Calcutta High Court (Appellete Side)
Tandra Mukherjee & Ors vs S.E.B.I & Ors on 3 April, 2017
Author: Aniruddha Bose
Bench: Aniruddha Bose
1 17 W. P. No. 5437(W) of 2014 Tandra Mukherjee & ors.
Vs. S.E.B.I & Ors.
With W.P. No.18229 (W) of 2014 Amal Kr. Nandy & ors.
Vs. S.E.B.I. & ors.
With W.P. No.16534 (W) of 2013 Tower Infotech Ltd. & Anr.
Vs. Union of India & ors.
With CAN 7278 of 2014 CAN 7496 of 2016 CAN 11761 of 2016 CAN 94 of 2017 CAN 1444 of 2017 CAN 1466 of 2017 Mr. Subir Sanyal ...for the petitioners in W.P.16534 (W)/13 Mr. Oli Mohammad, Mr. G. Patra ..for the applicants Mr. Kaushik Chanda, Ld. A.S.G. Mr. Prabir Rej ...for the Union of India Mr. Tulshi Das Ray ...for the State Mr. Kaushik Chanda, Ld. A.S.G. Mr. Arpa Chakraborty ...for the U.O.I. in W.P.18229 (W)/14 Mr. P. S. Biswas ...for the U.O.I. in W.P.5437 (W) of 2014 Mr. Manoranjan Jana ...for the applicant in CAN 94 of 2017 in W.P.16534 (W)/13 Mr. Ratul Biswas, Mr. Kaushik Chowdhury for the applicants in CAN1444/17 & CAN 1466/17 Mr. Hirak Kr. Mitra, Sr. Advocate Mr. Prasanta Kumar Dutt, Mr. Susanta Kumar Dutt, Mr. Syamantak Banerjee For the S.E.B.I The learned counsel for the applicants in C.A.N. 7496 of 2016 submits that registration of the properties involved in that application is yet to be effected because PAN number the vendor was not made available before the 2 registering authority. Mr. Ray, learned counsel appearing for the State has assured this Court that that he would look into the matter. In such circumstances, we are adjourning hearing of this application till 18th April, 2017.
The applicants in CAN 1444 of 2017 and CAN 1466 of 2017 have evinced interest in purchasing certain properties of Tower Infotech Limited. It is submitted by Mr. Sanyal, appearing for the company that the properties over which these applications were filed, were put up for auction twice through issue of public notice but till date no one has responded. According to Mr. Sanyal, valuation made by S.E.B.I. is excessive so far the property involved in C.A.N.1466 of 2017 is concerned. In our view, for the purpose of working out functional methodology pertaining to monetizing these properties, further steps in connection with the assets of various companies of the Tower Group should be sent to the Committee. This course has not been objected to by Mr. Ray, learned counsel appearing for the State, Mr. Mitra, learned Senior Counsel for S.E.B.I. and learned Additional Solicitor General, who has appeared before us on behalf of the Union of India. As such we are referring these matters the Committee.
The Committee shall examine into the question of valuation and subsequent sale of the properties by auction. The photocopies of the records of these proceedings shall be made available to the Committee by the department by 10th April, 2017, along with a copy of this order.
In course of hearing before us, Mr. Mitra has also pointed out that his client, S.E.B.I. had received a communication from one Sk. Abu Mondal dated 20th of March, 2017 in respect of 13 properties listed in that written communication, which he intended to purchase. Let the copy of that written communication also be placed before the Committee so that the Committee can examine the offer and proceed with the process of auction of the properties in a manner the Committee considers it just and proper. Any further offer of intending purchasers in respect of the group of Companies which are referred to as Tower Group may also be placed before the Committee, provided these offers are received prior to the date of auction as may be stipulated by the Committee. C.A.N. No. 7496 of 2016 shall be listed on 18th April 2007. As regards rest of the matters listed today, these shall be listed again on 12th May 2017. We request the Committee to place a report before us on steps taken by it in pursuance of this order on that date.
(Aniruddha Bose, J.) (Joymalya Bagchi, J.) 3