TMI Blog2016 (12) TMI 63X X X X Extracts X X X X X X X X Extracts X X X X ..... o 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. 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 purch ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , Mr. Gautam Talukdar, Adv., Mr. Ram Sajan Yadav, Adv., Mr. Vijay Kumar, Adv., Mr. Sarthak 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 Upadhyay,Adv., Mr. K.V.Viswanathan, Sr. Adv., Mr. Pravin Bahadur, Adv., Mr Amit Agaarwal, Adv., Mr. Rajan Narain, Adv., Mr. Yunus Malik, Adv., MS. Rajeeta Raj, Adv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t 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 money which the Saharas have to deposit has to be raised by selling immoveable assets and since this Court has imposed a restriction as to the consideration for which the properties can be sold namely 90% of the circle rate prescribed for such properties, the Saharas may not find purchasers if that condition remains operative. He submits tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s ensured. I.A. No. 239 of 2016: Issue notice to the learned counsel for SEBI and to Mr. Shekhar Naphade, learned Amicus who may file their objections within four weeks. I.A. No. 188-189 of 2016: Learned counsel for the applicant seeks leave to withdraw I.A. Nos. 188-189. I.As. No.188-189 of 2016 are dismissed as withdrawn accordingly. I.As No. 240-243 of 2016: Issue notice. Mr. Kapil Sibal, learned senior counsel appearing for Saharas seeks time to file objections to I.As No. 240-243. Applicants shall also file a copy of the consumer complaint filed before the State Consumer Commission at Nagpur in the meantime. I.A. No. 131 of 2016: A report has been received from Hon'ble Mr. Justice B.N.Agrawal ..... X X X X Extracts X X X X X X X X Extracts X X X X
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