TaxTMI 
TaxTMI 
2017 (3) TMI 277
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....6 & 260-262/2017 In CONMT.PET.(C) Nos.412-413/2012 In C.A. Nos.9813,9833/2011 C.P.(C) No.260/2013 In C.A. No.8643/2012 Mr. Shekhar Napahade, Sr. Adv. (A.C.) Mrs. Shubhanghi Tuli, Adv. Mr. Vikram Sobti, Adv. For Petitioner(s) Mr. Arvind P. Datar, Sr. Adv. Mr. Pratap Venugopal, Adv. Ms. Surekha Raman, Adv. Mr. Purushottam K. Jha, Adv. Mr. Anuj Sarma, Adv. Ms. Niharika, Adv. Mr. Aman Shukla, Adv. Ms. Kanika Kalaiyarasan, Adv. for M/s. K. J. John & Co. For Respondent(s) Mr. Kapil Sibal, Sr. Adv. Mr. Narendra Hooda, Sr. Adv. Mr. Sanjiv Sen, Sr. Adv. Mr. Gautam Awasthi, AOR Mr. Gaurav Bhatia, Adv. Mr. Ayush Choudhary, Adv. Mr. Nijam Pasha, Adv. Mr. Rahul Tripathi, Adv. Mr. Nikhil Jain, Adv. Mr. Simranjeet Singh, Adv. Mr. Gautam Talukdar,....
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....brance. In pursuance of the said order, a list of properties has been filed which has been categorized as Part 'A' and Part 'B'. Part 'A' contains list of fifteen properties which are stated to be free from encumbrances and Part 'B', as is admitted, includes some of the properties which have been encumbered. As we had thought of putting the properties to auction, we think it appropriate to mention the list of properties contained in Part 'A'. It is as follows:- 1. Sahara Hospital, Lucknow 2. Sahara India Sadan Shakespear Sarani, Kolkatta 3. Land at Sohna Road, Gurgaon 4. Land at Najafgarh, Delhi 5. Sahara City Homes at Indore 6. Sahara City Homes at Lucknow 7. Sahara City Homes....
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....ties are concerned, that is, Item Nos.5 to 11. It is his further submission that it is difficult to conduct auction and fetch money and, therefore, the contemnor may be directed to sell the properties and deposit the money with S.E.B.I. Mr. Arvind P. Datar, learned senior counsel has submitted that the contemnor is at liberty to sell any property situate in Part 'B' or anywhere else, subject to that the consideration should not be less than 90% of the guideline value/circle rate. At this juncture, Mr. Kapil Sibal, learned senior counsel appearing for the contemnors submitted that if the contemnor is allowed to sell the properties, as mentioned in Part 'A', he will be able to do it and for that purpose, he needs six months....
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....all be deposited in SEBI Sahara Refund Account. In case, the substantial amount is deposited, this Court may think of extending the time, otherwise appropriate direction shall be issued. At this stage, one aspect is required to be dealt with. As is evident from Part 'A', item No.15, the land at Ghaziabad admeasures 91.65 acres. We have been apprised at the Bar that the same has been acquired by the Ghaziabad Development Authority and the price, as stated in the Annexure, is Rs. 1112.70 crores. It is submitted by the learned senior counsel for the contemnor that the same is payable to him along with interest. To appreciate the said submission, it is obligatory on the part of the Court to offer an opportunity of hearing to the G....