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2008 DIGILAW 1729 (SC)

Securities & Exchange Bd. of India v. Golden Forests (I) Ltd.

2008-10-15

J.M.PANCHAL, K.G.BALAKRISHNAN, P.SATHASIVAM

body2008
ORDER : 1. Dr. Namavati has filed the list of immovable properties owned and possessed by the Golden Forests (I) Ltd. and its group of companies. These properties were allegedly purchased by Golden Forest (I) Ltd. and other group of companies. It is said that the title deeds vest with these respondents. 2. It is stated that huge amount were invested in these companies. A Committee had been appointed by this Court on 19.8.2004, consisting of retired Chief Justice of the Delhi High Court and two District Judges. The said Committee had taken possession of substantial properties owned by the respondents. In order to facilitate the disbursement due to the investors, the money has to be collected by selling these properties. The Committee is authorised to take possession of all the properties owned by the respondents. If there are any valid claims in respect of any of these properties by third parties, the Committee may consider the same and pass appropriate orders, subject to confirmation by this Court. 3. As regards the sale of properties is concerned, the Committee may make appropriate publication regarding the sale and sufficient notice be issued to the prospective purchasers by publishing the same in the local newspaper having wide circulation in the are where the property is situated. Any sale conducted by the Committee shall be based on valuation made by either by the Committee or by other approved valuer and upset price is fixed before sale is finalized. The sale is, however, subject to the confirmation by this Court. As soon as the sale is over, the details including the purchase price and all the details shall be made over to this Court for the purpose of confirmation. As soon as the bid is over the applicant/the prospective purchaser shall deposit 20% of the amount in a nationalised bank in the account maintained by the Committee. If there is any property owned by the respondents, the matter shall be reported to this Court and/or the Committee can also itself request for police aid or any other assistance from the governmental authorities. On all the pending applications, the Committee shall pass appropriate orders subject to confirmation by this Court. 4. As regard the pending claim of the petitioners/applicants the committee may pass appropriate orders and a gist of these orders be made available to this Court for further orders. 5. On all the pending applications, the Committee shall pass appropriate orders subject to confirmation by this Court. 4. As regard the pending claim of the petitioners/applicants the committee may pass appropriate orders and a gist of these orders be made available to this Court for further orders. 5. List in the month of March, 2009.