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TMI Blog2017 (7) TMI 180X X X X Extracts X X X X X X X X Extracts X X X X ..... , no further order need be passed on the said prayer. Accept the properties of Saharas as a security for the balance principal amount instead of cash deposit - Held that:- We are not inclined to pass any order thereon and, accordingly, they are rejected at this stage. As we had directed the Official Liquidator of the High Court of Bombay to proceed with the drafting of terms and conditions of sale notice for the Amby Valley property. Mr. Vinod Sharma, Official Liquidator submits that the terms and conditions have been scrutinized by Justice B.N. Agarwal, formerly a Judge of this Court, who has been nominated to supervise the refund process. A copy of the terms and conditions be handed over to the learned counsel for the contemnor. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ce, 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 ₹ 1500,00,00,000/- (Rupees fifteen hundred crores only) and the second one dated 15th July, 2017, for a sum of ₹ 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 ti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the undertaking can be complied with. The balance amount i.e. ₹ 709.82 crores shall be deposited with the SEBI Sahara Refund Account by 4th July, 2017. 5. The prayer No.(ii) in the interlocutory application relates to grant of permission for sale of Grosvenor House Hotel, i.e. by transfer of shares of the company to the buyer i.e. GH Equity U.K. Limited. Mr. Arvind P. Datar, learned senior counsel appearing for the S.E.B.I. has no objection if such permission is granted. The permission is, accordingly, granted. 6. As far as prayer No.(iii) is concerned, we have already directed for auction of the property. Therefore, no further order need be passed on the said prayer. 7. As far as the prayer Nos.(iv) and (v) are concerned, w ..... X X X X Extracts X X X X X X X X Extracts X X X X
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