9911796707
TMI Blog2014 (8) TMI 416X X X X Extracts X X X X X X X X Extracts X X X X ..... e extent the same was necessary to make a total deposit of Rs. 5,000/- crores required in terms of the bail order. We had also permitted Saharas to charge its immovable property situate in Aamby Valley (Pune) for obtaining and furnishing to this Court a bank guarantee for an amount of Rs. 5,000/- crores in terms of the bail order dated 4th June, 2014. As regards Sahara's prayer for permission to sell three hotel properties situate outside the country, we had left the question open to be determined after Saharas furnished the requisite documents/information in terms of our order dated 29th May, 2014 evidencing the approval of Bank of China to the proposed transfer of the stakes held by the Saharas in the said three properties. We were informed that Bank of China had a charge over the three properties and that it had agreed in principle to the sale of the stakes held by Saharas subject to the repayment of the outstanding loan amount for which the said properties were charged. We had also noticed the valuation reports in regard to the three properties mentioned above and a contention urged by Saharas that the same had been prepared by reputed valuers at the instance of the Bank of Chi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... surance to the Court that the value/stakes held by Saharas in these properties are sought to be transferred on the basis of the true market value of the said assets. Needful shall be done expeditiously, but not later than one week from today." 2. Saharas have now made the present applications seeking certain directions. In I.As No. 8-9 of 2014, Shri Subrata Roy Sahara has prayed for temporary/conditional release from judicial custody for a period of 15 days or so to meet his nonagenarian and ailing mother as also for taking steps for compliance with the order of this Court dated 26th March, 2014. The applicant has, inter alia, stated that his mother Smt. Chhabi Roy who is aged over 93 years suffers from several ailments which complicate matters in view of her being in a fragile emotional state. The applicant Shri Subrata Roy Sahara is also, according to the averments, not keeping good health requiring medical attention. The application, however, stops short of elaborating the medical condition of the applicant Shri Sahara. More importantly, the application seeks release of Shri Sahara on parole with a view to negotiating deals directly with the purchasers who have shown interest i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... irmed at the prepayment date Approximately GBP9,740.96, final amount to be confirmed at the prepayment date Legal Fees Approximately GBP15,000 final amount to be confirmed at the prepayment date Approximately GBP15,000, final amount to be confirmed at the prepayment date Please note that the exact amounts required to prepay the Sahara Group Loans will depend on when the prepayment is made. Whilst the above numbers are accurate as at 2 June 2014 (Except that the Libor Breakage Costs and Legal fees are estimates), they are subject to change." 5. The Bank of China has also, in the same communication, confirmed that valuation reports were instructed and accepted by the Facility Agents for loan security purposes in regard to the three properties in question. The bank says : "Latest Valuation reports prepared pursuant to the Sahara Group loans The following Valuation reports were instructed and accepted by Facility Agent for loan security purposes: Plaza Hotel Valuation Report prepared by CBRE dated 27 Oct 2013 with the Market Value of US$592,000,000; Dream Downtown Hotel Valuation Report prepared by CBRE dated 29 Oct 2013 with the Market Value of US$252,000,000 Grosve ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n. 8. As regards sale of the three hotel properties, Mr. Arvind P. Datar, did not deny that though the Bank of China has a substantial charge over the said properties but according to the valuation reports the market value of the property is considerably higher than the outstanding loan amount, thereby accepting the plea of the applicants that if the properties are sold, sufficient surplus would be available even after discharge of the Bank loan that could be utilised for deposit with SEBI and for furnishing a bank guarantee as demanded by this Court. Moreover, the valuation reports prepared by leading and reputed international valuers were not questioned by Mr. Arvind P. Datar nor was it suggested that the reports had been procured only for use in these proceedings. 9. We have considered the matter in the light of the submissions made at the bar. The contemnors stand committed to jail by the Order of this Court dated 4th March, 2014 on account of their failure to comply with the directions of this Court's Orders dated 31st August, 2012 and 5th December, 2012 and those issued on 25th February, 2013 in I.A. No.67 of 2013 in Civil Appeal No.9813 of 2011 and I.A No.5 in Civil Appeal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion on account of their failure to comply with the directions of this Court. On the other hand, quicker the compliance with the directions of the Court's Order for deposit of cash and bank guarantee, the easier would be the way out of jail for them. The anxiety on the part of the Saharas generally and the contemnors in particular to sell the offshore properties is, therefore, understandable especially when such sale and transfer is not only going to help Saharas in liquidating the outstanding loan amount payable to the Bank of China but leave sufficient surplus with the Saharas to not only deposit the balance of Rs. 2,000/- crores approximately that needs to be immediately paid by them but also furnish a bank guarantee for a sum of Rs. 5,000/- crores, as directed. We, therefore, see no legal impediment in permitting the sale of the offshore properties owned by Saharas. This is particularly so when not only do we have the valuation reports of the said properties on record prepared as they are by internationally reputed valuers but also the concurrence of SEBI for the sale of such properties at that value subject to the condition that the sale consideration shall as far as possible b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rs from any serious medical condition. At any rate, we expect the jail doctors to keep a check on his medical condition and provide necessary medical aid as and when required. The alternative ground urged for the grant of parole also does not stand closer scrutiny. There is, at present, no concrete proposal with Saharas for sale of the properties situate in India or abroad that may call for any negotiation by Shri Subrata Roy Sahara. While it may be true that such negotiations cannot be said to be advisable when properties of such magnitude as in the instant case are sought to be sold, yet it is premature for us to make any arrangement to facilitate any such negotiations either by directing release of Shri Subrata Roy Sahara on parole or otherwise. We may make it clear that if a situation arises in which negotiations become essential, this Court may consider passing orders to facilitate such negotiations. Beyond that we do not consider it necessary or proper to say anything at this stage. 14. In the result : 1. I.As. No.8-9 of 2014 in Contempt Petitions (C) No.412 and 413 of 2012 are dismissed. 2. I.As. No.10-12 of 2014 in Contempt Petitions (C) No.412 of 2012, 413 of 2012 and 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
