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Issues Involved:
1. Property at 22, Barakhamba Road and the Report of the Justice Bahari Committee on diversion of funds. 2. Property relating to Technology Parks Limited (TPL) at Vaishali, Ghaziabad. 3. Property relating to Technology Parks Limited (TPL) at Greater Noida. 4. Report of the Central Vigilance Committee pursuant to the order passed by the Supreme Court dated 13.11.2002. Issue-wise Detailed Analysis: 1. Property at 22, Barakhamba Road and the Report of the Justice Bahari Committee on Diversion of Funds: The Supreme Court reviewed the findings of the Justice Bahri Committee, which investigated the diversion of funds by Skipper Tower Pvt. Ltd. The project at 22, Barakhamba Road was initially launched by Skipper Sales Pvt. Ltd. in collaboration with the property owners. The Commission found that significant funds collected from prospective buyers were diverted to sister companies. The Commission noted that Skipper Sales Pvt. Ltd. and Skipper Tower Pvt. Ltd. were involved in multiple projects, including those at 5, Bhagwan Dass Road and 89, Nehru Place. The Commission found that Rs. 12,85,06,335/- was collected for booking spaces, while the actual construction cost up to the 12th floor was Rs. 5,97,02,963/-. The Commission concluded that the remaining funds were used to give loans to sister concerns. The objections raised by Tejwant Singh regarding the construction costs and receipts were found to be based on hypothetical figures and unreliable data. The Supreme Court accepted the detailed findings of the Justice Bahri Commission over the objections raised. 2. Property Relating to Technology Parks Limited (TPL) at Vaishali, Ghaziabad: The Commission's report detailed the transactions involving plot Nos. 23 and 26 Vaishali Parks Apartment, Vaishali, Ghaziabad. The plots were initially allotted to M/s Kanchan Properties and M/s Charanjit Kochar, respectively, but were later transferred to TPL. The Commission found that the sanctioned area for construction was not fully utilized, and significant amounts were collected from purchasers. The Commission issued public notices and received claims from 619 claimants, with accepted claims totaling Rs. 5,62,76,875/-. The Supreme Court directed that Shikha Developers Ltd., which had taken over the project from TPL, should refund the deposited amounts with 8% interest. Shikha Developers Ltd. was required to file an undertaking, provide a bank guarantee, and ensure no sale of properties until full payment to claimants was made. The Court also appointed a senior judicial officer to scrutinize and disburse the claims from the surplus available from the sale of 3 Aurangzeb Road property. 3. Property Relating to Technology Parks Limited (TPL) at Greater Noida: The Commission's report on the TPL project at Greater Noida was mentioned but not detailed in the judgment. The focus was primarily on the Vaishali, Ghaziabad project. 4. Report of the Central Vigilance Committee: The judgment did not provide specific details regarding the Central Vigilance Committee's report. The primary focus was on the Justice Bahri Committee's findings and the TPL projects. Conclusion: The Supreme Court accepted the detailed findings of the Justice Bahri Commission regarding the diversion of funds in the Skipper Tower project. It directed Shikha Developers Ltd. to refund the amounts deposited by claimants in the TPL Vaishali project with interest and appointed a judicial officer to oversee the disbursement of claims. The judgment emphasized the need to prevent the miscarriage of justice and ensure that funds collected from the public were used appropriately.
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