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2017 (7) TMI 180 - SC - Companies LawAuction of properties of Saharas - permitting the sale of Grosvenor House Hotel - Held that:- In the interlocutory application relates to grant of permission for sale of Grosvenor House Hotel, i.e. by transfer of shares of the company to the buyer i.e. GH Equity U.K. Limited. Mr. Arvind P. Datar, learned senior counsel appearing for the S.E.B.I. has no objection if such permission is granted. The permission is, accordingly, granted. Permit Saharas to sale their lands at the price less than 90% of circle rate - Held that:- Direction for auction of the property confimed. Therefore, no further order need be passed on the said prayer. Accept the properties of Saharas as a security for the balance principal amount instead of cash deposit - Held that:- We are not inclined to pass any order thereon and, accordingly, they are rejected at this stage. As we had directed the Official Liquidator of the High Court of Bombay to proceed with the drafting of terms and conditions of sale notice for the Amby Valley property. Mr. Vinod Sharma, Official Liquidator submits that the terms and conditions have been scrutinized by Justice B.N. Agarwal, formerly a Judge of this Court, who has been nominated to supervise the refund process. A copy of the terms and conditions be handed over to the learned counsel for the contemnor. The original terms and conditions of the sale notice which have been filed in the Court be taken on record.Let the matter be listed at 3.30 p.m. on 5th July, 2017.
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