- (1.) This is an application seeking certain directions. The directions that have been sought by the contemnor in this interlocutory application read as follows:- "(i) grant an extension of 10 working days for complying with the undertaking dated 27.04.2017; (ii) pass an order permitting the sale of Grosvenor House Hotel, i.e. by transfer of shares of the company to the buyer and to enter into the agreement for refinancing facility in respect of the Plaza Hotel and the Dreams Downtown Hotel, New York; (iii) permit Saharas to sale their lands at the price less than 90% of circle rate, in order to comply the directions of this Hon'ble Court; (iv) accept the properties of Saharas as a security for the balance principal amount instead of cash deposit; and (v) to vacate the order dated 21.11.2013 passed by this Hon'ble Court, lifting the embargoes on the Sahara Group of Companies, so that Saharas can raise money out of their assets and run, promote their businesses, in the interest of justice, equity and fair play.
(2.) Be it noted, on the previous occasion, i.e. 27th April, 2017, 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 contemnor, who was present in the Court, that the cheques shall be honoured. It was directed that if there will be a failure, the contemnor may be sent to custody. It is submitted by Mr. Sibal relying on the application filed by the contemnor that till today they have deposited Rs. 774 crores in SEBI Sahara Refund Account and today he has handed over eighteen demand drafts amounting to Rs. 16,11,95,000/- (Rupees sixteen crores eleven lakhs and ninety-five thousand) in favour of SEBI Sahara Refund Account. The total amount that has been deposited in SEBI Sahara Refund Account comes to Rs. 790.18 crores. Thus, the balance sum to be paid is Rs. 709.82 crores.
(3.) At this juncture, it is submitted by Mr. Sibal, learned senior counsel that there is a property situate in villages Bahadrabad and Ranipur, 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 L 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 the said property shall be put to public auction by S.E.B.I with the assistance of approved agency. In the bid, S.E.B.I. can mention 90% of the circle rate, as some time this Court had permitted at that rate. The auction shall be conducted by the competent authority of S.E.B.I. through the approved agency on or before 5th July, 2017. Needless to say, e-auction can be done in respect of this property.;