Professional Documents
Culture Documents
rTEM NO.3O1
couRT NO.2
SECTTON:rVrI
s u P * t " T _ c o u R T
o E 'r N D r A
RECORD
OE PROCEEDTNGS
34-36,
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43-44 in coNMr.p'r.(c)
No. 412/20126
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in
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petitioner
(s)
vERSUS
SAHARA ftlDfA
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Respondent
(s)
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with
T'c' (c) No' 83 of
Date:
0g/oL/2015
were ca'led
on for
CORAM :
HON'BIE !{R. JT,STTCE
T.S.
HON'BLE !4R. iIUSTICE
A}IrI.
hearing
THAKUR
R. DA\ZE
HoN'BLEMR. ..'rrsrrcE
a.n. ,i^._
petitioner(s)
Mr.
Arvind
pratap
DatarrSr.Adv.
Venugopal,Ad,v.
Y".
Ms. Surekha RamanrAdv.
Ms. Supriya JainrAdv.
Mr. Ga.urav NairrAdv.
For M/s. K. J.
.fohn & Co.
For Applicant
iiiffi"''
Brought to you by http://StockViz.biz
(s)
Mr. S. GaneshrSr.Adv.
Dr. Rajiv Dhawan,Sr.Adv.
Mr. Gautam AwasthirAdv.
Mr. Keshav MohanrAdv.
Mr. Aarohi BhalJ.a,Adv.
Ga.urav Kejriwal,Ad,v.
|-vlr.
Ms. Amrita
HaiayanrAd,v.
Mr. Sujit
Keshri,Adv.
Mr. Raghav Ghei,
Adv.
Mr. P.K.Rao, Adv.
( A .c . )
( sEBr )
today.
2
For Respond,ent (s)
UPON hearing
Ms. Sujata
Kurdukar,
Mr.
Shazma, Adv.
the
Niraj
counseL
Adv.
following
on Board,
By our
'L2
of,
2oL4
transf,er'
by
fired
serl
thern
that
in
of,
the
their
not
for
with
excess
the
fn
the
the
Agree!'ent"
and
parties
course
the
of
it
of
that
any,
the
than
to
said
after
china
shall
the
the
purchase
the
negotiations
drawn
by
by
had
said
sare
the
with
deposited
sEBr
the
saharas
sharr
5g of, such
varue.
started
negotiations
offshore
properties.
certain
up but
before
r\In
the
in
bail
regardiag
properties
by
.r.oan
directed
Court
estimated
saharas
of
further
most
owned
cond,itional
this
10
to
entire
We had
offshore
value
at
the
the
from
of
properties
deposited
in
No.
saharas
repalznent
is
be
ord.ers
sare
order
appears
hotel
that
contained
await
above
the
sa.haras
red,uced
wirling
rilas ar'so
to
of,fshore
26.O3.20L4.
if
lesser
said. properties
to
the
dated
and, permitted
condition
directions
account
a price
three
Bank
amount,
utilisation
at
by
we had, arr.orped
x.As
contemnors
the
the
Court
sepa.rate
be
to
the
this
22.o7.20L4
encumber
towards
pursuant
with
0r
the
received
outstanding
compliance
dated
by
s'bject
conside'ration
order
order
principle
dear
could,
3
be
finalised
adverse
difficulties
pubricity
against
the
entity'
cut
in
fallen
and
through
expJ.ore
said
sare
the
terms
of
the
leaving
properties
baekdrop
others
they
raise
Sa,haras
have
have
by
the
story
Principle
no
option
of
the
have
sought
arisen
the
filed
this
particular
in
due
is
in
the
the
eours)
except
ft
3Z_39
court
of
moatga.ge
amount.
of
p*blic
sale
has
or
f .As.No.
from
sahara.s
sale/transf,er
requisite
the
proposed
the
account
of
to
Agreement
f,or
on
section
properties
short
rn
methods
to
that
of
long
alternative
to
demonstration
proposed
To
property
appear
to
of
in
which
the
that
among
foll0wing
two
reliefs:
a)
other
arty,
related
of,
to
b)
of
charges
on
sharehording
the
of
china's
the
its
permission
us$650
mirlion
and
foreign
hoter
the
rerevant
wtren these
rAs
carne up for
in
china's
terms
of
outstanding
l0ans
to
of
by
oa,sis
sahara
the
or
by
(incruding
terms
and
some
the
conditions
loans.
said
by
whether
amendment
in
$teae infozrned
that
grrant
to
permission,
and
such
up
its
Bank
securities)
appJ.icable
l0ans
Grant
u/s'
the
Rajeev
fresh
roan
for
hotel
raising
the
0wning
be
creation
of
us
s.Ganesh
mooted,
repaid
(or
junior
subordinate
on
sahara,s
companies)
before
Dhawan and
sharr
ad.itionar
properties
hearing
proposal
of
by
by
on 02 .L2.20L4
senior
sharas
substituting
we
advocates
the
Bank
of
another
4
lender
in
sharas
640
its
propose
Curia.e
for
bef,ore
the
an
Mr'
towards
Naphade
the
country
other
permission
fndia
bringing
proposed
the
of
under
the
the
examine
view
in
the
rnd,ia
arnount
rndia
with
that
matter.
money
the
in
FEMA and
to
from
may
the
also
aspects
Ganesh
since
rernains
is
regarding
that
may
be
properties.
from
outside
repaying
any
statutory
have
the
had
have
said
borrowed.
a.s a.n
proposed
Mr.
wha.t
a view
Sahara
by
to
and
seek
Reserve
regrulations
Bank
the
of
framed
thereunder.
on behalf
that
the
there
is
proposed
of
a
saharas
certain
deals
by
it
was argrued by
amount
which
of
urgency
Bank
of
!a/s.
in
China
the
has
finalisation
to
us
above.
certain
a.nd, Datar
apart
authority
of
that
the
no
to
opposite
Naphade
against
urged
competent
provisions
M/s
the
They
told
and
roan
that
into
He
regrard
counser
a sum of
Naphade
thereto.
We are
into
junior
liability.
complieations
to
in
Besides
mentioned
time
relating
by
for
shekhar
writing
expaessed
10an
and
rearned
in
Court.
sEBr
submissions.
can be brought
outstanding
some
explained
of
hords
for
the
this
properties
inforrnation
by
of
junior
offshore
d,oeuments
their
apprehension
per:arissibJ.ity
raised
the
raised
and
per:nrission
additional
sought
f,urther
rnake
answered'
only
an
the
had
certain
they
the
appearing
and
queries
been
raise
Datar,
transactions
asked
with
against
Arvind
Asricus
that
to
milrions
M/s'
place
exit
of
upon
5
aepayment
from
They
of
nelo
by
stating
an
tilr
Group
million
out
junior
roan
Limited
usD
ruith
Mirach
f,or
Hospitatity
necessaay
significant
by
as
out
r.imited
Mirach
investnent
that
of
has
puqpose
as
per
capitar
and
according,
said
of
Mirach
Capital
Group
Bank
being
the
Group
L&c
aneirriary
the
and
dated
of
that
Mirach
usD
650
execution
in
Decenrber
dated
to
of
the
ag.reements.
15,
Amby
that
disburse
usD
in
Decernber
cormnunication
by
affir:nrs
funds
of
accord,ance
aceepted
America
for
(Mauritius)
investment
after
processed,
disburse
further
an
Letter
and, earmarked.
and,
retter
making
to
inter
to
letter
unenct'nbered
offer
pariwar
after
LLc
05.01.2015
rndia
agreements
Group
funds
properties.
Amby valrey
L&C
ad,vised
the
the
states
of
between
The
of
bl0cked
America
offer
capitat
arranging
dated
further
funds
Group
in
by
transaetions
definitive
LLc
M/s.
letter
agreed,
Limited-
Group
from
Bank of
mentioned
Mirach
the
is
as
sahara
remains
unencumbered,
binding
million
million
advised
mortga.gee
to
the
The
Capital
(Mauritius)
400
issued
Mirach
comrnunication
million
sahara.
said
directions
for
it,
America
1o5o
traneaction
by
capital
of
towards
as
us
2015
has
of, the
terms
issued
valley
and
legal''y
the
20L4
20,
LLc
and
necessary
Bank
und,er
of
Miraeh
capital
usD
that
February
between
before
the
amount
outstand.ing
introduced
placed
addressed
LLc
roan
r-end,er
have
alia
the
1o5o
sahara
15,
2015
exeeution
of
I{trat
is
af,orementioned
6
Bank
of
Group
America
LLc
junior
loan
with
fact
concerned
some time
to
it
in
before
under
rega'rding
for
was argrued
the
issue
be
allayed
specific
the
use
thereof,,
transactions
the
apprehension
of
in
amount
Ambey
fndia.
regard,ing
by
manner
in
Valley
subsidiary
r.n
the
of
f t
a.lso
instructions
f,rom
to
or
this
its
aae
bound
M/s.
by
up
to
parties
deal
to
this
be
0f
take
the
and
court,
credited
whieh
Valty
submitted
diversion
of
Court
the
subsidiary
deal
f,rom America
Limited
to
lvas
Naphade
first
Ambey
xt
20,2015,
raised
wirr
cotqpany
misutilisation
direction
so
(Mauritius)
liras
a gaeat
by
not
and the
the
is
direeted,
guestion
blocked
February
is
the
deprive
there
amount
20L5.
a,mount invorved,
expressed,
the
been
the
agreement
finalising
would
by
if
mirlion
2oth ,
which
clinched
instructions.
utilised,
huge
capitar
milr.ion
400
have
amount
same are
the
usD
for
the
Mirach
investment
February
said.
the
of
owned
apprehension
the
view
1o5o
and
required
in
beneficial
that
on
from
usD
for
aforementioned
repatriation
account
incorporated
business
of
being
of
r,imited
keeping
the
regards
rndia
wholly
can
the
funds
funds
f,inalising
fixed
As
2015
brocking
in
of
cornpanies
of
urgrlncy
nd
although
20,
that
Datar
the
the
February
for
instructions
said
Hospitarity
that
between
under
the
agrreement
by
argued
ar-so
unbl0ck
saha'ra
executed
date
to
is
is
Limited,
that
those
any
fund,s
Saharas
Ambey
to
Valley
7
(Mauritius)
same
in
as the
to
this
with
subsidiary
any
100t
valrey
wirl
outstanding
repa'f'ment
against
would
contemprated
any
rate
including
a clea'r
the
by
the
cut
not
the
saharas
the
Reserve
direction
transactions
an
so
enable
at
attract
the
f,unds
the
Bank
that
mentioned,
of
rira.s
if
statutory
or
or
the
to
learned,
bar
Amicus
at
the
appropriate
attraet
its
available
to
proposed
Any such
India
not
from
full.
authorities
will
Valley
the
the
to
no
repay
move
money
liras
towa.rd,s a
the
to
of
that
Arnbey
amount
in
the
submitted
borrowed
to
remain
against
has
other
riabirity
secure
mirlion
not
outside
is
540
company
from
which
as
The
FEttA and
there
pursuant
partly,
transfer
above
are
fnsofar
f,unds
fndia
usD
2OLO.
said
least
to
of
r,imited
ready
the
the
of
outstanding
Limited
Limited
year
any
Court.
funds
as
f t
amount
respond,ents
are
of
rong
f,unds
utirise
provisions
any
the
(Mauritius)
in
this
und.erstanding
the
owes
it
of
Limited,
(Mauritius)
transa'ctions
the
(Mauritius)
transferring
company
of
misutilisation.
Arnbey valley
holding
of
money or
transfer
petitioner's
r,imited
which
Ambey
or
out
that
Valley
the
in
(Mauritius)
argued,
said
permission
tiquidation
Ambey valley
to
impediment
the
the
governing
loas
misdirection
with
arising
for
Ambey
of
according
loan
country
it
dear
without
regulations
concerned
parked
to
impedirnents
related
rndia
not
any manner
regal
other
are
r'imited
rndia
10an
as is
being
curiae.
At
concerned,
level
pursuant
any provision
for
to
of
I
FEI{A oa
the
Saharas
of
regulations
will
not
obtaining
concerned
passed
claim
any
elearance
or
authority
nor
this
expressly
or
brought
aLso
such
by
Court
any
into
framed
wilL
to
in
equity
in
seeking
it
teeth
loas
favour
any
this
any
in
the
Court
legal
that
matter
from
upon
pezmitted,
of
urged
declaration
reliance
that
implication
the
It
its
place
suggest
necessa.ry
India
thereunder.
the
has
the
the
ord,er
either
funds
irnpediment
to
be
against
such movement.
We have
made at
for
sale
not
bar.
of
the
such
off,
indeed
the
has
lender
They
of
raising
bank
so
proposed
them
xn
with
second,
a junior
to
raise
balance
do
of
not
involve
charge
on
the
an
us
earlier
but
proposal
earrier
to
go into
the
the
fact
remains
of
amount
Bank
This
an add,itionar.
properties.
of
wirr
that
is
crores
could
which
china
according
cash
amount.
of
the
burden
by
suf,ficient
in
equival.ent
sare
that
proposal
the
has
reasons
saharas
alternative
S,OOO/-
invorve
submissions
rnentioned
roan.
an
such
the
eircunstances
an
of
guarantee
simpry
the
substitution
the
proposed.
f,or
sare
to
that
properties
unnecessary
involves
provide
hoter
forward
enable
to
for
properties.
come
consideration
no gainsaying
fructif,ied.
and
saharas
is
is
the
earr.ier
transactions
creation
not
ha.ve
Saharas
arrange
of
a.nxious
shore
xt
fairure
sare
another
f,or
There
the
as nentioned
to
our
materialised.
for
and
the
given
off
in
The
and
The
shore
terms
of,
proposed
9
tra.nsa,ctions
for
sEBr
this
have
and
by
Court
the
Mr.
to
so ra'ised
the
submissions
decline
the
earleer
found
any
through
the
(a)
part
appJ'ications
to
the
fault
subject
into
Curiae
in
to
rndia
learned
this
the
counsel
appointed
Court
al.lowing
condition
und.er
the
by
that
the
provisions
of
concerned,.
learned
prayers
by
J.ea,rned, Amicus
circumstances
by
examined
can be brought
ma.de at
suggested
not
go
critically
Naphade,
who have
transactions
amount
been
therefore
Bar
as
counser
and
of
(b)
f,or
the
the
mad.e in
this
that
also
and,
rAs
that
we see
no
37 and, 3g as
We
but
in
safeg,uard.s
parties
ord,er.
extent
keeping
to
the
have
been
reason
to
extracted
accordingly
subject
view
allow
the
in
these
for.l0wing
conditions:
1)
The
transactions
be
ress
deposited
direction
former
entire
sharl
depositing
processing
with
from
the
Ambey
not
the
amount
and
Ambey
varry
utirise
amount
raised,
with
pursuant
other
Valley
r,td. ,
the
sEBr
to
incidental
hording
proposed
expenses
(Mauritius)
the
the
Limited
cotqpany
shall
with
that
sune except
f,or
the
in
the
ord,ers
of
of
rnd,ia
at
te::nrs
of
a.
the
purpose
of
this
Court.
2l
saharas
appropriate
suitabre
wirr
rever
clarification
approach
with
an
issued
the
Reserve
appropriate
as
to
Bank
rlpresentation
the
permissiblity
to
of
the
have
bringing
a,
10
in
the
amount
valley
by
one week
rnay rook
from
the
representation
authority
Ieave
it
heard
to
whether
to
in
the
it
saharas
r_aw as
of
two
sahara.s
shalr
competent
in
rike
the
of
the
the
competent
weeks
afford
matter
issue
as possibre
the
to
the
date
the
competent
d.emand,ed by
representation.
authority
to
and/or
as may be
the
authority
from
furnish
Arnbey
be made within
expeditiousJ.y
with
of
transactions
orders
and docrurents
connection
wourd
account
an appropriate
period
inf,ormation
authority
open
discretion
the
sharl
whereof
with
received.
such
competent
receipt
accord.a,nce
is
ar.
The representation
upon
within
into
conseqluence
in
prefera''y
in
court.
today,
into
transferred.
Limited
this
clarification
the
may be
(Mauritius)
perrnitted
but
that
to
decide
an opportunity
before
!{e
issuing
in
its
of
being
any
such
clarification.
(3)
the
rn
couase
matter
basis
the
of
wirl
of
lire have
regards
this
saharas
order
or
transfer
to
examined'
the
in
be
their
the
competent
of
fndia
nor
as at
proceedings
permitting
transaetions
neither
these
not
by
government
aepresentation
the
is
or
any
entitred
favour
proposed
to
nor
any
will
any
it
be
f,ait
pursuant
to
We rnake it
opinion
any
paoceedings
claim
with
received.
concerned..
other
at
transactions
authority
money
expressed
(2') a-bove or
clear
on the
stage
for
equity
on
in
that
the
suggested
that
presented
the
accompri
the
that
question
as
proposed
we have
whether
11
the
amount
into
to
raised
Xndia
which
direct
the
frorn
the
in
tine
the
all
r'As
oral
that
authorities
to
aspect
loe have
or unconditionally
left
for
the
brought
eompetent
authority
decide.
At
by
can be conditionally
No'
to
prayer
facility
terms
time
of
shall
are
our
once
as
disposed,
us
to
ord,er
by
the
dated
again
w.e:f.
conditions
3?-3g
provided
be
said' authorities
sueh
mad,e before
Dr.
eontemnors
provided,
to
off,
been
with
as
the
the
in
jail
contemnors
those
subject
ord,ers.
above directions.
r.A. No.90-91;
Mr.
aff,idavit
different
in
shalr
terms
be
Venugopal
setting
heads
of
free
to
the
permitted
detaiJ.s
disbursement
ord,er
f,i'e
sarne is
(sHASHr SAREEN)
COURTMASTER
out
and
oua
is
dated
a
reply
to
of
thereof
file
the
as
the
an
additional
expenditure
clairned
by
04.06 .2OL4.
supplementary
continued
20.02.2015
stipulated
the
Dhawanr
by
O1.Og .2OL4
L2.oL 2015 up
to
have
Rajeev
und,er
the
sEBr
Saharas
aff,idavit
f,iled.
(VEENA KHERA)
COURT I4ASTER
as