- (1.) Ms. Kamini Jaiswal, learned Counsel has filed I.As. No. 68-70 of 2015, inter alia, pointing out that an extent of 45.71 acre of land situated at Gorakhpur is being alienated by the Sahara Group of Companies in favour of Samridhi Builders for a total consideration of Rs. 64,00,00,000/- (Rupees Sixty Four Crores only). The applicant alleges that the actual market value of the property even according to the prevailing Circle Rates works out to over Rs. 194,00,00,000/- (Rupees One Hundred Ninety Four Crores only), excluding stamp duty and taxes etc. The application further alleges that the applicant has made sufficient inquiry and after being satisfied about the prevailing market value of the property, is ready and willing to purchase the property on the very same terms and conditions as have been negotiated between the Saharas and Samridhi for a total price of Rs. 110,00,00,000/- (Rupees One Hundred Ten Crores only). The application asserts that to prove its bonafides the applicant is ready and willing to deposit 10% of the above amount as soon as this Court issues a direction to that effect. The applicant has on that premise prayed for addition as a co-respondent in these proceedings and for appropriate directions. When these applications first came up for hearing before us on 7.7.2015, we directed the applicant to deposit a sum of Rs. 11,00,00,000/- (Rupees Eleven Crores only) in this Court by way of a bank draft drawn in favour of the Registrar of this Court to prove its bonafides. By the same order we directed Mr. Chandiok, learned Senior Counsel appearing for Samridhi to file a certificate from the Bank concerned to the effect that the cheque offered by Samridhi for a sum of Rs. 55,56,00,000/- (Rupees Fifty Five Crores Fifty Six Lakhs only) drawn in favour of SEBI was good for payment. Samridhi had in the Court offered to pay up the entire sale consideration by a bank draft of Rs. 12.80 crores and a cheque for the balance of Rs. 55.56 crores.
(2.) Ms. Jaiswal today informs us that she has pursuant to the above direction of this Court deposited a sum of Rs. 11,00,00,000/- (Rupees Eleven Crores only) with the Registrar of this Court by way of a bank draft. learned Counsel appearing for Samridhi also handed over a draft for a sum of Rs. 12,80,00,000/- (Rupees Twelve Crores Eight Lakhs only) drawn in favour of SEBI Sahara Account to Mr. Pratap Venugopal, learned Counsel appearing for SEBI. Our attention was also drawn to a certificate issued by the HDFC Bank to the effect that the cheque for Rs. 55,56,00,000/- (Rupees Fifty Five Crores only) drawn in the name of SEBI Sahara Account is good for payment.
(3.) At the hearing Mr. Kuhad, learned Senior Counsel appearing for Samridhi was asked by us whether Samridhi was willing to match the offer made by the applicant. In response he stated on instructions from Mr. Tanmay Modi, partner of Samridhi, also present in person that Samridhi was ready to do so by revising its offer to Rs. 110 crores. Counsel for the parties thereafter revised the offers of their clients upwards to eventually reach a figure of Rs. 150 crores which was amount both the intending purchasers offered to pay. It was at this stage that we considered it proper to put the parties to terms before they made any further offer. It was made clear to them that before they could proceed any further they ought to deposit 25% of the amount of Rs. 150 crores offered by them to show their bonafides and also agree to pay the balance 75% in 3 monthly instalments ending 30th October, 2015. Even this was acceptable to the parties. Ms. Jaiswal submitted that the applicant was ready and willing to deposit a further amount of Rs. 26.50 crores by 31st of July, 2015 which would constitute 25% of the amount of Rs. 150 crores offer by her client for the property in question.;