Calcutta High Court (Appellete Side)
Tandra Mukherjee & Ors vs S.E.B.I & Ors on 15 November, 2017
Author: Aniruddha Bose
Bench: Aniruddha Bose
1 .2017 t.24 W. P. No. 5437(W) of 2014 Tandra Mukherjee & 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 8270 of 2017 CAN 94 of 2017 CAN 8103 of 2017 CAN 8655 of 2017 CAN 10025 of 2017 CAN 10159 of 2017 with W.P. No.18229 (W) of 2014 Amal Kr. Nandy & ors.
Vs. S.E.B.I. & ors.
Mr. Subir Sanyal ...for the petitioners in W.P.16534 (W)/13 Mr. Tapan Mukherjee, ld. A.G.P. Mr. Rabindra Narayan Dutta, Mr. Tulshi Das Ray, Mr. Moloy Roy ...for the State Mr. N. Ahmed ...for the Committee Mr. Partha Sarathi Biswas ...for the U.O.I. in W.P.5437 (W) of 2014 Mr. Prasanta Kumar Dutt, Mr. Susanta Kumar Dutt, Mr. Syamantak Banerjee For the S.E.B.I In Re: W.P.16534 (W) of 2013 With CAN 8270 of 2017 CAN 94 of 2017 CAN 8103 of 2017 CAN 8655 of 2017 CAN 10025 of 2017 CAN 10159 of 2017 In our order of 8th November, 2017 we had stayed part of our order passed on 30th August, 2017 so far the same related to premises no. 8A/1, Ananda Palit Road. In the order dated 30th August, 2017, the composite price of premises no.8A and 8A/1, Ananda Palit Road was specified to be rupees six crore and thirty-six lakhs, as offered by an intending purchaser, Finiixxx Concepts Private Limited. Since we have excluded premises no.8A/1, Ananda Palit Road from the scope of our order passed on that date, the price stipulated was required to be reduced.
2Mr. Sanyal, learned counsel for the Tower Infotech Ltd. has produced before us a printout from the website of the State Government the valuation of premises no. 8A/1, Ananda Palit Road. The sum reflected therein is rupees fortyeight lakhs sixty thousand only.
Learned counsel appearing for the SEBI has not questioned this valuation when his response was elicited by us. Thus, from the price of the two premises referred to in our order of 30th August, 2017 rupees forty-eight lakhs sixty thousand is to be subtracted. After such subtraction, our order passed on 30th August, 2017 shall be given effect to. The time to make deposit shall stand extended till 4th December, 2017.
The petitioner-company shall be at liberty to submit a scheme for disbursal of the amount which has already yielded or is likely to yield from sale of the immovable assets of the company. The scheme shall be furnished before the Committee.
Mr. Sanyal's client shall also produce the valuation of other immovable assets as per the State valuation before us on the next date of hearing.
We shall take up these matters for hearing again on 29th November, 2017.
Urgent certified photostat copy of this order, if applied for, shall be given to the parties as expeditiously as possible on compliance of all necessary formalities.
(Aniruddha Bose, J.) (Joymalya Bagchi, J.) 3