ITEM No. 1A Court No. 3 SECTION XIIA (For Judgment)
SUPREME COURT OF INDIA
RECORD OF PROCEEDINGS
Securities and Exchange Board of India & ANR Vs. Sahara India Real Estate Corporation Ltd. & Ors.
[I.A. No. 8-9 and 10-12 in Contempt Petition (c) No. 412 of 2012]
[Civil Appeal No(s). 9813/2011]
[I.A. Nos. 8-9 and 10-12 in Contempt Petition (c) No. 413 of 2012]
[Civil Appeal No. 9833 of 2011 I.A. Nos. 10-12]
[Contempt Petition (c) No. 260 of 2013]
[Civil Appeal No. 8643 of 2012]
Date: 22/07/2014
These Applications were called on for judgment today.
For Appellant(s)
Mr. Arvind P.Datar, Sr. Adv.
Mr. Pratap Venugopal, Adv.
Ms. Surekha Raman, Adv.
Ms. Meenakshi Chauhan, Adv.
Mr. P.K.Jha, Adv.
Mr. Anuj Sarma, Adv.
Mr. Gaurav Nair, Adv.
M/s. K.J.John and Co.
For Respondent(s)
Mr. Vishwa Pal Singh, Adv.
Ms. Shally Bhasin Maheshwari, Adv.
Dr. Rajeev Dhavan, Sr. Adv.
Mr. Gaurav Kejriwal, Adv.
Mr. Keshav Mohan, Adv.
Mr. Gaurav Chaudhary, Adv.
Mr.Gautam Awasthi, Adv.
Hon’ble Mr. Justice T.S.Thakur pronounced Judgment of the Bench comprising His Lordship,
Hon’ble Mr. Justice Anil R.Dave and and Hon’ble Mr. Justice A.K.Sikri.
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 260 of 2013 are allowed to the extent that three offshore hotel properties owned by Saharas are allowed to be transferred, sold or encumbered subject to the condition that the entire sale consideration received by the Saharas after repayment of the loan outstanding towards the Bank of China is deposited with SEBI towards compliance with the directions contained in the conditional bail order dated 26.3.2014 passed by this Court. The excess amount, if any, shall be deposited by the Saharas in a separate account to await orders from this Court regarding their utilisation. The sale of the offshore properties shall not be at a price lesser than the value estimated by CBRE and JLL for the said properties reduced at the most by 5% of such value.
3. We clarify that sale of remainder of the properties which Saharas have been allowed to transfer, sell or encumber in terms of our order dated 4th June, 2014 shall not be at a price less than the estimated value of the said properties reduced at the most by 5% of such estimate
4…….. we request Shri Shekhar Naphade, Senior Advocate, to assist the Court in the case as an Amicus Curiae. The 3 terms and conditions of Shri Naphade’s appointment shall, however, remain the same as were stipulated for Shri Nariman.
| Shashi Sareen |
Veena Khera |
| Court Master |
Court Master |
|
Signed reportable judgment is placed on the file |
|
S.E.B.I. Vs. Sahara India Real Estate Corporation Ltd. & Ors.
[Civil Appeal No. 9813 of 2011]
[I.A. Nos. 8-9 & 10-12 of 2014 in Contempt Petition (C) No.412 of 2012]
[I.A. Nos. 8-9 & 10-12 of 2014 in Contempt Petition (C) No.413 of 2012]
[Civil Appeal No. 9833 of 2011 and I.A. Nos. 10-12 of 2014]
[Contempt Petition (C) No.260 of 2013]
[Civil Appeal No. 8643 of 2012]
T.S. Thakur, J.
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