advocatemmmohan.wordpress.com
Sahara = (i) The prayer for modification of the terms stipulated in our order dated 26th March, 2014 granting interim bail to the contemnors is declined and the I.As to that extent dismissed. (ii) Prayer for shifting the contemnors to a guest house for continued custody and detention till they comply with the directions of this Court for their release on interim bail is also declined and the I.As dismissed to that extent (iii) Orders dated 21st November, 2013 passed by this Court and that dated 13th February, 2013 passed by SEBI restraining sale and transfer of moveable and immoveable properties held by Saharas are modified to the following extent: (a) FDs, bonds and securities held by Sahara Group of companies may be encashed by the holders thereof subject to the condition that the maturity value/sale consideration of such FDs, bonds and securities shall be deposited in the designated bank account of SEBI referred to in the earlier part of this order and details of such maturity values and sale consideration furnished to this Court on affidavit to be filed within four weeks from the date the FDs, bonds and securities are encashed, sold and/or transferred. (b) Immovable properties owned by Sahara Group of companies situated in 9 different cities mentioned in the note filed by Dr. Dhawan and extracted in the body of this order with an estimated value of Rs.2500/- crores are permitted to be sold by the companies/other entities persons in whose names such properties are held subject to the condition that such sales are not for a price lower than the estimated value indicated in the statement filed before this Court or the circle rates fixed for the area in which such properties are situated. The seller shall furnish to this Court the details of the valuation of the properties sold and the terms of sales together with a declaration that the purchasers is not a related party qua Saharas. Needless to say that upon deposit of the sale consideration the title deeds of the property shall be released by SEBI in favour of the purchaser(s). (c) The sale consideration of the properties less transaction cost and statutory dues on the same shall be deposited with the SEBI to the extent the same is necessary to make a total deposit of Rs.5,000/- crores inclusive of the maturity value and sale proceeds of the FDs, bonds and securities etc. permitted to be encashed and sold in terms of direction (iii) (a) above. The balance/excess amount of the sale consideration shall be deposited by Saharas in a separate account to be opened in a nationalised bank which deposit shall remain subject to further orders of this Court. (d) Saharas are also permitted to charge its immovable properties situated in Aamby Valley (Pune), the details whereof are given in Annexure B to IAs No.101-103, for purposes of furnishing a bank guarantee for an amount of Rs.5,000/- crores and/or for deposit of Rs.5,000/- crores if there is any shortfall despite encashment and sales permitted in terms of (iii)(a) and (iii)(b) above. (e) In modification of the orders dated 26th March, 2014, we direct that the Bank guarantees to the tune of Rs.5000/- crores shall be furnished from a nationalised bank or a scheduled bank only. Co-operative Bank Guarantees shall not suffice. (iv) In so far as sale of the three properties situated outside the country are concerned, the question is left open to be determined after the requisite documents/information is made available by Sahara in terms of our order dated 29th May, 2014. (v) Keeping in view the importance of the issues that fall for determination in these proceedings and the ramifications that the directions issued by this Court may have as also the fact that one very important order which is sought to be enforced in these proceedings was passed by a three-Judge Bench, we refer these proceedings to a three-Judge Bench to be constituted by the Hon’ble Chief Justice of India. (vi) We are further of the view that having regard to the nature of these proceedings and the stakes that are involved, we need to appoint an amicus curiae. We accordingly, request Mr. F.S. Nariman, Senior Advocate to assist the Court as an amicus curiae. Shri Nariman shall be free to associate two juniors of his choice to brief him in the matter. (vii) We direct that the Amicus curiae shall be paid his fee @ Rs.1,10,000/- per hearing while the juniors assisting him shall be paid Rs.10,000/- per person for every hearing. The amount so due shall be paid by SEBI by debit to account Saharas. =S.E.B.I. …Appellant Versus Sahara India Real Estate Corporation Ltd. = 2014 (June Part) http://judis.nic.in/supremecourt/filename=41567
Sahara India Real Estate Corporation Limited (SIRECL) and Sahara Housing Investment Corporation Limited (SHICL) (hereinafter referred to as ‘Saharas’ for short) invited and claim to have collected…