores. Whether such deal was outcome of any criminal design between the Bank Officials and the buyer is now under investigation. No doubt the FIR contains certain wrong information about the character of HTL and the quantum of alleged loss. As stated in the counter, a prime property in the heart of the City had been sold through private negotiation far below the guidelines value. Unless the investigation gets completed this court cannot jump to a conclusion that the petitioners are innocent bonafide purchaser and not privy to the alleged crime - Petition dismissed.
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