Gorakhpur Real Estate Developers and Samriddhi Developers were two entities bidding for the 45-acre plot owned by Sahara
The Supreme Court on Monday saw two sides bidding up the price of a 45-acre plot owned by Sahara in Gorakhpur. Samriddhi Developers and Gorakhpur Real Estate Developers were the two entities competing for the land.
When the court stopped the bidding, the threshold price for an outright sale had jumped from the ini . 64 crore by Samriddhi tial offer of ` . 150 crore.to ` Sahara needs to raise ` . 1,800 crore by way of cash as part of a ` . 5,000 crore payment it needs to make to free chairman Subrata Roy on bail.Aside from this, the Supreme Court has also asked for a `. 5,000 crore bank guarantee in a case involving refunds to investors.
Samriddhi and Sahara had signed an initial memorandum of understanding for the sale of the plot at `. 64 crore. But after its rival filed an application offering ` . 110 crore for the plot, the top court asked both parties to name their price.
The local developer, through advocate Kamini Jaiswal, offered ` . 150 crore at the end of the day. Samridd hi, through senior lawyer Paras Kuhad, said its final offer was ` . 145 crore, but offered to pay .` 100 crore in a week.
The bench, comprising Justices TS Thakur, Anil R Dave and AK Sikri, howev er, rejected this offer. It instead asked both parties to deposit ` . 11 crore immediately and the remaining ` . 26.5 crore of the initial 25% of ` . 150 crore by July 31, to prove their bona fides.
The court said it would give both parties time to reflect on whether they wanted to bid more for the plot, unveiling a four-installment payment scheme. The buyer would have to pay four equal installments of 25% of the price with the final one being made by October-end. The initial deposits of any defaulting party would stand forfeited, the court warned.
Sahara counsel Rajeev Dhavan sought to know if this implied that Roy would stay inside in jail until then. The bench said Sahara was free to move a petition seeking to free him as soon it was able to raise the `. 1,800 crore cash component.
Sahara lead counsel Kapil Sibal said the group's ability to generate a bank guarantee of ` . 5,000 crore had been hit by the court's announcement that it would stand forfeited if the group failed to raise the balance . 1,800 crore cash component.` The bench also passed a separate order asking Securities and Exchange Board of India (SEB) lawyers Arvind P Datar and Pratap Venugopal to ensure that cheques issued by buyers of Sahara's plot in Vasai in Mumbai and Chauma in Gurgaon are encashed.
Realty company M3M had bought the Chauma land for ` . 1,211 crore, but then took Sahara to arbitration over the deal. M3M said in court on Monday that it had wanted 100 contiguous acres but the title deeds given by Sahara are for patches of land.
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