Calcutta High Court (Appellete Side)
Tandra Mukherjee & Ors vs Sebi & Ors on 5 October, 2016
Author: Aniruddha Bose
Bench: Aniruddha Bose
1 1 05.10.2016 CHC Ct. No.24 W.P. 5437 (W) of 2014 Tandra Mukherjee & ors.
Vs. SEBI & ors.
With W.P.18229 (W) of 2014 Amal Kr. Nandy & ors.
Vs. SEBI & ors.
With W.P.16534 (W) of 2013 Tower Infotech Ltd. & anr.
Vs. UOI & ors.
with C.A.N. 7278 of 2014 C.A.N. 7496 of 2016 Mr. Subir Sanyal, Mr. Sudip Kumar, Md. Sayeed Khan ...for the petitioners (Tower Infotech in W.P.16534(W)/14) Mr. P. S. Biswas, Mr. P. Rej ...for the U.O.I. in W.P.5437(W) of 2014 Mr. Prabir Rej ...for the U.O.I. in W.P.16534 (W) of 2013 Mr. Tapan Kumar Mukherjee, Ld. A.G.P. Mr. Bikash Kumar Mukherjee ...for the State in W.P.5437(W) of 2014 and W.P.18229 (W) of 2014 Mr. Prasanta Kumar Dutt, Mr. Susanta Kumar Dutt, Mr. Syamantak Banerjee ...for the SEBI Mr. Kaushik Chanda, Ld. A.S.G. Mr. Arpa Chakraborty ...for the U.O.I. in W.P.18229 (W) of 2014 Mr. Oli Mohammad, Mr. G. Patra ...for the intending purchaser with regard to Padumbasen Tamluk Property Mr. Ratul Biswas 2 ...for intending purchaser for Suresh Chandra Roy The instant application being C.A.N.4055 of 2015 has been taken out by Tower Infotech Limited for direction upon the Securities and Exchange Board of India to sell the immovable properties of the company on the basis of valuation of the Registrar of Assurance, Government of West Bengal. Earlier, in W.P. No.16534 (W) of 2013 [along with W.P.5437 (W) of 2014] an Hon'ble Single Judge of this Court by an order passed on 9th June, 2014 observed and directed:
"Mr. Sanyal, learned advocate appearing for the petitioners [in W.P. 16534 (W) of 2013] shall identify at least five properties which are likely to fetch maximum amount if put up for sale right now and inform the particulars of such properties to the learned advocate-on- record for S.E.B.I. in course of tomorrow.
Put up the writ petition on Thursday next (12th June, 2014) under the same heading when the Court proposes to set the ball in motion by directing the S.E.B.I. to obtain the valuation of such properties and thereafter to proceed for its sale by public auction."
The auction notice was given in respect of two sets of properties by S.E.B.I. and was published in Ananda Bazar Patrika. In our order of 8th September, 2016, we have given particulars of these properties under four heads. We find from the note of the Registrar, Original Side dated 3rd October, 2016 that there have been two bidders in respect of the properties at Kakdwip and 3 Tamluk. In respect of Kakdwip property, a demand draft amounting to Rs.48,55,628/- (forty eight lacs fifty five thousand six hundred twenty eight only) dated 22nd September, 2016 has been furnished whereas in respect of the Tamluk property comprising of an area of 1.06 decimal of land which also includes a two storied building thereon, a sum of Rs.26,00,058/- (twenty six lac fifty eight only) has been deposited. Before us, learned counsel for the Company concerned, State, S.E.B.I. and Union of India are present and none of them has raised any objection on execution of deed of conveyance in respect of these two sets of properties in favour of the respective bidders. We are also apprised by learned counsel appearing for the parties that barring these two bidders, there has been no other bid in respect of these two sets of properties. We are of the view that sale may be confirmed in favour of the bidder and the Registrar, Original Side shall execute the necessary documents upon compliance of requisite formalities for effecting the sale. Such sale shall be as per the conditions specified in the notice issued by S.E.B.I. So far as Kakdwip property is concerned, learned counsel appearing for the bidder has made oral prayer before us for executing the deed in favour of his son Suchandra Roy. Such course may be adopted. The sum received shall be retained in a fixed deposit interest bearing account in a nationalised bank free from all lien.
Title deeds in respect of these two sets of properties shall be handed over to the purchasers against proper receipt by S.E.B.I. at the time of execution of the deed of 4 conveyance. This exercise shall be completed by 15th November, 2016. On that date this matter shall be listed before us and the Registrar, Original Side shall file a report before us as regards compliance of this order.
(Aniruddha Bose, J.) (Joymalya Bagchi, J.)