TaxTMI 
TaxTMI 
2017 (12) TMI 1823
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....Public Sector Company later under disinvestment policy of the Government shed its 74% of holdings of to M/s. Himachal Futuristic Company. The liability of HTL towards the consortium of Banks was lead by State Bank of India exceeded 167, A6, 50, 055. Hence the possession of HTC properties were taken over by the lending Banks under SARFASI Act on 07.03.2007 i.e., 10.46 acres of land in the Industrial Estate at Guindy, Chennai was brought for e-auction but the attempts did not frugality even after five attempts therefore exercising the power under Section 13 r/w Rule 8(5) of SARFASI Act. The Bank entered into private negotiation with M/s. VGN Developers (P) Limited (A5) rep by A9 for Rs. 272 crores which is Rs. 72 crores over and above the res....
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....h e-auction, there was no bidder the only bidder, who offered more than the reserve price was M/s. RMZ properties, Bangalore but that deal failed due to objection by the State Government. Therefore when none other were ready to buy the property in view of legal issues, one cannot except a sale price equivalent to Guidelines value. Hence the FIR is liable to be quashed in its counter has stated that as under:- Para 3. It is humbly submitted that it was inadvertently mentioned in the FIR that M/s. HTL was a public sector enterprise. M/s HTL was a public sector enterprise prior to 2001 when the Government of India decided to disinvest, M/s. Himachal Futuristic communications Limited (HFCL) had acquired 74% of the stake of M/s. HTL and 26% i....
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.... to M/s VGN Developers P Limited by SBI under Private treaty. ii) M/s HTL had not repaid the dues to Government of India to the extent of Rs. 27 Crores along with interest. iii) M/s HTL had not paid 10 % of the net sale proceeds to Tamil Nadu Small Industries Development Corporation as per NOC given by TN SIDCO which M/s HTL managed through furnishing the Charted Accountant Certificate for the Company's total liabilities to the extent of Rs. 600 Crores as on 31.03.2013 7. It is humbly submitted that the investigation is in progress. The case was registered on 28.12.2016 and pertaining to the period from 2007 to 2013 and collection of documents from Banks, various departments, private persons, scrutiny of the documents and bank stat....