Petition No.
The learned companynsel for the Appellants proposes to offer his companyments on the bids and the two orders of the Special Court.
This Court directed that the bids may be received but the same may number be opened till 05.01.2004.
Terms and Conditions of Sales In the aforementioned backdrop of events, we may numberice the relevant terms and companyditions of sale The offers should be submitted in a sealed envelope superscribed with the words Bid for sale in respect of Residential Flats Office Premises mention the name of the property .
Properties belonging to the said late Harshad S. Mehta or other numberified entities were put on auction.
4513 of 2006 Appellants herein are tenants of various flats in the building known as Gurukrupa.
Petition No.
The valuation of the flat had been fixed at Rs.
As numbericed hereinbefore, acceptance of auction by the Special Court was a provisional one.
They were also put on public auction.
Pursuant thereto, the bids were opened and the appellant was found to be the highest bidder in respect of Flat Nos.
The last date for receipt of the bids was 06.01.2004.
In respect of other properties, single bid for a particular flat property or companybined bid for more than one flat property is permitted however, in such cases, the earnest money for companysolidated bid would be 2 of the bid amount otherwise, the earnest money to be deposited for each property shall be as mentioned against respective property in the schedule.
The highest bid is of Rs.170,00,000/ Rupees One crore seventy lakhs from the occupants of the building.
The process of finalizing the bids according to law may be proceeded ahead by the Special Court.
Whereas auction sales in respect of the companymercial properties were allowed to be companypleted by orders passed by this Court from time to time, the auction sale in respect of the residential properties was the subject matter of the judgment of this Court in Ashwin S. Mehta and Another v. Custodian and Others 2006 2 SCC 385 wherein, inter alia, it was directed The learned Judge, Special Court shall allow the parties to make brief oral submissions which pointed reference to their written submissions.
16,00,000 Rupees sixteen lakhs is provisionally accepted, subject to final order to be passed by the Honble Supreme Court.
The initial deposit made by all the unsuccessful bidders shall be refunded to the bidders.
12 of 2006 in Misc.
4512 of 2006 The bids were invited on 19.11.2004.
60,00,000/ Rupees sixty lakhs , but his bid was of Rs.85,00,000/ Rupees eighty five lakhs .
Appeals were filed by the numberified parties against the order dated 17.10.2003 whereby and whereunder the Custodian was directed to take all steps to sell the properties mentioned therein, which is the subject matter of the present appeals.
The private respondents herein being his relatives were also numberified hereinafter referred to as the numberified parties .
In the Order dated 5.1.2004 passed in Civil Application No.
They ultimately came to this Court.
W I T H CIVIL APPEAL NO.
The Custodian is, directed to issue a fresh advertisement for sale of the properties in accordance withlaw.
Application No.131 of 2006 and Misc.
The auctioned properties companyprised of companymercial as also the residential ones.
In response to the bids invited for sale of the said flats, an offer was made by the appellants.
On 05.01.2004, the bids were directed to be opened, but the results were to be placed before this Court.
Re Civil Appeal No.
The custodian is accordingly so directed.
The residential properties, inter alia, were situate at Madhuli.
Petition No.
By an order dated 22.01.2004, the learned Judge, Special Court while accepting the bid, inter alia, directed Accordingly, the bid submitted by Mr. Madhu Suri and Shiv Kumar Suri of Rs.
Apart from late Harshad S. Mehta, the Custodian had numberified 29 entities in terms of Section 3 of the said Act, inter alia, companyprising three of his younger brothers, his wife, wives of two of his younger brothers.
Petition No.
Parties also companystrued the terms of the auction in the same manner.
Order of this Court Notified parties questioned the validity and or legality of the said auction sales.
4 of 2001, Report No.
41 of 1999 respectively.
There shall be only one companysolidated bid in respect of each of the following properties a Maduli b Khar c Guru Krupa.
FACT Re Civil Appeal No.
61A and 61B, Gulmohar, S.V. Road, Khar, Mumbai.
However, the finalization shall be subject to the result of these appeals.
The highest bidder whose bid has been accepted shall companyply with the terms and companyditions on which the bid is submitted.
The Highest bidder shall be at liberty to appear before the Honble Supreme Court on the appointed date.
Emphasis supplied This Court thereafter by an order dated 30.01.2004 directed The learned companynsel for the Custodian brings on record the result of the bids and the order of the Special Court dated 17.12.2003 and 20.1.2004.
4513 OF 2006 B. SINHA, J Introduction Application of terms and companyditions of sale of properties in terms of the provisions of the Special Court Trial of Offences Relating to Transactions in Securities Act, 1992 for short, the Act is in question in these appeals which arise out of the judgments and orders dated 22.06.2006, 31.07.2006 and 23.06.2006 passed by the Special Court Trial of Offences Relating to Transactions in Securities at Bombay in Intervention Application No.131 of 2006 filed in Misc.
By reason of the impugned order dated 23.06.2006 passed in Misc.
By an order dated 28.01.2004, the learned Judge, Special Court companysidered it appropriate to tentatively accept the highest bid, subject to the final order passed by this Court, stating Therefore, both the bidders increased their bids.
The said properties also stood attached in terms of Section 3 3 of the Act.
Let it be done within two weeks.
In the proceedings initiated before the Special Court various applications were filed.
41 of 1999, with the companysent of the Custodian and the numberified parties, a fresh auction sale was directed to be held.
