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2016 (12) TMI 63 - SC - Companies LawPermission to sell the property - relaxation of condition to enable the Saharas to sell the properties at a price less than the circle rates - Held that:- We direct that the interim arrangement made by our Orders dated 06.05.016 and 11.05.2016 shall continue till 06.02.2017 subject to the Saharas depositing in the Sahara SEBI Refund Account a further amount of ₹ 600,00,00,000/- (Rupees Six hundred crores only). Needless to say, in case the deposit is not made, the contemnors shall be committed to prison as before. We are not for the present inclined to modify the direction already issued by us as to the rate at which the Saharas shall sell their properties. We, however, make it clear that in any given case, if there is a proposal to sell any item at a price less than 90% of the circle rate, the Saharas shall be free to apply for permission of the Court in which event this Court would pass appropriate orders after hearing learned counsel for SEBI. As SEBI submits that the Saharas are permitted to sell the property situate at Bahriach. Applicant in I.A. Nos. 212-214 who happened to be the purchaser of the said property, according to Mr. Datar, had offered to deposit the balance amount of ₹ 20,25,00,000/- towards the sale consideration with SEBI on or before 20.11.2016. He submits that the needful has not been done by the purchaser and that the Saharas ought to deposit the balance amount, if they have received the same or refrain from executing the sale deed. Mr. Sibal seeks time to verify the facts and to take necessary steps for ensuring deposit of the balance sale consideration in the SEBI account. He is given four weeks' time for the purpose. In case the sale deed has not been executed by the Saharas in favour of the purchaser of the Bahriach property, no sale deed shall be executed unless the deposit of the amount is ensured.
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