- (1.) By our order dated 13.07.2015, we had directed the applicant- Samridhi Developers and M/s. Gorakhpur Real Estate Developers Private Limited to deposit an amount equivalent to 25% of 150 crores in the SEBI Sahara Account excluding the amount already deposited by the applicant. While Samridhi Developers has complied with the said order within the time allowed by this Court, M/s. Gorakhpur Real Estate Developers Private Limited has not been able to do so: When the matter came up for hearing today, Mrs. Kamini Jaiswal, Learned Counsel appearing for the said company presented before us bank drafts for a sum of Rs. 25 crores and 51 lakhs and a cheque for a sum of Rs. 1 crore drawn in favour of SEBI Sahara Refund account along with a certificate from the bank concerned that the account on which the cheque is drawn has sufficient funds for payment of the cheque amount. Ms. Kamini Jaiswal submits that the intervening delay in deposit of the amount could be delayed and the deposit taken as having been made within the time stipulated by this Court. We see no reason to decline that prayer. We have accordingly handed over the drafts and the cheque mentioned above to Mr. Pratap Venugopal, Learned Counsel appearing for the SEBI for being credited to SEBI Sahara Account. On the last date of hearing, both the intending purchasers had offered a sum of Rs. 150 crores for the property in question. It was at that stage that we had directed deposit of further amount by both of them only to test whether their offers are bona fide. Since both the parties have complied with the said direction as mentioned above we asked Mr. Paras Kuhad, Learned Counsel appearing for Samridhi Developers whether he was willing to raise his offer beyond Rs. 150 crores. Mr. Kuhad, upon instructions, submitted that his clients were not ready to go beyond 150 crores. Mr. Kuhad submitted that if M/s. Gorakhpur Real Estate Developers Private Limited raised the offer beyond 150 crores, the property could be directed to be sold to them with a direction to SEBI to refund the amount deposited by Samridhi Developers.
(2.) Ms. Kamini Jaiswal, Learned Counsel appearing for M/s. Gorakhpur Real Estate Developers Private Limited has on instructions further raised the bid amount by another Rs. 2 crores to take it to 152 crores as against 150 crores offered by Samridhi Developers. In that view, therefore, we see no reason to decline the higher offer made by Gorakhpur Real Estate Developers Private Limited not only because the amount offered is higher but also because the said company has shown its seriousness and bona fides by depositing a total amount of Rs. 37.51 crores by now out of which Rs. 11 crores which has been deposited in this Court which shall stand transferred to SEBI Sahara Account. Consequently, the arrangement arrived at between the Respondent Saharas and Samridhi Developers shall stand rescinded with a direction to the SEBI to refund the amount deposited by Samridhi Developers in connection with the sale and purchase of property at Gorakhpur latest within a period of one week from today. Needless to say that the memorandum of understanding executed between Samridhi Developers and the Sahara shall stand annulled in view of the subsequent above developments.
(3.) Ms. Kamini Jaiswal, then submitted that the Saharas must keeping in view the representation made before this Court as also the terms settled with the outgoing purchases execute a memorandum of understanding with the Gorakhpur Real Estate Developers Private Limited on the same terms and conditions as were settled between Samridhi and Saharas.;