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TMI Blog2020 (10) TMI 1309X X X X Extracts X X X X X X X X Extracts X X X X ..... the company at mean value of 2 Independent Valuers of real estate appointed by both the parties which comes to ₹ 1247.27/- per equity share of Respondent 1 company and has further confirmed that he is ready to sell at the mean value and is ready to purchase at 5% above the mean value which comes to ₹ 1309.63 per share. It is found expedient to direct both the parties to quote their offer price independently in a sealed cover before this Tribunal so as the higher offeror be allowed to purchase the share and part with the company amicably - both sides are given 15 days time to submit their offer before this Tribunal and accordingly, the matter is listed on 13.11.2020 for compliance of the direction so passed - application dispo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l their shares to respondents as per the value fixed by mutual agreement. Respondents 2 to 5 shall purchase the shares of petitioner group for the mutually agreed value of shares. 79. In case no mutual agreement on the fair value of shares of the respondent company is arrived and the sale of shares did not complete within a period of 90 days from the date of this order, if he is willing to sell his Shares, he is at the liberty to file an application before this Tribunal to appoint an independent valuer to fix fair value of shares of the first respondent company as on the date of filing the petition and, in such application this Tribunal shall pass necessary orders regarding appointment of independent valuer and regarding the manner and m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... his Tribunal has determined the fair value of equity shares of Respondent No. 1 Company as ₹ 471.38/- per equity share. After receipt of Valuation report, this Tribunal vide order dated 27th April, 2018 has granted liberty to both the parties to provide comments, if any, on the Valuation report. 5. In Compliance of with the order passed by this Tribunal. Respondents No. 1 to 5 filed their comments dated 11th June, 2018 with copy to Petitioner. In the comments given by Respondents No. 2 to 5, attention of this Tribunal was drawn to a patent error committed by the Independent Valuer in the process of determination of the fair value. 6. The comments of the Respondent No. 2 to 5 about the patent error is tabulated as under: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... te do not reflect the actual property rates and consequently submitted to this Tribunal to set aside the unrealistic valuation report and to take actual value of shares from both sides and higher value submitted should be made binding on the other side or both sides as per various judicial decisions. 11. Moreover, the Applicant also submitted an Affidavit dated 5th October, 2019 and submitted that he is ready to purchase the shares of the Company at mean value of two independent valuers' reports of real estate appointed by both the parties before the charted accountants appointed by this Tribunal which as per his submission comes to ₹ 1247.27 per equity share of Respondent No. 1 Company. Further, the Applicant also confirmed th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the higher offer. Since the Respondent is not satisfied with the valuation report and the Petitioner is ready to purchase the share of the company at mean value of 2 Independent Valuers of real estate appointed by both the parties which comes to ₹ 1247.27/- per equity share of Respondent 1 company and has further confirmed that he is ready to sell at the mean value and is ready to purchase at 5% above the mean value which comes to ₹ 1309.63 per share. 15. Under such circumstances, we find it expedient to direct both the parties to quote their offer price independently in a sealed cover before this Tribunal so as the higher offeror be allowed to purchase the share and part with the company amicably. 16. Accordingly, both s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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