[I.A. No. 8-9 and 10-12 in Contempt Petition (c) No. 412 of 2012]. [Civil Appeal No(s). 9813/2011]. I.As. No.10-12 of 2014 in Contempt Petitions (C) No.412 of 2012, 413 of 2012 and 260 of 2013 are allowed to the extent that three offshore hotel properties owned by Saharas are allowed to be transferred, sold or encumbered subject to the condition that the entire sale consideration received by the Saharas after repayment of the loan outstanding towards the Bank of China is deposited with SEBI towards compliance with the directions contained in the conditional bail order dated 26.3.2014 passed by this Court. The excess amount, if any, shall be deposited by the Saharas in a separate account to await orders from this Court regarding their utilisation. The sale of the offshore properties shall not be at a price lesser than the value estimated by CBRE and JLL for the said properties reduced at the most by 5% of such value. We clarify that sale of remainder of the properties which Saharas have been allowed to transfer, sell or encumber in terms of our order dated 4th June, 2014 shall not be at a price less than the estimated value of the said properties reduced at the most by 5% of such estimate.... we request Shri Shekhar Naphade, Senior Advocate, to assist the Court in the case as an Amicus Curiae. The 3 terms and conditions of Shri Naphade's appointment shall, however, remain the same as were stipulated for Shri Nariman.
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