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2016 (12) TMI 63 - SUPREME COURT OF INDIA

2016 (12) TMI 63 - SUPREME COURT OF INDIA - TMI - 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 .....

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rned 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 rece .....

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2/2016, 188-189/2016, 190-191/2016, 194-195/2016, 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. .....

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ak Nayak, Adv., Mr. Aviral Dhirendra, Adv., Mr. Maninder 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 U .....

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gh, Adv., Dr.Vivek Sharma, Adv., Mr. Yash Pal Dhingra,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, learn .....

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ement was extended, complied with the directions of 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. .....

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rcle rates. 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. Mr. Arvind Datar, learned counsel for SEBI subm .....

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