Calcutta High Court (Appellete Side)
Tandra Mukherjee & Ors vs Sebi & Ors on 30 August, 2017
1 09 30.08.2017
W.P No. 5437(W) of 2014 NB Tandra Mukherjee & Ors.
Vs. SEBI & Ors.
With W.P No. 18229(W) of 2014 Amal Kr. Nandy & Ors.
Vs. SEBI & Ors.
With W.P. No. 16534(W) of 2013 Tower Infotech Ltd. & Anr.
Vs. Union of India & Ors.
With CAN 8103 of 2017 CAN 7278 of 2014 CAN 7496 of 2016 CAN 11761 of 2016 CAN 94 of 2017 CAN 1444 of 2017 CAN 1466 of 2017 CAN 3937 of 2017 Mr. Subir Sanyal ...for the petitioners in W.P. 16534(W)/13. Mr. Tapan Kr. Mukherjee (AGP), Mr. Rabindra Narayan Dutta.
...for the State.
Mr. N. Ahmed ...for the Committee.
Mr. Hirak Mitra (Sr. Adv.), Mr. Prasanta Kumar Dutt, Mr. Susanta Kumar Dutt, Mr. Syamantak Banerjee.
...for the SEBI.
Mr. P. S. Biswas.
...for UOI in W.P. 5437(W)/2014. Mr. S. Dasgupta, Ms. S. Mitra.
...for the applicant in CAN 8103/2017. Mr. A. Chakraborty ...for UOI in W.P. 18229(W)/2014. The applicant Finiixxx Concepts Private Limited has approached this Court for purchasing premises no. 8A and 8A/1 Ananda Palit Road, Entally, Kolkata-700014. These premises 2 were advertised for sale on 24th September, 2014. The price offered by the applicant is rupees six crore and thirty-six lakhs, which is matching SEBI valuation of the assets concerned and at par with the reserve price specified in the advertisement. In course of hearing today, Mr. Mitra, learned Senior Counsel appearing for SEBI on instruction submits that so far as price of premises is concerned they do not have any objection.
Mr. Ahmed, learned Counsel appearing for the Committee submits that this was the only offer received subsequent to the advertisement and prior to this application being filed.
In such circumstances, we are of the view that the subject premises may be sold at the price offered. The applicant wants to take inspection of the premises. The Committee shall permit the applicant to undertake the inspection. The applicant must put in the requisite sum with the Registrar, Original Side within 6th October, 2017. Prior to that, steps shall be taken by the applicant to have the inspection completed and the draft deed of conveyance shall also be verified by the Committee. In the event the sum is not deposited within the aforesaid date, the applicant's right to purchase the property shall stand forfeited. Registrar, Original Side shall execute the deed upon being informed by the Committee of completion of formalities. After execution of the document for sale, intimation to the Committee shall be given. The Registrar of Assurance shall act on the basis of the valuation fixed by SEBI for the purpose of registration.
Matter to be listed on 1st November, 2017.
(AniruddhaBose, J.) (Joymalya Bagchi, J.) 3