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2018 (9) TMI 402 - SC - Companies LawProperties situated in Aamby Valley City not in a position to be auctioned - no response with regard to the notice inviting tender - respondent-contemnor submitted that it has entered into negotiation with M/s. Sai Rydam Realtors Pvt. Ltd. and M/s. Prime Downtown Estates Pvt. Ltd. Mr. as rep resented by Paras Kuhad - Held that:- As accepted by Mr. Kuhad that a Demand Draft amounting to ₹ 99 crores has been handed over to Mr. Pratap Venugopal, learned counsel assisting Mr. Arvind P. Datar, learned senior counsel appearing for SEBI. Be it noted, the agreed amount is ₹ 982.80 crores. He further submits that a sum of ₹ 200 crores shall be deposited in the SEBI-Sahara Refund Account on or before 24.07.2018 and another sum of ₹ 200 crores shall be deposited on or before 16.08.2018. The balance amount shall be deposited on or before 12.09.2018. Needless to say, the TDS and other applicable taxes can be deducted as per rules. Be it clarified that if the abovementioned companies violate the time limit indicated above, they shall be liable for contempt of this Court and this Court may think of sending all the Directors to jail. Needless to say, the amount deposited shall be forfeited. Once we have directed for transaction to take place, no one shall create any obstruction in the same. As far as maintenance is concerned it is submitted by Mr. Singh that the revenue generating activities should be allowed. Mr. Khambatta and Mr. Vaidyanathan, learned senior counsel appearing for the Official Liquidator / Court Receiver have no objection to this request. At this stage, another aspect needs to be noted. We have been apprised by Mr. Datar that a hotel by the name ‘Plaza Hotel’ in New York has already been sold. The respondent-contemnor shall file an affidavit explaining the basis for the said sale and as to how the sale proceeds have been utilised - the Receiver and the Official Liquidator are discharged.
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