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2017 (1) TMI 637 - SC - Companies LawRe-auction - higher amount offered for the same in the previous auction shall be taken as the reserve price for the said properties except in the case of property at Ajmer where the reserve price shall be treated to be ₹ 41,00,00,000/- offered by Shri Rajinder Daga - Held that:- Keeping in view the status report received from Justice Agrawal and the fact that the Income-Tax Department does not oppose the sale of the properties in question provided their rights were suitably protected, we direct that the five properties referred to above shall be offered by SEBI for sale afresh on the following conditions: 1) The price offered by the highest bidder for the five properties except for the property situate at Ajmer shall be the reserve price for the fresh auction to be conducted by SEBI. For the property situate at Ajmer the reserve price shall be taken at ₹ 41,00,00,000/-. We say so because Mr. Vikas Singh, learned senior counsel appearing for the successful bidder for the property at Ajmer submits that he has instruction to match the offer made by Shri Rajinder Daga at ₹ 41,00,00,000/-. 2) In the case of property at Ajmer and so also the four other properties mentioned above, the prospective bidders shall deposit with SEBI forfeitable security equivalent to 25% of the reserve price for the properties mentioned above. The deposit shall be made in the manner stipulated in the notice to be issued by SEBI. 3) Needless to say that in case after deposit of the forfeitable security amount the highest bidder does not make good his offer or does not participate in the auction. The amount so deposited shall be liable to be forfeited. 4) In case any one of the properties, does not attract any bid higher than the one received by SEBI in the first auction, the SEBI shall be free to finalise the sale and to issue the requisite sale Certificate in favour of highest successful bidder in the previous auction. A report on the progress made in the fresh auction shall be filed in this Court within six weeks.
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