Case Law Details
Heard Mr. Sriram Parakkat, learned counsel, who had filed I.A. No.247 of 2017, giving a proposal that MG Capital Holdings LLC, New York, USA, shall purchase the Hotel Plaza by giving 550 million US dollars and to show its bona fide, had agreed to deposit Rs.750 crores with SEBI Sahara Refund Account, but that has not been done. It is submitted by Mr. Sriram that after due diligence, the Company has found that there is difficulty to go with the transaction.The said interlocutory application has been filed by the Power of Attorney Holder, Dr. Prakash Swamy, who is the deponent to the application. As an affidavit of this nature was filed before this Court, we would like Mr. Rana Mukherjee, learned senior counsel appearing for the Union of India to intimate the Ministry of External Affairs, Government of India, so that Dr. Prakash Swamy does not leave India. The Union of India shall also issue a Red Corner Notice against Dr. Prakash Swamy in the course of the day.
It is further directed that Dr. Prakash Swamy shall deposit a sum of Rs.10,00,00,000/- (Rupees ten crores only) in the SEBI Sahara Refund Account, which shall be forfeited towards costs. The amount of Rs.10,00,00,000/- should be deposited within ten days hence, failing which this Court may issue non-bailable warrants of arrest against Dr. Prakash Swamy. Dr. Prakash Swamy, who belongs to Chennai, shall deposit his passport before the Regional Passport Officer, Chennai, Sastri Bhawan, by tomorrow i.e. 18th April, 2017. Mr. Sriram Parakkat, learned counsel shall hand over the address and the passport number of Dr. Prakash Swamy to Mr. Rana Mukherjee, learned senior counsel in the course of the day.
Let a copy of the order be handed over to Ms. Sadhana Sandhu, learned counsel assisting Mr. Rana Mukherjee, so that he can do the needful in the matter.
As no amount has been deposited by the contemnor, we are inclined to go ahead with auction for the Aamby Valley City near Lonavala, Maharashtra. It is submitted by Mr. Shekhar Naphade, learned Amicus Curiae assisting the Court in the matter that the Official Liquidator of the Bombay High Court may be appointed to conduct the sale. Mr. Arvind P. Datar, learned senior counsel being assisted by Mr. Pratap Venugopal, learned counsel appearing for the SEBI shall provide the necessary details of the said property to the Official Liquidator, who with his team, shall make the valuation and proceed with the auction. Learned counsel appearing for the contemnor shall provide all the necessary details of the property also to the Official Liquidator within forty-eight hours. If the Official Liquidator requires some amount, which is reasonable, as agreed to by Mr. Datar, he can make a requisition for the same, and the same shall be paid from the SEBI Sahara Refund Account.
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