TaxTMI 
TaxTMI 
2017 (1) TMI 637
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....dv., Mr. Pratap Venugopal, Adv., Ms. Niharika, Adv., M/s. K.J.John & CO. For The Respondent : Mr. Kapil Sibal, Sr. Adv., Mr. Narendra Hooda, Sr. Adv., Mr. Gautam Awasthi, Adv., Mr. Aarohi Bhalla, Adv., Mr. Ayush Choudhary, Adv., Mr. Nijam Pasha, Adv., Mr. Rahul Tripathi, Adv., Mr. Nikhil Jain, Adv., Mr. Simranjeet Singh, Adv., Mr. Salim Inamdar, Adv., Mr. Gautam Talukdar, Adv., Mr. Ram Sajan Yadav, Adv., Mr. Vijay Kumar, Adv., Mr. Sarthak Nayak, Adv., Mr. Salman Khurshid, Sr. Adv., Mr. Yunus Malik, Adv., MS. Saroj Bala, Adv., Mr. Sanjeev Agarwal, Adv., Mr. Nidesh Gupta, Sr. Adv., Mr. Soayib Qureshi, Adv., Mr. Rabin Majumdar, Adv., Mr. Bishwajit Bhattacharya, Sr. Adv., Mr. Pawan Upadhayay, Adv., Mr. Sarvjit Pratap Singh, Adv., Ms. Sharmil....
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....g whereof it appears that the sale property situated in Bahriach has since been cancelled. We are told by Mr. Arvind Datar that this property is now free to be sold by Saharas themselves. Mr. Nidesh Gupta, learned senior counsel seeks leave to withdraw these I.As. which are hereby dismissed as withdrawn. Mr. Gupta has today handed over a bank draft for a sum of Rs. 4,05,00,000/- representing part of the sale consideration for Bahriach property which Saharas has agreed to sell to Mr. Gupta's client. He submits that the balance amount of Rs. 20,25,00,000/- shall be deposited in SEBI Sahara Account within a period of thirty days from today. That statement is recorded. I.A. No. 227 of 2016: Issue notice to the counsel opposite. ....
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.... amount than the one earlier recovered by SEBI. He urged that this Court could direct SEBI to re-auction the said properties on the condition that the higher amount offered for the same in the previous auction shall be taken as the reserve price for the said properties except in the case of property at Ajmer where the reserve price shall be treated to be Rs. 41,00,00,000/- offered by Shri Rajinder Daga. He submits that in order to ensure that only serious purchasers come forward, this Court could stipulate suitable conditions including one for deposit of forfeitable security so that in the event of any person making an offer and later backing out, the amount so furnished could be forfeited. Mr. Arvind Datar has no serious objection to th....
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....erties mentioned above. The deposit shall be made in the manner stipulated in the notice to be issued by SEBI. 3) Needless to say that in case after deposit of the forfeitable security amount the highest bidder does not make good his offer or does not participate in the auction. The amount so deposited shall be liable to be forfeited. 4) In case any one of the properties, does not attract any bid higher than the one received by SEBI in the first auction, the SEBI shall be free to finalise the sale and to issue the requisite sale Certificate in favour of highest successful bidder in the previous auction. A report on the progress made in the fresh auction shall be filed in this Court within six weeks. Mr. Kapil Sibal has today han....