2015 (1) TMI 112

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..... contended that the Court could apart from lifting the embargo on the sale of the moveable and immovable assets in India, vacate the same qua the said three properties to enable Saharas to comply with the directions issued by this court - there is nothing on record to show that any request was made by the Saharas to the Bank of China at any stage – there is no reason to prevent Saharas from taking .....

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..... lue/stakes held by Saharas in these properties are sought to be transferred on the basis of the true market value of the assets. - CONTEMPT PETITION (C) NOS. 412 & 413 OF 2012 & 260 OF 2013 CIVIL APPEAL NOS. 9813 & 9833 OF 2011 & 8643 OF 2012 IA NOS. 101-103 - - - Dated:- 29-5-2014 - T.S. THAKUR AND A.K. SIKRI, JJ. Pratap Venugopal, Gaurav Nair and Vishwa Pal Singh for the Petitioner. .....

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..... of the bank of China. The 'shares' held by the Saharas, in the companies that own those properties argued Dr. Dhawan are also pledged with the Bank of China for repayment of the outstanding loan to the said Bank. According to Dr. Dhawan, the Saharas have already taken up the matter with the Bank of China proposing to dispose of their stakes in the said three properties to which the Bank h .....

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..... be addressed to the Bank of China by the Saharas seeking its approval to the proposed transfer of the stakes held by Saharas in the three properties mentioned above, subject to the repayment of the loan outstanding against those properties. Dr. Dhawan submitted that a copy of the communication addressed to the Bank of China and its response shall be placed on record before this Court along with an .....

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..... undertaken by the lending Bank. If that be so, Saharas would do well to obtain a confirmation from the Bank of China to the effect that the valuation reports prepared in respect of the three properties mentioned above by CBRE and JLL, have been prepared at the instance of the Bank of China and that the said valuation reports have been accepted by the Bank to be correct. This could lend re-assuranc .....

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