9911796707
TMI Blog2017 (12) TMI 1823X X X X Extracts X X X X X X X X Extracts X X X X ..... .11.2012 and 23.01.2013 with revised reserve price of ₹ 250/- crores. Meanwhile M/s. RMZ properties, Bangalore has offered ₹ 298/- crores for this property but sale not confirmed in its favour but sold to 5th Accused Company through private negotiation for ₹ 272 Crores. Whether such deal was outcome of any criminal design between the Bank Officials and the buyer is now under investigation. No doubt the FIR contains certain wrong information about the character of HTL and the quantum of alleged loss. As stated in the counter, a prime property in the heart of the City had been sold through private negotiation far below the guidelines value. Unless the investigation gets completed this court cannot jump to a conclusion tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aid private negotiation, HTC has cleared its entire due along with the interest to the bank. The balance sale consideration remains with HTL. For purchase of the property the 2nd petitioner has borrowed money from various public sector Banks including NBFC's and certain private capital companies giving their properties as security. In the said property it has launched construction project of 900 flats and proposed to 90 head with other projects phased manner. While so, CBI has registered FIR on 28.12.2016 against officers of the SBI and the purchaser company alleging 10.46 acres of land of HTL worth ₹ 387 crores as per guidelines value been sold through private negotiation for ₹ 272 crores thereby causing a wrongful loss to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted that the main allegation was criminal misconduct of the officials of State Bank of India for undue waiver of interest to the extent of ₹ 53.50 Crores in connivance with the other accused M/s Hindustan Teleprinters Limited and M/s VGN Developers (P) Limited when the sale proceeds of the subject land was appropriated towards loan account which caused wrongful loss of ₹ 53.50 Crores to State Bank of India. While preparing the FIR, it was inadvertently mentioned that the loss to Government of India was ₹ 115 Crores being the difference between the sale price (₹ 272 Crores) and guideline value (₹ 387 Crores). The loss was to State Bank of India due to undue waiver of interest to the extent of ₹ 53.50 Crore ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d examination of witnesses are in progress. Hence at this stage reaching to a logical conclusion is not tenable. FIR is only to set the law into motion. As the investigation is that the crucial stage and hence the quash petition may be dismissed in limine. 5. From the facts placed by the petitioner and the investigation agency, this court finds that the subject property was put to e-auction for the first time on 17.02.2011 fixing reserve price as ₹ 209.54 crores. The second and third auction date was fixed on 09.03.2011 and 04.01.2012 with same reserve price. Thereafter paper publication effected for auction on 05.10.2012, 05.11.2012 and 23.01.2013 with revised reserve price of ₹ 250/- crores. Meanwhile M/s. RMZ properties, B ..... X X X X Extracts X X X X X X X X Extracts X X X X
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