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TMI Blog2017 (7) TMI 180X X X X Extracts X X X X X X X X Extracts X X X X ..... >Corporate Laws X X X X Extracts X X X X X X X X Extracts X X X X ..... , the contemnor had furnished two post-dated cheques, one dated 15th June, 2017, for Rs. 1500,00,00,000/- (Rupees fifteen hundred crores only) and the second one dated 15th July, 2017, for a sum of Rs. 552,21,00,000/- (Rupees five hundred fifty-two crores and twenty-one lakhs only). An assurance was given by Mr. Kapil Sibal, learned senior counsel appearing for the petitioner, as well as by the co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nipur, Haridwar in the State of Uttarakhand, admeasuring 87.03 acres and he has arranged a buyer, who is prepared to purchase the said property for Rs. 109.75 crores. The said amount is 62% of the circle rate and, thereby, less than 38% of the circle rate. Permission is sought to sell the property at that rate. As advised at present, we are not inclined to grant the said permission. We think that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . by transfer of shares of the company to the buyer i.e. GH Equity U.K. Limited. Mr. Arvind P. Datar, learned senior counsel appearing for the S.E.B.I. has no objection if such permission is granted. The permission is, accordingly, granted. 6. As far as prayer No.(iii) is concerned, we have already directed for auction of the property. Therefore, no further order need be passed on the said prayer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e said documents have been filed with the report of the Official Liquidator being O.L.R. No.122 of 2017. The prayer for approval of the terms and conditions of sale notice shall be considered on the next date of hearing. 9. Let the matter be listed at 3.30 p.m. on 5th July, 2017. If the balance amount is not paid by that date, we will be compelled to send the contemnor to the custody and we are s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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