JUDGMENT

1. On 19.6.2017, after noting prayers in I.A. No.47681 of 2017, the following order was passed:

"Be it noted, on the previous occasion, i.e. 27th April, 2017, the contemnor had furnished two post-dated cheques, one dated 15th June, 2017, for Rs. 1500,00,00,000/- (Rupees fifteen hundred crores only) and the second one dated 15th July, 2017, for a sum of Rs. 552,21,00,000/- (Rupees five hundred fifty-two crores and twenty-one lakhs only). An assurance was given by Mr. Kapil Sibal, learned senior counsel appearing for the petitioner, as well as by the contemnor, who was present in the Court, that the cheques shall be honoured. It was directed that if there will be a failure, the contemnor may be sent to custody. It is submitted by Mr. Sibal relying on the application filed by the contemnor that till today they have deposited Rs. 774 crores in SEBI Sahara Refund Account and today he has handed over eighteen demand drafts amounting to Rs. 16,11,95,000/- (Rupees sixteen crores eleven lakhs and ninety-five thousand) in favour of SEBI Sahara Refund Account. The total amount that has been deposited in SEBI Sahara Refund Account comes to Rs. 790.18 crores. Thus, the balance sum to be paid is Rs. 709.82 crores.

At this juncture, it is submitted by Mr. Kapil Sibal, learned senior counsel that there is a property situated in villages Bahadrabad and Ranipur, Haridwar in the State of Uttarakhand, admeasuring 87.03 acres and he has arranged a buyer, who is prepared to purchase the said property for Rs. 109.75 crores. The said amount is 62% of the circle rate and, thereby, less than 38% of the circle rate. Permission is sought to sell the property at that rate. As advised at present, we are not inclined to grant the said permission. We think that the said property shall be put to public auction by S.E.B.I with the assistance of approved agency. In the bid, S.E.B.I. can mention 90% of the circle rate, as some time this Court had permitted at that rate. The auction shall be conducted by the competent authority of S.E.B.I. through the approved agency on or before 5th July, 2017. Needless to say, e-auction can be done in respect of this property.

As the contemnor has deposited Rs. 790.18 crores, we are inclined to extend the time by ten working days so that the undertaking can be complied with. The balance amount i.e. Rs. 709.82 crores shall be deposited with the SEBI Sahara Refund Account by 4th July, 2017.

The prayer No.(ii) in the interlocutory application relates to grant of permission for sale of Grosvenor House Hotel, i.e. by transfer of shares of the company to the buyer i.e. GH Equity U.K. Limited. Mr. Arvind P. Datar, learned senior counsel appearing for the S.E.B.I. has no objection if such permission is granted. The permission is, accordingly, granted."

2. Today, it is submitted by Mr. Kapil Sibal, learned senior counsel appearing for the contemnor that a sum of Rs. 710.22 crore has already been transferred to SEBI Sahara Account. Thus, the total amount that has been received by the SEBI Sahara Account is Rs. 1500.40 crores. Thus, the commitment given on 19.6.2017 as regards the first cheque stands satisfied.

3. Be it stated, a cheque amounting to Rs. 552.21 crores only dated 15.7.2017 was given to SEBI. A prayer has been made to extend the time for honouring the same. A submission has been advanced, with all anxiety at the command of Mr. Sibal, that at least time should be granted till 15.8.2017 so that arrangements can be made to pay the amount and prepare a road map.

4. At this juncture, we are obliged to sit in a time machine and recall what this Court had stated on 27.4.2017. On that day, it was noted that a cheque amounting to Rs. 552.21 crores had been deposited and it was to be honoured by 15.7.2017. On 19.6.2017, when the Court assembled in the summer vacation (as the first cheque was to be honoured on 15.6.2017) we noted the development as per the order extracted hereinabove. On that day, an assurance was given that the chequ