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S.E.B.I. Versus SAHARA INDIA REAL ESTATE CORPN. LTD. AND ORS.

2016 (12) TMI 63 - SUPREME COURT OF INDIA

Permission 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 commi .....

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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 d .....

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205-207/2016, 208/2016, 209-210/2016, 211/2016, 218-220/2016 & 227/2016 in CONMT.PET.(C) No. 412 & 413/2012 - Dated:- 28-11-2016 - MR. RANJAN GOGOI AND MR. A.K. SIKRI, JJ. In C.A. No. 9813 & 9833/2011 AND C.P. (C)NO.260/2013 IN C.A.NO.8643/2012, I.A. Nos. 231, 232, 239, 240, 241, 242 & 243 of 2016 For The Petitioner : M/s. Shekhar Naphade, Sr. Adv. (A.C.), MS. Shubhangi Tuli, Adv., Mr. Vikram Sobti, Adv., Mr. Arvind P.Datar, Sr. Adv., Mr. Pratap Venugopal, Adv., Ms. Niharika, Adv., MS. S .....

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ninder Singh, ASG, Mr. Rana Mukherjee, Sr. Adv., Mr. D.L.Chidananda, Adv., Mr. Ashok Srivastava, Adv., MS. Sadhna Sandhu, Adv., Mr. M.K.Maroria, Adv., Mr. Rajat Nair, Adv., MS. Anil Katiyar, Adv., Mr. B.K.Prasad, Adv., Dr. A.M.Singhvi, Sr. Adv., Ms. Meenaakshi Arora, Sr. Adv., Mr. Harsh Jani, Adv., Mr. Neeraj Kumar, Adv., Mr. Mohit D.Ram, Adv., Mr. Bishwajit Bhattacharya, Sr. Adv., Mr. Pawan Upadhayay, Adv., Mr. Ratik Sharma, Adv., Ms. Sharmila Upadhyay,Adv., Mr. K.V.Viswanathan, Sr. Adv., Mr. P .....

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gra,Adv., Mr. C. K. Sasi,Adv., Mr. Gaurav Kejriwal,Adv., Mr. G.Sivabalamurugan, Adv., Mr. P. N. Puri,Adv., Mr. Amit Anand Tiwari, Adv., Mr.Prashant Chaudhary, Adv., Mr. Sanjeev Agarwal, Adv. ORDER Mr. Kapil Sibal, learned senior appearing for Saharas has today filed in the Court an I.A. offering to pay the amount recoverable from Saharas in terms of our previous orders as per a Payment Plan enclosed with I.A. as Annexure-1. Mr.Arvind Datar, learned senior counsel appearing for SEBI and Mr.Shekha .....

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f this Court regarding deposit of the stipulated amount. In the circumstances, 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. At this stage Mr. Sibal argues that since the mone .....

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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. Mr. Arvind Datar, learned counsel for SEBI submits that the Saharas are permitted to sell the pro .....

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