Calcutta High Court (Appellete Side)
Pg (Ms. Tandra Mukherjee & Ors vs The Securities on 3 July, 2014
Author: Dipankar Datta
Bench: Dipankar Datta
1 08 03.07.2014
W.P.5437(W) of 2014 pg (Ms. Tandra Mukherjee & Ors. vs. The Securities and Exchange Board of India & Ors.) With W.P. 16534(W) of 2013 With C.A.N.4698 of 2014 (Tower Infotech Limited & Anr. vs. Union of India & Ors.) With W.P. 18229(W) of 2014 (Amal Kumar Nandy & Ors. vs. The Securities and Exchange Board of India & Ors.) Mr. Kishore Dutta Mr. Dibyendu Chatterjee.....for the petitioners in W.P. 5437(W)/2014 Mr. Subir Sanyal Md. Syed Khan ...... for the petitioners in W.P. 16534(W)/2013 Mr. Dipankar Saha Mr. Srijib Chakraborty..........for the petitioners in W.P. 18229(W)/2014 Mr. Hirak Mitra Mr. Prasanta Kumar Dutt Mr. Susanta Kumar Dutt Mr. Symantak Banerjee.......for the Securities and Exchange Board of India Mr. L.K. Chatterjee Mr. Raj Sekhar Basu..........for the Union of India Mr. Sakya Sen Ms. Debjani Roy................for the State in W.P. 16534(W)/2013 Mr. Pratik Prakas Banerjee Mr. Subhabrata Dutta Mr. Arka Bhattacharya......for the applicants in C.A.N. 4968 of 2014 Mr. Deep Chaim Kabir Mr. Madhar Hossain Chowdhury....for the State of Tripura 2 Mr. Sanyal, learned advocate appearing for the petitioners in W.P. 16534(W) of 2013 has produced before the Court a statement of accounts signed by the Manager, Balageria Central Cooperative Bank Limited. It appears therefrom that an amount of Rs. 13,18,073/- is lying outstanding in respect of the property of the petitioning company at Mouza- Purusottampur, P.O. & P.S.-Egra, District- Purba Medinipur (hereafter the Egra property). This position is not disputed by Mr. Mitra, learned senior advocate appearing for the Securities and Exchange Board of India (hereafter the 'SEBI').
I am of the view that the ball must start rolling from now in the larger interest of the depositors. Accordingly, I grant liberty to the SEBI to issue notices for sale of the two properties i.e. the Egra property referred to above as well as the property at 8A and 8A/1, Ananda Palit Road, P.S.- Entally, Kolkata-700014 in three dailies viz., i) The Statesman, ii) Bartaman and iii) Sanmarg. The valuation of the properties obtained so far by the SEBI shall be indicated in the public notices as the reserve prices thereof. The SEBI shall indicate in the public notices the dates on which the intending purchasers would be offered inspection of the properties to be put up for sale. It shall be the duty of the SEBI to specify the terms and conditions regarding earnest money deposit and payment of the offered sum as well as other terms and conditions for facilitating unhindered process 3 to achieve the best price. The petitioners in W.P. 16534(W) of 2013 shall provide a brief resume of the said properties to the SEBI for being inserted in the public notices. Extent of encumbrance of the Egra property shall also be indicated in the public notice by the SEBI. The cost of publication shall be recovered from the petitioners in W.P. 16534 (W) of 2013 by the SEBI.
Let the petitioners furnish the resume within Monday next (07.07.2014). The SEBI shall publish the public notices within a week thereafter and report developments in respect of offers received by them before this Court on July 31, 2014 when the writ petitions shall appear under the heading 'For Orders'.
In the meanwhile, the SEBI shall obtain valuation in respect of the other three properties, the list whereof was given to it in terms of the order dated June 09, 2014.
(DIPANKAR DATTA,J.)