{"id":38364,"date":"2015-07-13T12:27:25","date_gmt":"2015-07-13T12:27:25","guid":{"rendered":"https:\/\/www.legalindia.com\/news\/?p=38364"},"modified":"2015-07-13T12:27:25","modified_gmt":"2015-07-13T12:27:25","slug":"apex-court-turns-an-auction-room","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/news\/apex-court-turns-an-auction-room","title":{"rendered":"Apex court turns an auction room"},"content":{"rendered":"
\"Apex<\/a>
Apex court turns an auction room<\/figcaption><\/figure>\n

The Supreme Court today virtually turned an auction room when two real estate firms hiked their bids for the purchase of Sahara Group’s 140-acre land in Gorakhpur with both the parties ready to fork out Rs.150 crore.<\/p>\n

A competitive bidding took place before a Bench headed by Justice T S Thakur during the hearing on the issue related to arranging the money for the release of beleaguered group’s chief Subrata Roy, who has been in jail for more than a year.<\/p>\n

The bidding started when the lawyer of Samriddhi developers agreed to match the Rs.110 crore offer made by Gorakhpur Real Estate Developers Private Limited.<\/p>\n

Then Gorakhpur raised it to Rs. 115 crore and the judges sought the rival’s response.<\/p>\n

Senior Advocate Paras Kuhat, appearing for Samriddhi, took instructions from on of the partners present in the court, and jacked the bid to Rs.125 crore. Then Gorakhpur took it upto Rs. 140 crore, added Rs. 5 crore more and then finally settled at Rs.150 crore. This was matched by Gorakhpur, who was ready to fork out Rs.150 crore.<\/p>\n

At this the bench said both the parties have to show their bonafides by depositing 25 per cent of the amount by July 31 in the SEBI-Sahara account and rest of the money has to be arranged in three equal instalments by October 31.<\/p>\n

The Gorakhpur Real Estate company had filed an application objecting the sale of property at Rs 64 crore to Samriddhi Developers and had offered Rs 110 crore.<\/p>\n

The Bench, also comprising Justices A R Dave and A K Sikri, said failure of any of them to meet the deadline would result in forfeiture of the amount of 25 per cent deposited by them.<\/p>\n

The money generated from the sale of Gorakhpur property would be added to the amount already deposited by the Sahara Group in the SEBI-Sahara account and go towards securing Roy’s release.<\/p>\n

The bench posted the matter for hearing on August 3 and said it will decide the future course of action.<\/p>\n

Gorakhpur Real Estate Developers Private Limited complied with the July 7 order and deposited Rs 11 crore with the Supreme Court Registry to establish its bonafides.<\/p>\n

Samriddhi also placed a letter and a cheque from its bankers to show its bonafides.<\/p>\n

Earlier, the court had declined to relax the conditions for interim bail of Roy like depositing Rs 5000 crore in cash and a bank guarantee of equal amount and tough terms including payment of the entire Rs 36,000 crore in 18 months.<\/p>\n

Sahara’s counsel Kapil Sibal today reiterated that no business group in the world could pay Rs 36,000 crore and the banks are also saying that how can there be a bank guarantee when it is for sure that there will be a default.<\/p>\n

He had during the last hearing said that the group was unable to secure the bank guarantee as the financial institution which had agreed to furnish it has backed out when SEBI insisted on fixation of the “trigger point” for encashing it.<\/p>\n

The company, he said today, will file a petition in this regard.<\/p>\n

The court also allowed the plea of Sahara Group that the SEBI should place before the its the bank statement of SEBI-Sahara account on the amount deposited and the investment made by the market regulator.<\/p>\n

The court had also asked the 65-year-old Roy, who has been in Tihar jail since March 4, 2014, to pay Rs 36,000 crore to the SEBI within 18 months and in nine instalments from the date of release.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Supreme Court today virtually turned an auction room when two real estate firms hiked their bids for the purchase of Sahara Group’s 140-acre land in Gorakhpur with both the parties ready to fork out Rs.150 crore. A competitive bidding took place before a Bench headed by Justice T S Thakur during the hearing on […]<\/p>\n","protected":false},"author":38299,"featured_media":38035,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[190,33381,31987,33382,3144,117,80,2170,47726],"class_list":["post-38364","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-law-news","tag-apex-court","tag-apex-court-turns-an-auction-room","tag-featured","tag-gorakhpur-real-estate-developers-private-limited","tag-justice-t-s-thakur","tag-law","tag-legal-news","tag-subrata-roy","tag-supreme-court"],"yoast_head":"\nApex court turns an auction room<\/title>\n<meta name=\"description\" content=\"Apex court turns an auction room : Legal India provides legal news and information related to law.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.legalindia.com\/news\/apex-court-turns-an-auction-room\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Apex court turns an auction room\" \/>\n<meta property=\"og:description\" content=\"Apex court turns an auction room : Legal India provides legal news and information related to law.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.legalindia.com\/news\/apex-court-turns-an-auction-room\" \/>\n<meta property=\"og:site_name\" content=\"Legal News India - Supreme Court & High Court Updates\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/LegalindiaCom\/\" \/>\n<meta property=\"article:published_time\" content=\"2015-07-13T12:27:25+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2015\/06\/Subrata.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"380\" \/>\n\t<meta property=\"og:image:height\" content=\"285\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Legal India News\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Legal India News\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/apex-court-turns-an-auction-room#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/apex-court-turns-an-auction-room\"},\"author\":{\"name\":\"Legal India News\",\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/#\\\/schema\\\/person\\\/2b856940493e891fdeab60e1199c3d26\"},\"headline\":\"Apex court turns an auction room\",\"datePublished\":\"2015-07-13T12:27:25+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/apex-court-turns-an-auction-room\"},\"wordCount\":593,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/apex-court-turns-an-auction-room#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/i0.wp.com\\\/www.legalindia.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2015\\\/06\\\/Subrata.jpg?fit=380%2C285&ssl=1\",\"keywords\":[\"apex court\",\"Apex court turns an auction room\",\"featured\",\"Gorakhpur Real Estate Developers Private Limited\",\"Justice T.S. 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A bench of justices Dipak Misra, Ranjan Gogoi and A K Sikri said, \"The prayer of the contemnor (Roy) is\u2026","rel":"","context":"In "High Profile Cases"","block_context":{"text":"High Profile Cases","link":"https:\/\/www.legalindia.com\/news\/category\/high-profile-cases"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2017\/07\/subrata-roy_10.jpg?fit=600%2C414&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2017\/07\/subrata-roy_10.jpg?fit=600%2C414&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2017\/07\/subrata-roy_10.jpg?fit=600%2C414&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":47839,"url":"https:\/\/www.legalindia.com\/news\/sc-asks-sahara-chief-appear-april-28","url_meta":{"origin":38364,"position":1},"title":"SC asks Sahara chief to appear before it on April 28","author":"Legal India Admin","date":"April 17, 2017","format":false,"excerpt":"The Supreme Court today asked Bombay High Court's official liquidator to sell the Rs 34,000 crore worth of properties of the Aamby Valley owned by the Sahara Group and directed its chief Subrata Roy to personally appear before it on April 28. \"Enough is enough. You cannot say something today\u2026","rel":"","context":"In "High Profile Cases"","block_context":{"text":"High Profile Cases","link":"https:\/\/www.legalindia.com\/news\/category\/high-profile-cases"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2015\/06\/Subrata.jpg?fit=380%2C285&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":52808,"url":"https:\/\/www.legalindia.com\/news\/supreme-court-auction-process-of-saharas-aamby-valley-property-to-continue","url_meta":{"origin":38364,"position":2},"title":"Supreme Court: Auction process of Sahara’s Aamby Valley property to continue","author":"Legal India Admin","date":"May 16, 2018","format":false,"excerpt":"The auction process for the Sahara group's prime Aamby Valley properties would continue as it has failed to deposit Rs 750 crore in the SEBI-Sahara refund account, the Supreme Court held today. A bench of Chief Justice Dipak Misra and Justices Ranjan Gogoi and A K Sikri was informed by\u2026","rel":"","context":"In "Top Law News"","block_context":{"text":"Top Law News","link":"https:\/\/www.legalindia.com\/news\/category\/top-law-news"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/05\/sc-1.jpg?fit=1200%2C630&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/05\/sc-1.jpg?fit=1200%2C630&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/05\/sc-1.jpg?fit=1200%2C630&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/05\/sc-1.jpg?fit=1200%2C630&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/05\/sc-1.jpg?fit=1200%2C630&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":50641,"url":"https:\/\/www.legalindia.com\/news\/bombay-hc-judges-facilitate-auction-aamby-valley-sc","url_meta":{"origin":38364,"position":3},"title":"Bombay HC judges to facilitate auction of Aamby Valley: SC","author":"Legal India Admin","date":"November 24, 2017","format":false,"excerpt":"The Supreme Court today granted liberty to two Bombay High Court judges to adopt procedures to facilitate the auctioning of Sahara's prized Aamby Valley properties and directed the Official Liquidator not to allow any obstruction in the process. A three-judge bench, comprising Chief Justice Dipak Misra and Justices Ranjan Gogoi\u2026","rel":"","context":"In "High Profile Cases"","block_context":{"text":"High Profile Cases","link":"https:\/\/www.legalindia.com\/news\/category\/high-profile-cases"},"img":{"alt_text":"Bombay HC judges to facilitate auction of Aamby Valley: SC","src":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2017\/06\/bombay-HC-300x200.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":46881,"url":"https:\/\/www.legalindia.com\/news\/sc-orders-attachment-saharas-prime-aamby-valley-property","url_meta":{"origin":38364,"position":4},"title":"SC orders attachment of Sahara’s prime Aamby Valley property","author":"Legal India Admin","date":"February 7, 2017","format":false,"excerpt":"In a big blow to beleaguered businessman Subrata Roy, The Supreme Court today directed attachment of Sahara Group's prime property worth Rs 39,000 crore at Aamby Valley in Pune for realisation of money to be paid to its investors. The apex court also asked Sahara Group to provide it within\u2026","rel":"","context":"In "High Profile Cases"","block_context":{"text":"High Profile Cases","link":"https:\/\/www.legalindia.com\/news\/category\/high-profile-cases"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2015\/06\/Subrata.jpg?fit=380%2C285&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":48893,"url":"https:\/\/www.legalindia.com\/news\/sc-takes-note-deposit-rs-710-22-cr-sahara-chief","url_meta":{"origin":38364,"position":5},"title":"SC takes note of deposit of Rs 710.22 cr by Sahara chief","author":"Legal India Admin","date":"July 6, 2017","format":false,"excerpt":"The Supreme Court today noted that embattled Sahara chief Subrata Roy has deposited Rs 710.22 crore in the SEBI-Sahara account, but warned that its cheque of Rs 552.21 crore must be realised within the July 15 deadline. The apex court rejected Roy's request to extend time beyond July 15 for\u2026","rel":"","context":"In "High Profile Cases"","block_context":{"text":"High Profile Cases","link":"https:\/\/www.legalindia.com\/news\/category\/high-profile-cases"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2017\/07\/subrata-roy_10.jpg?fit=600%2C414&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2017\/07\/subrata-roy_10.jpg?fit=600%2C414&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2017\/07\/subrata-roy_10.jpg?fit=600%2C414&ssl=1&resize=525%2C300 1.5x"},"classes":[]}],"jetpack_shortlink":"https:\/\/wp.me\/p6H5Bf-9YM","jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/posts\/38364","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/users\/38299"}],"replies":[{"embeddable":true,"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/comments?post=38364"}],"version-history":[{"count":0,"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/posts\/38364\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/media\/38035"}],"wp:attachment":[{"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/media?parent=38364"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/categories?post=38364"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/tags?post=38364"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}