IN THE SUPREME COURT OF INDIA

CIVIL APPELLATE JU RISDICTION

CryIL APPEAL NO.I"33O1 OF 2015

IN THE MATIER OF:

Subrata BhattacharYa ..,Appellant

J
Versus,

Securities and Exchange Board of India ...Respondent

EN PURSUAI{T

QOURT- IN r,A.- NOJ3?.$00/eou- JN --C'&

V -
NO.13301/ 201.5,
 II{Bg
sr. EABIIEUIABs
No. PAGE(S)

1
Reporr of rhe ,::l:.,(*,.lO.l n,pr.
Lodha rtonrmtfee (rn 1-
the matter of pACL. fiO.l ,iitn,'respect L'/
pursuant to the order
dated
t' action taken
0g.01 .?_01g purr.O Ov"ini,
Hon'ble Court in i n -fVo,f
:Z 600l2CtI7 , in C.A.
N0.13301/2015.

2,
+NNEXURE -cu
copy of the order dated 08.01 .2[|lq naqq.; hr, +t .

B-18

3. aNNEXURE _.c'2:
Copy of the lefter d;rted 2r012O9
addre:ssed by the t9-21
committee to the Executive oiiu.ior,
RBI, rilurmbai.
4. ANNEXURE
-Cl_31
copy of the iefter dateC 29.}12Aj.g addre:ssed
Comnrittee to the DepLrty Cou*nor, by the ZZ-IJ
RBi, Mumbai.
5, ANNEXURE _.c .

copy of the ietfer dated 05,02.2019 recei,rerci

Com.mittee fronr the G€rerdl fVanager, nef.
by the 24

ANNEXURE - C/5:
Copy of the iefter dated 28.01.2019 q-?n
receiv,e,C by the ?
Committee from UV As:set Reconstruition
Co. Ltd.

ANNEXUBE - cle
copy of the retter daterJ 23.01..201g receivecj
Guardforce Ltcl.
from Triq
) 31-34

B. ANNEESE._!/7:
copy of the communication dated 25,01 ,2019
from janlok pratishthan, pune.
received 3s-37

I
AN|\EXUBT:ge:
Copy of the communication 26.01.20Ig
3B-40
 L

IN THE SUPREME COURT

OF INDIA
CIVIL APPELLATE JURISDICTION
CIWL APPEAL NO.13301
OF 2015

IN THE MATTER OF:

Subrata Bhattacharya
...Appellant
Versus
Securities and Exchange
Board of India
... Respondent

NO.13301/2015

i. This Hon'ble court vide orde,r dated 08.01

.2org in I.A.
No.1326001201.7 in Civil Appeal
No.13301 t/20I5 and connected

matters, inter alia directed as under:

".........rn our view, it is necessary that the process of

conducting the sare of the properties i:; properry
channerized
through a speciarized agency. During; the course of the
hearing, learned counser appr:aring on beharf
of the diverse
parties have suggested that the committee
may consider
appointing one or more spercialized agencies for the said
purpose/ with reference to ditferent zones
or areas. one of
the suggestions which has emerged before this court is for
the appointment of an asset reconstrur:tion company which

has the experience and resources to ensure a transparent

process of sale. At the present stage, we do not
intend to
foreclose the discretion of the Justice Lr:dha Commiftee and

would leave it to the committee to cleliberate upon and

 2

suggest to the Court modalitie:; for sale by the

appointment of
one or more such agencies. 11' the Committee considers that
the appointment of single age.cy may impose a heavy
burden
of work and having regard to tlre locations of the properties,
it
will be open to the committee to proceed to appoint more
than one agency based on the areas or locations of the
properties.

In order to enable the Committee to deliberate on this aspecr,

we adjourn the hearing of the prroceedings for a period of four

weeks. we request the committee to suggest alternate

modalities which could be feasibrle in this reqard......,,

A copy of the said order dated 08.01 .2019 is annexed hereto and

marked as ANNEXURE - C/1 - (pAGES g TOr 1g).

2. The committee, immediatery therealter, at its meeting held on

16.01.2019, resolved that the option of en,lsgement of Asset

Reconstruction companies ("ARCs") for sale of properties of pACL

Ltd. may be explored. In order to ascertain the viability of

engagement of ARCs for the sale of prroperties in pursuance of the

aforementioned order of this Hon'ble Court dated 08.01.2019, the

Committee further resolved that the Members of the Committee may

meet a few large ARCs capable of undertaking transactions of this

magnitude, and also explore alternate modalities for undertaking

sale of properties of PACL. Accordingly on 17.ar.20rg, the Members

of the Committee met with officials of four (4) l;rrge ARCs based on

the book value of the assets acquirerl, to explore the viability of

 3

engagement of one or more such

agenCies, trc assist the COmmittee
in the sare of immovabre properties of pl\cl Ltd. During the
meeting, the representatives of thre ARCs pointed out that their
governing legislation, the securitisation
and Reconstruction of
Financial Assets and Enforcement
of securities Interest Act, 2002
("the SAR.FAESI Act'), wourd not alrow for them to take up
such an
assignment, as the SARFAESI Act facilitates securitisation and
reconstruction of financial assets in respect
of banks and financial
institutions only.

3. In this regard, the reference of the ARCs was drawn to

the
provisions of Section 10 (2) of the
Ser:uritisaLion & Reconstruction of

Financial Assets & Enforcement of Sercurity

Interest Act, 2002 (,,the
SARFAESI Act,,), which reads thus:

"10. other functions of Securitisation company

or
Reconstruction Com pa ny
'.i'

(2) save as otherwise prov'ided in rsub-section (1), no

securitisation company or reconstruction company
which has been grantecr a certificate of registration
under sub-section (4) of section 3, shalr commence
or
carry on, without prior a,pproval o1. the Reserve Bank,
any business other than that of securitisation or asset
reconstruction :"

It was, therefore, found necessar), to seek prior approval of the

Reserve Bank of India ("RBi') before any ARC/ARCs coutd be

engaged by the committee to undertake such as:;ignment.
 4

4. In view thereof, on 18.01 .201.9, Mr. Anan,C Rajeshwar

Baiwar,
Executive Director, SEBI and Member of
the committee met with
Ms. Rosemary sebastian, Executive Director, R.BI
in the presence of
Mr. Ashok Narain, cGM, RBI and the Nodar
off]cer cum secretary to
the committee at the RBi Headquarters in order
to ascertain the
viability of the engagement of ARCs for effecting the sale of
properties for the Committee, including whether
it would be legally
permissible for ARCs to take up such an assignment. During the
course of the meeting, it was informed that a formal
letter may De

addressed to the RBi for it to examine the same. Accordingly, the

Committee through its Nodal Officer ,:um Secretary on 21.01.2019,

addressed a communication to Ms. Rosemary :sebastian, Executive

Director, RBI, Mumbai referring to the diiscussions held on

18.01.2019 and inter alia pointing out that RBI, which is the
regulator for ARCs, could grant the necessary approval to the ARCs

as contemplated under section 10 (:t) of the SARFAESI Act, and

'.'f:
:.4'::,
\1a,.

requested for an early reply. A copy of the said letter dated

21.01.2019 is annexed hereto and marked as At{NExuRE

- c/2 -
(PAGES 19 TO 21).

5, Further to the same, shri G. Mahalingam, whole Time Member, SEBI

and Member of the committee, by a communication dated

29.01.2019 addressed to Mr. N.s. Visl'rwanathan, Deputy Governor,

RBI, Mumbai sought the Deputy Governor's intervention to expedite

the response of the RBI, pointing out that this Hon,ble Court had
granted the committee with four weel:s' time fr,cm tfie date of the
 5

order (08.01.2019) to come up with alternate

modes for effecting
sale of properties of PACL. A copy
of the said lerter dated
29.01.2019 is annexeo nereto and marked
as TANNEXURE _ C/3 _
(PAcEs 22 TO 23).

6. The committee received a communication bearing reference

DNBR.PD (ARC)/1622126.0r.001/201Ei-19
dated 05.02.2019 from
Ms. Veena srivastava, Generar Manaqer,
RBi erdvising that RBI was
"in-principle" agreeabre to the Committee
usingr ARCs for disposar of

assets of PACL Ltd., subject to ARCs not takinrg the assets on their
book and not incurring any pecuniary riabirities.
The RBI,s retter
further stated that necessary permission under section
10 (2) of the
SARFAESI Act wiil be communicated to ail r\RCs based on the
submissions of the Committee to this; rHon'ble Court and directions
thereon made by this Hon'ble Court. it was altso stated that.such
permission would be for the limited purpose
of carrying out the
transaction referred to in the retter dated 21.01 .2otg of the
committee and would not be a genenal permission to the
ARCs to
undertake such transactions. A cop'y of thr: said letter dated
05.02.2019 is annexed hereto and marked as AITINEXURE _ C/4 _
(PAGE 24)

7. In view of the aforementioned comrnUnication dated 05.02.20tg

received from RBI, it would be permiss;ible in layr for the

Committee
to proceed with discussions with AR.Cs in or<Jer to engage the
services of one or more ARC/ ARCs to assist thr: committee
in the
 6

sale of assets of PACL Ltd., in pursuance of the order dated

08.01 .2019 of this Hon,ble Court.

B' The Committee also considered alternative

modalities for sate of
properties of pACL Ltd. incruding
,re option of engaging Resorution
Professionals for the purpose of assisting the Committee
with the
sale of properties of PACL Ltd., sale of
assets; with the assistance of
other Banks /Non_Banking Fin;rncial (lompanies
/Financial
Institutions etc. and further engaging r.nternationar property

consultants such as Jones Lang Lasaile Incorporated

(JLL) etc.
However, suitability of such alterrrative morcalities
would require
further and detailed consideration,

9' The Committee received the followirrg requests pertaining

to sale of
properties of pAcL Ltd., after the passing of the order dated
08.01.2019 by this Hon,ble Court:

(i) Letter dated 28.01.2019 from UV Ass;et Reconstruction

co. Ltd., a

copy whereof is annexed hereto and nrarked as

W
- (f)AGES 2s TO 3O).

(ii) Letter dated 23.01 .201,9 from Trig ciuardforce Ltd,, a copy whereof

is annexed hereto and marked as ANNEXURE ct 6

(PAGES 31 TO 34.t.

(iii) Communication dated 25.01.2019 fronr Janlok pratishthan, pune,

a

copy whereof is annexed hereto and marked as; ANNEXURE _ c/7

- (PAGES 35 TO 37).

(iv) Sunland Properties Pvt. Ltd. has forwarded a communication dated

26.01.2019.
 7

A copy of the aforesaid communication

dated 26.01.2019 is
annexed hereto and marked
as SI|EXURE@
38TO 40 )

Dated: 08.02.2019

,?2
&/
{J
*&
ANAND R, BAIWAR
MEMBER G. IVIAHALINGAM
MEMBER

ltir^,
I I rvL_rIi^ c
vL/).__
R.M, LODHI\
CHAIRMAN
 frflflFxone - &l I

ITEM.NO.3+4+20 COURT NO.10 SECTTON XVII

SU PREME COURT OF T NDIA
RECORD OF PROCEEDTNIGS;

Civil Appeal No" 13301 /ZOts

$UBRATA BHATTACHARYA
Appellant (s)

VERSUS

SECURITTES AND EXCHANGE BOARD OF TNDTA & OFIS. Respondent (s)

IA NO.73260g/TOLT.APPLICATTON ON BEHALF OF THE SEBI

IA NO .79973/20lT.APPROPRIATE ORDERS/DIRECTIOI\IS
IA NO .26747 /2018-APPROPRIATE ORDERS/DIRECTTONS
IA NO .TT93O2/2018-APPROPRIATE ORDERS/DIRECTIONS
IA No . 209L5/ 2018 -APPROPRTATE ORDERS/DIREcTIohIS
rA NO .TO5O85/2OtB-APPROPRIATE ORDERS/DIRECTIONS
r,A NO . 64555/2017-APPROPRIATE ORDERS,/DTRECTIONS
I,A NO,38646/2018-APPROPRIATE ORDERS/DIRECTTI]IIS
rA NC,, 69580,/2018. cLARTFICATION,/DrREcTroNS
rr\ No .15874/201.A- CLARTFTCATION/DTRECTTONS

fA No . 732726 / 20tT - CLARIFICATTON/DTRECTTONS

Ilr No . 66973/201,8- CLARTFTCATTON,/DIRECTTONS

Ilr No .701-040/Z0tB- CLARIFTCATf0N/DfRECTfONS
IA, No .!38756/2OL7- CLARTFTCATTON,/DTRECTIONS
rA NO. 50068 /2018. CLARIFICATION/DTRECTTONS
IA No .9438!/2OTB. cLARIFICATION/DIRECTIONS
IA No .TL7O57 /20T7. CLARIFICATION/DIRECTIONS
IA No .8307L/2078. CLARTFICATION/DIRECTTONS
rA NO. 136095/20T7- CLARIFICATION/DIRECTIONS
IA No . 80826/ 2078. cLARIFICATToN/DIRECTIoNS
IA No,LZB OL/2OTB CLARTFICATTON,/DrREcTroNS
fA No . !4/2016-Di_rections
rA No . t0 /201-6- Directions
rA No.2t/201-6-Exemption filing officiar translLatlon . fA no.20
fA No.t97l3/20r12-IA for Stay
IA NO.\6558/2017-IA FOR DIRECTION
IA No . 4/2016-lmpleadment
IA No . 20/2OL6-frnpleadment
IA No .9/.zOtG -frnpleadment
IA No .7 /2Ot6-Impleadment
s'"-^;"';No 6/2016 - f mpleadnrerrt
.

ij:Ftr|,lro rs
. / 20!6- rntervenrion
Applicatlon
ll,ll,I){ No .1,2/2076 - f ntervent j on
Application
IA No .t327t7 /2017- fntervention Applicatj.on
fA No .22/20L7-fntervention Application
IA No . 1,3607 5 / 20a7 - In t e rven t ion,/Impleadmen t
IA No .80824/2018- Intervention,/fmpteadment
 :rA No . L1-9292/ 20ta- rntervention,/rmpreadrnent
ItA No . 134999 / zotz- rntervention,/rmbr""Jri"";
:tA No . 20912 / 201g - f nt e rven tion/Inrpieacl,nun t
IA No . 695Z 4/ Z0l.8 - Intervention/Irnp1eadr"nt
l.A No.t|B7Z/201g-fntervention/Inrpleadment , ' ,

l.A No . 9438s/ 20i-g- rnterventi-on/rmpreadmerrt

I:A No . t3g7 53 / Z0AT - In t e rven t ion,/f nrpleadmen t
IA No .50063/2018- Intervention/fnrpieadrnent
IA No .75361-/2O17-Modifi.cation of Court Order
rA No.!0r649/zot7 -permisslon tc fire additio'ar. ---:'-
document s/Facts/Annexures
rA No.L3s|rz/z}tz-permission to file appricar:ion for direction
r.A No.6s0g0/2017-permission to file applicat:Lonfor direction
LA No .50020/2018-Stay Applicatiorr
W:tTH
c.A. No. 133L9/z9ts (xvrr)
(rA No.5/2OL6)
c.A. No. L3394/2015 (xvrr)
(F:OR IImpleadrnent] 0N IA 3/zlrs
FCIR INTERVENTION APPLICATION ON IA 5/20L6
FCIR [directions] ON IA t4/20!6
FOR impleading party ON rA I3SBT/ZO1,B
FOR INTERVENTION APPLTCATTON ON TA 24482/2078
FOR APPROPRTATE ORDERS,/DTRECTIONS ON IA 24485,/2AT8
FOR STAY APPLICATION ON TA 24487/2078
FOR INTERVENTION, APPLICATION ON IA 67399 /2078
FOR APPROPRIATE ORDERS/DIRECTIONS ON TA 67404,/IOLB
FOR INTERVENTION/TMPLEADMENT ON IA 88984 /201'8
FOR CLARIFICATION/DIRECTION ON IA 88986 /2078
FOR APPLICATTON FOR PERMTSSION ON IA 740928/2('TB)

C. r\.' No. 1"3410/201,5 (XVII )

( Ir\ N9 . t3l6t7 / 2017 - CLARIFICATTON/DrREcTroN

l{.P.(c) No, 640/201.6 (x)

( Il\ No . t0?672/ 201-7 - CLARIFICATI0N/DIRECTION

w.P. (c) No. L33o/2otg (x)

SLF (C) No. 3L79t/2ota (XVI)
T.c. (crl. ) No.t/2o1,6
rA No . L/ 201-9. CLARIFICATION/DIRECTION
IA NO, T84288/ 20T8. CLARIFICAT ION/DIRECTION
SLP (c) No.31sB5/201-8
fA Ncr.771780/20L8-Exemption f ronr filing C/C of ther j-mpugned
 lo
Judgment
IA NO . 784L55/ 2OTB. INTERVENTTON,/TMPLEADMENT]
'Date ,: og-oi'2079 ilrese matters were calr.ed on for hearing today.
TCORAM , :

HON 'BLE DR. JUSTTCE D . Y, CHANDRACI-IUD

HON'BLE MR, JUSTICE HEMANT GUPT'A

For Parties (s ) Mr. Tushar Melrta, SG

Mr. R. Balasubramanian, ,Adv.
Ms. Ranjana Narayalr, Aclv.
Mr. pranay Ranjan, Adv.
Mrs. Anil Katiyar, AOR

Mr. Aman Lekhi, ASG

Mr. R. Balasubramanian, Adv.
Ms , Ran j ana Narayan, Aclv, .
Mr. pranay Ranjarr, Adv.
Mr . Arvind Kr , Sharma, lrclv.
Mr . p . K. Mui.lick, Adv .
Ms . Shi r_in Kha j u ria, Adv, .
Mr. B. K. prasad, Adv.
Mr. p.N. Mishra, Sr. Adv.
Mr. Sj.dclharil.r Lutlrra, Sr. Aclv.
Mr. Mukr-rl Rohtagi, Sr. Adv.
Mr. Ritesh Agrawal, AOR
Mr. Tushar Jal-an, Adv,
Mr. R.S. Suri, Sr. Adv.
Mr . Slrivendra Singh, AOR
Ms. Anushree Malaviya, Aclv.
Dr. M.N. Verma, Adv.
Mr. Chetan Sharma, Sr. Aclv .
Mr. Aman Vachher , Adv ,

Mr. Ashutosh Dubey, Adv.

Mr . Abhishek Chauhalr, Adv .

Mr. Arun Nagar, Adv

Ms. Anshu Vachher, Adv.
Ms. Rajshree Dubey, Adv.
Mr, Satish Vig, AOR

Ms. Kamini Jaiswal, Aclv.

Mr. Jai Dehadrai, Adv
Mr . Sidharth Arora, Aclv.
I Ms. Shivangini Gupta, Adv,
Ms. Sristi , Adv
Ms. Swati, Adv.
Mr. Subrata Bhattach arya, Aclv,
Mr . Prashant, Aclv.
Ms. Manisha Ambwani-. AOR
 ll
4

Ms. Rachana Joshi fssar, Adv.

Ms. Vandana Mishra, Adv,
Ms. K. Vaijayanthi, Adv
Mr. ShaiLabh pandey, Aclv.
Mr. Nidhesh Gupta, Sr, Adv.
Mr. Mahesh Agarwal, Adv.
Mr. Ankur Saigal, Adv.
Mr. E. C, Agrawala, AOR
Mr, Ni.nrish Chib, Adv.
Ms. Swati Tonrer, Adv
Mr. Wajeeh Shafiq, AOR "

Mr. Anjani Kumar Mishra, AOR

Mr. Hardeep Kaur, Adv.
Mr, Mahesh Kaushik, Adv.
Mr. Shiv Ram pandey, Adrr.
Mr. Shree pal Singh, Adv.
Mr. Swarn Kumar, Adv.
Mr. Mohit pauL, AOR
Ms. Shikha Sarin, Adv.
Mr. Obhirup Ghosh, Adv.
Mr. Subhro Sanyal, AOR

Mr. R.S. Suri, SF.Adv.

Mr. Varun Khanna, Adv.
Mr. Abhishek Singh, AOR
Mr. Mukesh Kumar Maroria, AOR

Mr. B. Krishna prasad, AOFI

M/S, K J John And Co, ACIR

Ms. Kamakshi S. Meh1wal, AOR

Mr. P. S. patwaLia, Sr. Aclv,

Mr. Amit Kumar, AOR
Mr. Shaurya Sahay, Adv.
Mr . D. K. Si-nghal, Adv.
Mr, Pratap Venugopal, Adv.
Ms. Surekha Raman, Adv
Mr. Purushottam Kumar Jha, Adv.
Ms. Remya Raj, Adv.
Mr. Pranay Ranjan, Adv.
Mr. R. Bala, Adv.
 J
lL
Mr. Ranjana Narayan, Ad\,.
Mr. Arvind Kr , Sharma, n,dv,
Mr. Vinod Sharma, AOR
Mr. Avj-raI Kashyap, AOR
Mr. prateek Kohli, Adv.
Mr, Anant V. patli, Adv.
Mr. Vi.shnushree Dal-mia, ,{dv.
. Gagan Gupta, AOR

Mr. M.p. Singh, Adv.

Mr. Rajeev Kumar Bansal, AOR

Mr. Aditya Singh, AOR

Mr. Somlran Sharma, AOR

Mr. Hetu Arora Sethi, AoFt

Mr. Rameshwar prasad Goya,l, AOR
Ms. Shalu Sharnra, AOR
Mrs" Rachana Joshi fssar., AOR

Mr . Raj inder Kumar Singh, Aclv ,

Mr . Hitesh Kumar Sharma, l\dv .
Mr. S.K. Rajora, Adv.
Mr, Prakaslr Kumar Singh, trOR

Mr. Shantanu Kumar, AOR

Mr. Rajiv Ranjan Dwivedi, AOR

Bj Law Offices, AOR

Mr. T. Sudhakar, Adv.
Mr. Prashant Bhushan, AORI

Mr. LS. AIag, SF. Adv.

Mr. Avadh B, Kaushik, Adv.
Mr. Jaitegan Singh, Adv.
Mr. Puneet Jain, Adv.
Ms. Khushbu Jain, Adv.
Ms, Yashika, Adv.
Ms. Christi Jain, Ad,v,
Mr . Harsh Jai_n, Adv.

Ms. Aishwarya Bhati, Aclv.

Mr. Puspraj Singh, Adv
 t3
Mr . prashant Kumar, Acllv.
Ms. Triveni putekar , Adv.
Mr" Shahid Anwar, AoR
Mr. Jasmine, Adv.
Ms. Vaishal-i Sharma, Adv.
Mr. Nishant R. Katneshr^rerrkar, ttdv.
Mr. Anoop K., Adv.
Mr. G. prakash, Aclv.
Mr. Jishnu M. L. , Adv:
Ms . priyanka prakash, lidv.
Ms. Beena prakash, A,du. ,

Mr. p.S, Sudheer, AOR

Mr . Rishi Maheshwari, Aclr,r .
Ms. Anne Mathew, Adv.
Mr. Bharat Sood, Adv
Ms " Shruti Jose , Aclv

UPONr hearing the counsel the court

macre the, for.Lowing
ORDER

Theinterim application by sEBr h;rs inter aJ-.ia sought

directions auilrori sing pAcL LtcJ , to $el-L its immovable
properties, i-rt terms of the list to be submitted by
the
Justice ( Retd. ) R. M. Lodha commj-ttee and to depos:it the sare
proceeds directly witlr the committee. rncidental directions
have been souglrt, incrucrlng an order
for a clirect:Lon to pAcL
Ltd, to file an affidavit setting out the road map for the
sale of the properties i.rrcruding the i-nit:ial cleposit, time
frame for completion of sale and monthly deposit.

The Committee chaired hy Jnstice LorCha has f orwarded

a report dated tZ August , 2O1B. the report, it emerges
From
tlrat on 16 March, 2O]rB. the. Commi-ttee has addressecl a
 7
tl
communication to pAcL Ltd. specify.ing the terms ancl
conditions on which pAcL Ltci. couLd sul5rnit a proposal
for
the sale of the properties for c.nsideration by the
Committee. The Commit tee receivecJ a p roposal orl
74 Apri_l,
.2OtB. ft, 'rereafter, placed the copy of thg
conrmunicatiorr dated 16 March, zo].g and of the proposal
dated
t4 Aprir, zorg on the website of sEBr and inv.ited counter
' proposars from prospecti-ve blcrding entities, A press release
also issuecr by the committee. The committee recei.ved
wap
nl"ne counter proposals. FoLLowing thj-s it decj.decl that
ilre
. menrbbrs of ,the committee sha-ll meet the representatives
of
the entiti.es whi"ch had offered a price hi.gher than the var_ue
of the proposar subrnitted by pAcL Ltd. Therea.f ter,' by a
pubJ.ic notice dated to July, 2ol.B , a f irraL oppo rtr"rnity
was
grantedto any person or entity incl-uding pACL Ltd. to submit
a revised proposar by t7 July, zotg. ,rr1 F€spo,'s€, seven
proposals have been receivecl.

The committee found irr a meeting held on

1.9 July, zor9 that onry four proposars wer.e receiv,ed for
the
entirety of tlre properties. The comrnittee has analysed each
of the four offers received in paragraph 27 of i.ts Report.
Tfte committee has made a detailed analysis of the proposars,
adverted to the def i-cierrcies anci has f ouncl that none of the
of f erers incrucling pAcL Ltd. have f urfill.ecl the conditions

specifiecl i.n the Letter dated 16 March, zot} acldresrsed by the

cclmmittee and approved by this court by its order dated
 IS
7,5 Ylay | zOtB.

rn this backdrop, the commi.ttee has requested for

the f ollowi.ng crirections of this court to protect
the
interest of the investors:
"(i) for deposit of earnest nroney of Rs.50o crores
by the offerers, wJ-ilrin 1s days gr such per-iod that
this Hon'b.Le Court may cleem appropr.iate;

(ii) the outer linrit o'f three y,ears within which

properties have to be sold and the outer r-irnit of
deposit of the entire consideration;

(iii) an undertaking by the offerer company, and its

directors to thi.s Hon,ble Court to abicle by its offer
and faithful compliance of all tlre terms; and

(iv) any other directi-on which the Hon,b.Le Gourt

may deem fit in the facts ancr circumstances
ilre
matter. l, ,t
'f '

Du ring the
rse of t he rrearirrg, w€ have heard
cou

submissions by learned aclvocates appearing on behalf of

tlre
contesting parties irrclurdi.ng, rearned courrser appearing
for
sEBr, PAcL, JanLok pratishtaan a'd the internding birlders.

Learned counse]- appearing on beharf of sEBr has

adverted to the fact that despite earnes;t efforts by the
committee, it has beerr unable to sell alr the properties clf
PACL. Learned counsel submitted that the cornplexity o.f the
transactions between pACL and thircl parties makes the task of
the Committbe repJ.ete with difficutties.
 IL
rn this view of ilre matter, sEBr hacr initiarly moved
this court for a direction pernritting pAcL to bring buyers
before the committee and it was urged that b), permi.tting
this course of actiorr, substantial headway couLd be achieved
in conducting the, transactions of sale.

During the course of the hearing, rearned counse.r-

appearing on beharf of sEBr reiterated thar request.

Thg report of the Justice Lodha Committere indicates

that a comprehensive and detaiLed exercise lras breen carried
out by the committee with a view to ensure tharl bona fide
purchasers come before it with a rel-iabl_e offer for the
sar-e

:f all the properties, However, or.r an analysis of the four

offers that were received, i.t emerges ilrat no bicjder was abre
to furfilr the ternrs ancJ conditions set out in the letter
,

dated 16 March , 2o].g.

Hence, at the present stage and particr.rlarly in the

backdrop of what has emerged from the record, w€ find
ourselves unable' to accede to the request of sEBr for
assigning Pl\cL Ltd. , ilre excLusive role of bring:Lng buyers
before the committee. pAcL has been unable to meet the
terms set out by the conrmittee. !,le fincl no reasonilble basis
to entrust such a task, as souglrt by sEBr, to pACL Limited.

rn our view, it is necessary th;rt the process of

conducting the sale of the propert.ies is properly
channeLized through a specializecl agency. Durirrg the course
 t+
10

of the hearirrg, rearned counse-l- appearing on hrehalf of the

diverse parties have suggested that the comnri_ttee nray
consider appointing one or more special.izecl agencies for the
said purpose, with reference to cjiff erent zonLrs or areas.
one of the suggestions which has emerged befor,e this court
i.s for the appointment of an asset reconstruction company
which has the experience and resources to ensure a
transparent process of saLe, At the p,resent stage, we do
not intend to forec.Lose the discretion of the Justice Lodha
comnrittee and wouLd Leave it to the comnrit tee to de.Liberate
upon and suggest to the court modaLities for rsaLe by the
appoj.ntment of one or more such agencies. rf the
committee considers that the appoirrtment of s_irngre agL:ncy
nray impose a heavy burclen of rvork and h,aving rergard
to the
locations of the properti.es, it ,wi-ll be ' open to the
committee to proceecl to appoint more than one ,auency based
on the areas or l_ocations of the propertiers.
,,

rn order to enabr-e the commit tee to de.riberate on

)

this aspect, w€ adjourn the hearing of ther prdceeclirigs for a

period of four weeks. we request tfre committee tcl suggest
alternate modalities which coulcl be feasibre irr th:Ls regard.

rn the meantime, we direct that sEtsr shall uproacl on

its website the repclrt which has been submitted to this
court on L7 August, 2org by the Justice Loclha committee.

We presently defer the hearing of the pending

 /8
ti
applications which have been subrnitted beforel inis court
during the c b urse of the hearing to the next opcil.sibn.

Learned counsel appearing on beharf of sEBr is

clirected to place on record a tabul_ated chart setting out the
pending rnterlocutory Applicatlons and a statement of the
reLj.efs which had been sought.

List the matters on 5 February, 2OIg.

uto atio 5030/2 01649

L
List these applications on 23 January, 2O!9.

IJ.--Grr._LX_aJl?glg
' Lekhi, Learned Additional- Sol[icitor Genera]_ seeks
Aman

two weeks' time to f il"e a repry to the applicartion. Tj_me,

prayed for, is granted.
List the. rnatter orr 23 January, ZO1,g.

(P00JA ARoRA) (SARoJ KUMART GAUR)

COURT MASTER BRANCH OFFTCER
 AuUFru(F- rl^
Justrce fRefd.Jtr, fuf.
Ladhe Comrnittee (?
fin the matter of P.ACL
Ref, No, JR\4LC/1ACL/4.,,,
Ltd.l
q
io r rq ia-a 1 q
Date:

To,
Ms. Rosernary Sebastia
n. lanuany tt, 20tg
Executive Oirector,
Seserv€ ganl of India,
l.Jew Central Office
Boildlng,
Bhagat Singh Rd, Fort,
-sfrahid
Munrbal, Maharashtra 4OCtOOl

OearMadam,

l. fhis is with referencp to

r.r rha
the meeting of shri.
arong lvirh Anand Baiwar, Erecutfve
rn" it"ntu Director.SFBf

fi ",ffi;iji:d::iff#:,T#iIff r'il#*';i:x;::;,;,ii;
sslons held thereort,
addressed for seeking
speclfic ctariricatiJl
this letter is t;;;;;
sr p,op;;;:;JJJf,ffi
ror carryinsout the to the ensasemsnr or
sare ARC'

rrated rhar in comp/iance

' ffIr ;:l:y'J:f of the directions of the
,on,btesuprerne
chairmanship constitutea a
", ri,Ji,7,-ol,.llil-tfi
committee under the
with the mandate iai
ro dispose
be paid to the investors, ",*_,*r_,,#::fi:?:iil1T:,,X,ff
who trave investeu
therr funds (the .,commrftee,,).
fig;l;
' &lliltrilr,tr;lffiI-,.*'ffi clurrs order dated Fr:bruary
02. 2016
pertainins to rhe properties
or pACL ,; ,;;;;:ffi::#:#:Ifi::n r*" *li

' ,he cB,,,he commftree

in May, ,0,5
;i1ilii[';,li:il;:T],,1;;ilx',rm
NCRand Mumbai. ,o***_r"l"T:.:j::T._rrnin sple& prope(ies siruated in rhe
of thoseprope.*,,;:;:ffi
;:::,__T:TJff : j:,,:;:"j:l-,;.asainsrany,
I

t]

fhr
\i
eagd t of *

for
SEB| Bhavan, BKC, plot . 'G'Btock, correspondence onry:
No, c4-A' ^, |^ol:tt
Bandra-Kur-ta cornpr"",
B"nr,ra IEastJ, Murnba, _ 400 0s1
 Justice fRetd. j R. M. Lodha Coirnmittee
2o
{fn the matter of PACL tto.l
**r rr. rrnr
'tiii, drtu,,
t

5' considering the abore, the

cornmitbee decded to seerft
("EOts,) with respect expressrons bf interest
to the propertles of pACf so as
public at large in to gar.rge the Intr*rest
of the
the propf,dies being sold. on the
conc]urion of \his process of
of one hundred thfrteen {'r,} pfr*fn,
;#lffii"tar nr,o been slotd by the

6' ln view of lhe challenges

being faced in the sale of properties
Decembe, aAlV an interim as staterr aforeseirj, in
Applicafion being LA. No.t3260'/Zttl.7
Hon'ble suprerne court pointing wiu filed in the
out the difiyculties enccunlerrd
pro,orties of pAct rtd. and in the sare of
seefring appropriate orders
facilitate tfie rale of the properties. to be irsued to pACr to

z' the Hon'ble supreme court acceded

to tfre sald prayer andordered
conducted in terms 0f the repon that such sale of
jffi;:" of the cornmiree and unrJer irs

g. pursuaff thereto,
the comrnitte€ addressed a ,ett€r
detaited tsrms and condltions to pAcr conte,ning therein
upon which proposar to iacititaie
propenies courd be submrtted sare of imnrovabre
by pACr ttd. for considention
Further b the $rne, the committee received a proposaf of the comrnittee.
PAc! Ltd' Also' counter proposals darecf Apr,, 14, 2a713 fram
were received from other rnteresred
respect to the proposal submttted parties wath
by pACL

9' The commiftee thereaf, praced

a comprehensive report
before trre Hon,bre Supreme
court on the propoxt recerved
frorn npcr and th€ cour{er propom*
submlttcd bytha Commiftee in received. 11: was
the said re
anv or rhe rour
{4) cosnrer prop"ser
prcscribed.'The sairl conprehenslve
r;" ;#1":H}:rTfji:l,f'Jjoff,j''J
report has been praced on the
pursuant to th'e orders 5E8t werrsite
of the Hon,ble Supreme Court.

10' The Hon'ble Supreme

court upon perusaf of the said
passed an order dated
repon of the commifiee has
January 0E, 20tg gMng four (4)
weeks, tlme forn the drte
the order to the committee of
to come uo *:rh arternate modes
properties pACL for efl.ecting the sale af
of rn the order, the Hon,ble
court has no$d
' coufd exprore the use of an
Asset Reconstrurlion cornpany
that the comrnirtee
' of propertres of pAC[' The copy {ARC) fior
of the satd ordar of the Hon,bre
r:ffecting $e sare
fierewltfi.gnclosed as Anrnrure. Suprerne c-ourt is
1.
\I
f'n
rlt
itft
t]l\ Pa6e 2 of it
lrt

Addrcss for corespondence only;

sEBl Bhavan, BKC, p{st No. c4-A, '0'Btock, gandra-xurra
cornprex, gandra iEasrr. Mumbai- _400 0gr
 Justice f Retd.l R. M, Lodha
al
Commiftee
{in the rnatter of PACL Ltd.l
Rer. No. JRMLC/IACU
Oare:

11' considering the sarne,

the memben of the comrnittae,
narnery, shri. G. lvtalnlfngam,
' whoh Time Member and shri' Anand
R. Baiwar, Executive
, top four (4) ARC5 ro explore Director met officiars of the
the viablflty of the engagement
of ARCs for the sale of
frgperUes foi ttre Commitee.

' 12' During the meettng it was

informed by tlre ARcs that
their governrng regisiatron, the
sARFAtsl Act, wou,d not
commiftee/sEgr as the sarne is
arow for
thern * ,*"
,o-"i?y assgnment from the
not a bank or financiar instifttion.

13' In this regard' reference

was made ,o section -10(2)
of the grRFAEsl Act wfrrch srates
that.Soye as otherwise provided
in sub-section (1), na asset
which has been sranted e certtficare
sha' commence or corry an, without
of resistrotion unorr rrrji!#ifflTrH7':,
prior approvor of the Reserue gank,
ather thdn thot of securltisotian any business
ar osset reconstructian* .

14' ft emsrged from the dircussion

with the ARcs that the sald section
engtt€mcn. cf AF.' for artying could be ,used for
out the work of the corrn',aru, provided
which fs rh€ rcgurator of ARG, grantj the Rg,,
the n€c€ssary appro;;i;, conrempretet, under
Section 10 (2J.

15. Consequent to this, the meeilng

as aforesaid was helrj with you
in the presence of Mr.
Ashok Narzin, cGM, RBr. Ouring
the course of the rneeting, it wa' infarffied that
forrnal retter may be addressed a
to the Hg, for it to examrne the vrabirity
engagement of ARCs for effecttttg of the
the sale of properries for the rbmmittee
whether it ls legally permlssible forA&cs Incrudrng
to take up such an asslgnrnent.

16. In fight of the above, in order to enable

the commrttee to exprore further the
possibirity of engatsment
of Affcs for the safe of propertfes
of pACL, your vrews and
asslstance are hereby sought"
lt is furthe
the ea rr resf i n vie w or th e o rde
giving four
({) weeks' time from th€ date
r da te d ra ;ffi: :1# ff.ffi ilt':,,:T,:ll
of the order to the com'nittee to corre
with aftemaE rnodes for effecEng up
rhe sale of propertjes nf FAe..

Justice ri.M. Lodha

{Retd.) cornrnittee {in the matter of pACL)
Erlcl: a/it,

Page 3 of l

SEBI thavan' Bxc' Ptot No' ctr-A, '0'

',
Btock, Eandra'Kur{a cornprex, BandralEastJ,
Mumbai - 400

)
'5,
 Justice fRetd.l R. t4. Lodha committe,r{If
tClivgs' cil
lin the matter of PACL Ltd.l
Ref. Na JRMLC/PACU
To,
rrosq f erue lz-orf D ate;
January
zz
29,z?tg
5hri. N 5 Vishwanathan,
Deputy Governor,
Reserve Bank of India,
Central Office Building,
19th Floor, Shahid Bhagat Singh Road,
Mumbai-400 0C|1

ou", &r' V,;LW".rvitw+ ,

-Sgb,;-Engesemeru_sf1lBCs !u:hel_qsrj!e*&M._*rqdha_{[eldJ_eqmmi.ij,r,,, {iq !h1m*rrer of

PACL !td.l for the Sate of proo_er:t&_s

1' TheJustice (Retd.) R'M, Lodha Committee (in the rnatterof pACL Ltr{.), of
which tam
a member, is a Committee constituted by SEBI pursuant to the order dated February
02' 2076 of the Hon'ble Supreme Court of lndia in Subrata thottacharyo V, Securities
and Exchonge Eoard of lndia and other connected matte,'s under the chiirmanship of
Justice (Retd)
fl.M, todha for selling the properties of F,ACL Ltd, and qsing the sale
proceeds to refund the investors who have invested their money in pAtL (the
Ltd.
"Comrnittee"). PACL Ltd. is a company which was running an unreglstered Collective,
Investment Scherne ("ClS") in violation of the SEBI Act and the CIS Regulations made
thereunder.

2. The Hon'ble Supreme Court by way of .its order dated January Og, 20Lg in the said
matter has granted four (4) weeks'time, from the date of the order,tothe Committee
to come up wlth alternate modes for effecting the sale ol'properties of pACL Ltd, In
the said order, the Hon'ble Court has noted that the Committee could erxplore the use
of an Asset Reconstruction Company i"ARC') for effecting the sa{e ol'properties of
PACI Ltd' A copy of the said order of the Hon'ble Suoreme ilourt i.s herewith encloserj
as Annexure- l.

3, Considering this, consultation was held with the top four (a) ARCs on January IT, z11;g
by the members of the Committee to explore the viability of the engagement of ARCs
for the sale of properties on behalf of the Committee. lt emerged from the discussion
with the ARCs that they were apprehensive about their ability to carry out the work
as contemplated by the Committee given their present mandate as set out by their
regulator, the Rbl, However, they did consider that the Section tO (2) of the SARFAES|
Act could be used for engagement of ARCs for carryingout the work of thc Committee
provided the RBI grants the necessary approval as conternplated under the said
section.

--,,...,
Address for correspondence ontyr
SEBI. Bhavan,'BKC, Ptot No. C4-A, 'G' Btock, Bandra-Kurla Compiex, Bandra [EastJ, Mumbai- 400 0Sl
 Justice {Retd.J R. M. Lodha Comrnittee

Ref. No. JRMLC/PACU

fin the rnatter of PACL t-rd.l
Date:
s3
4' Consequently, Mr' Anand Baiwar, Executive Direr:tor,
SEBI and member of the
Committee along with the Nodal officer cum secretary
to the ,committee met Ms.
Rosemary sebastian, Executive Director, RBI and
N4r, Ashok Narain, cGM, Rgr on
January 1'8,2019 to discuss the said rnafter.,Accordirgly,
furtherto the said rneeting,
a letter dated January 27,2019 has been addr"essed
by the Nodal Officer cunr Secretary
to the commiftee to Ms, sebastian seeking RBI's view.s with
respect to the viability of
the engagement of ARCs for effecting the sale of properties
of pACL Ltd.including
examining whether it would be legally permissible for
ARCs tc, take up such an
assignment, The said retter is herewith encrosed as Annexure-
il.

5' ln light of the above a nd in consideration of th e order

dated Januarry 0g, 2019 of th e
, Hon'ble Supreme Court granting fcur (4) weeks' tirne, frorn the date of the order, to
' the Committee ts'corne up with alternate modes for erffecting
the sale of properties
bf PACL, may I reguest your intervention to expedite RIll,s response,
,

riarm regards,
\. i
';...
!
,i1 | "' ,
,,.

r a,\*.*-.-.:i-.-
(G, Mahalingam]
Whole Tlme Member, SEBI and
Member, Justice R.M' Lodha (Retd.) commiftee (in the matter
of pACL Ltd.) Encl:a/a

Address for correspondence orttyr

SEBI Bhavan, BKC, Ptot No. C4-A, 'G'8tock, Bandra-Kurta Oomplex, Bandra fEastl, t*,iumbai - 40g 081
 mtffruKF, rr,, IT
' tt"rit '
.' '' .Yr"'

l-.'t:Si: RVE
i j.&-. .,. ',
ii,.J5.)'''
.i.!
r1-rfz; .r"1 i .I1
r, r .

ji
2q
B |r. r,i CrF l f,l D i,i.X.

v/wv/.rbt l.,Igjn
D|\jAR,PD {Anrlil ,;..- . 1;r1i i,l ,\,1r
r,
ij_,r-,,!-
:lt' l

Glil and Ncrdai Officer ciirr :ii,=i:la:lii,!

Justice R lvl Larlha f Reio r C0n":rliiicrJ
irn the r]tatl,:r L:f PAiL Ll(r l

Deer Srr,'l\4acr:rl

f,trgps_erleni :if--ir.FiS!-^:r-iilr!,i i{ ii__t!_U,li::, ... -,::.ei, llpf :irtig..* i if..-..lrs,l*r.:l€f_!l_lr!C L

L-:C. t ltrr SAle (tl flrL1Dr,l:ir.-'S
Please rBtsrt{] youf l{rlief r€ir-rr:. .-ltil,,'lLC,iPAi.:l-i.: ).i,l,ri114!2Q1Sj cj;tecf January;:1 :i-l1F
?. ln/e acir.iise thaf w* ilre in-pfinciple e.3rgg;151,r trr in* Ciir:rrnilteg rrsirg,tqftfis i'or rlr::p;o;;ai
rf
assets oIPACI tlcl , *ublectin ihFrif]fls nol lairi ,.? thr: aii:rls un therhcr-rrlin{j fiflriingpr;1ng
an:i, [:]€cuniitr'y La*:irtie s

3 ittcesser! iie:tI1:sjc't r:n,:er ir,:i:it;f l;,i:t ilf tlre, -:jl\RF,iiESl Act 20CZ ,,r]il
ftrieASe note tl'i.1i
i:g COrIrn*nlceted tr; *ii ;\RCS l,as*: lri il-,e iCl'r. ;rri:e: s t:i,;ilr:t:i5,!n i;-r itie i{Ol hl* Sr.tpi,lrne
Corlrt an* th* cJirectroi'rs af lhe Supre'rttr Llclrr l: -l-herraitp. ,tir? r":1.,r.;rce ai lnil AR{i-€. i:r*bn
ial uncJertaking this t.ansacitoft.,,rrrl uc a::he fliscr:iirci: r:f :ite Contn:tlt€lf
{ lt may be melrircneC here ihat irr,; p.e.'"lrrssier:r |.]rier li*(.,i]rjrn ;irii u{ lh€ S;'rRi:Ai:Sl ,rr;:
'ilill bS qiuen tr.; tirt: A..RCs ':)rilv
',;.!-:r* irr-r rileu iii;t;.,r-isri i:i i;rri,,.;rrq rliit lire li;.tr.tsa{:ijOn .c:ferr,:l;
i* yotf leitqr tialelci -lanueri' ,:'i
i11 rr,i'i ,:, t",ri ,..,r-r ,, rr rrirt l-''e ;i ;cr.,-.rii ;:i:rlrissir::n l,: tiri riitLts
io unrjerlt(e $uL:h ir: rsactirtrri;

Yovrs faithfirJl','
l,' ) '
h!'
i,\l--'- r '^? i- '"{
{Vdbna SrirrlsiF\,a}
$errnral nlail. ilef

Endt. f"io SNBR.FD ;;iiirj .iii ii1 iif'.::.r I ! ,::: ,j;::r:

Copy for infcrrnatron tr:

1) Shr: G Mahntinganr Mr:il:br-.r -1.15'11r';E !i i. :drfi iijlaiC I f-r:inn'r;11*:i: Itn if re t]t;itier
1
r:.i
fli\CL Ltd I
i'i.,,li Ch;rrrrnilr.
i{,..;i{i , I
5f1,.-[il
.' ,.

t #** n a $ri',,;rsr u:v:ii

tSenrrai lr,1*n;l[t*I

il "'

;, '
 uvARCVz0i 8"xsliJK!4
28lanlu^aw,2}lg
ln

IIMI R.lyf. i,odlia, Fonner

CJi
RM Lodha Committee
Appointed bv the
Iion'ble Sui,rene Court rff fi,, ft, d, $EBl
oilndr* *, paCi
Mumbai qil h;o !t: I y'7;

Through
liHl?l _tr
:::
;;If' i: 1 FE$ iois f
/,Ns.
lnrtaKenkare, It
Irf
General Nfanager pACL
Comnii$e e
li e
j-,t*Fnw"ru
J
SEIII" Bandra East -
l!{uinbai i
.

' "' f,llllilrlll'rllli

[)eal Sir,
L*.-*; lilffiiHfrLffillill
!i81r ivrr P,'2( .l 9020i !u!;0 I J 11
i
'

effiffi5ogpulrcL*o\:4crN,.a*sirlll*Jrrirosi-air
'l'\'e' UVARCL
introclnce oltrs""]i as an.-\ssei
iiecLrn.sti.Lrcbicri Crlil]:r,rrr,.. pT)(-1,r.,,r ;- ]r..- l

fiil:H;i:,fi;:..*r'ciion
oirr^a,,c,ai ,,ss,i a..,iiiier
r,,. il.ii);i:li;i;i,ffi1;;ffi;i
U\'.-\nCL ri.;t.s incornlrr.lfpd n,, ?t:. r,,."..-, 2!0r
rn, -
ar,i obt'rineri iicense iro*
June 17,2011 to ;HT'[:i],;;il::t Rescrr,,e Bar* of r'tla on

;;,;ilil,*'li;:,t,',
f
sARrrAESr Act 2002

i.,,il:::l'f iJ,:: i,::?,,,:;*itrilff

CorpoLate orrrcr'is ar r30r,
'n.trts 13'h r1oor, Crriranjr,,Torver,
Xil:Jj'i::;)il:::llliotxs
019 beside Cornpan'is Neiu.u
"-dw,,mba, arsi, ha'ing o'e s.raiegic
Business unit at.,\.,rher.i,

At the tinie of Legistr.atro'rr,ith

llBl a.s atr Asset I(ecrr;rsir.ricficr' r:r)lirfa*.i,e. ir
tlet t't'olth I'vas ils'6 c'ores 2011, C.m,anv,s
app'ox, *'hich w.rs ilrartialh
i.cr.easecr ,.n, on \,€,r'ure,
crnd as on 3t 0i.2c,ig,
tlte contpanl' rvas Ils'11-1'01
Crores, r,'iicrr,r.t,".,".r.,i n,,.n,*, to ns.
ffi;:;l;" 122,65 Cr.ores as on

Ours is I professionallr.managccl
aitcl boar,i_cl.ivi:n Co;trpanr,.
\lenrbersancli(e1rl{anageriali)erso;iiieiis,r;*J.r,',,i
fhe \1p1p./n1jfilp of the
Bcar.ci
Iirs;irs;^'ieirci.ihr trratceni.rarBankoirrLriars
also havng one uominee
DiLectoL rrlr Crrrlrparr\_,.s
!o.lr cj

r\llCs plai'ecianclplaling
a pr,neetng;''le i'se.tins
si,rnciaicls:or.thc irrclLrstlr.in
'spearheadi'g dte clri'e to recreate hrriia. Jthas been
t'alu.',ilt i-rr:-\'P.\s ilnd ja rrri.ir
t'ole in reenereizing the inilian
s,:,:t;'.h^Li,:s pia' A p.',rctir.' tr:
ilrlu_.ir.r. ihr.rugh cL;ij.,rt
tinr:,s ,l.."iliCL i usrless
. uif: conres fiu.rn
rts

Coi:t Cli{i." ,I 1n/ /t ?A iA 1 1, r,

 ti"r
.'n&'
.,s+F-

professionallr-rnanage(j
team' high cal-riial base
anci tair.r-macre acq'isitio.
26
a.d rL,s.lution str.ategiesi
l'hich have e.ablecl
to become ou, oi Inntn',
's lear1.'g .{.ssr:t liecor,st uc
tro. curpanl,,

l'he tea'r at uVARCL belici'es

in st'ong corpoiatc gr)\'e*anc-,,.
rror.k etrrics ,*cl fuansparencl,i^
dealings' ln-hancenent alr its
of t'alue fc'r orilinatoi' ban]<s
banking sc'ct'r and tire
/ ii'arciar instrfiilLons, s.curifi,
receipt horcicrs,
i
econ.n'n' u l',,1u, is the re-s.iLlt""
ailn that all our.business acti'ities
focused on' l\Ie applt' ale
a scientrllr a;'prc'ach for acrrLrisiiion
strucfures to selling bal*s
of assets, \\k crffer flexihle
acquisiliorr,
anti tinon..irt ini;dt'.rhrr':;,
for their thsh.esseri assets across
geograplies. Our acquisition sectors ancr
ancl resoiutj:
Acquisitio. poricv anir ..\sset
Resorui,.rn,r,,j,i'il]l..J,':]:;1':'j,.1;:J'llril:ffiilff:i;;l
c.\rclilr l\Dl gurrleJrne-s
Iiecortstructi,,^ cornp.i^ie,s,
U\/ARCL
otlte's, L't' pLr tessro.als rvith
"
banks a.d 2(Iu'o)
eq*it'
parhcipa tio^ of 6 (six)
"'nntotuf,lt:nottg
Pubiic Secior lururn,i.u .pubric sector
cornpanies, r.iz cenh.ar Bank
Lnion Bank of of Inciia, iiank of l,4aharashtra,
hrdia' Bank of Inrlia, unjied
ljank oi i;rciia, Arjahabacl Bar-.k,
Contpanl' Limite.i ancl -lrutecl Ind;a Insurance
Natjonal lts*ra'c. ionrpanr. Linritecl. Ine
I{arch 2018 is INI{ 113'02 :ret rr.c,rth oi u\eRCL as on 31
Crores llncla'-\at^crnal Il'pei:s
one ]Jurcireci a'cl T.lr:irh:en
Lakhs onlv) and INR 122'65 Crores and r*.o
Crores ilnciian \atio'al il,pees
o,,o tilunar.. ancl irrventy,rhvo
and Sixty - Five Lakhs onl.v) crrores
as on 30 Septemlr:r 2016 ,

UVARCL is engagetl in.

the business cl acquirirrug.rrr-rerfirnins
assets t.o' pubiic ser:tor
fi'ancial institutio.s a.tl notiiied bank.s-
\BFCs an,i re.solr,,'';r ths a.s.sets
r,,,uir...t r;ith a sh.ateg'
based on the status and
merit of each case r,.itiun tr.'.,
r.srr r r;g,i.,r^, u."i.,,0r. .'esoruticrn
,

J'\/ith erninent geLsonalities

on tlte boarri anc.l exLrerie^cerr nrirnagr:ment
assets ntanttgenlent'
u\iARCL is anlongst thc fastest
teaur i'
tr1,,,fierrr of stre.sse<i
ur*r"inr; r\nCs *,rth an asset
of INR 1140 croLes (lnclian under ma'agenrent
Rupees 6ne Thousa.cl on.: J{,ndred
september 2016 anrl ir..:.tr Crcres onlv) as,c,n
in respect of loans r'orth 1),R 2]li C'ores (rnriia' ri.pees
r*,0 Thousa.cr o^e
l{unclre.l ancl T1frt1'lltree
crore onir'). Tire iiranasenlL,nt
teanr of LryAiicl inclr.icics
ti'ith se'eral clecacles of exper.ience seniol banltrs
in trre tier,r .i .strcsse.t assct'ra.ageme't,

l'he Asset untler r'lanagement

(:\Utr1) anll kt-'r' i--in,r'ci,rl-s
irl'crited) ,-rr i1e compaut,ror last 3 f.inancjal
t'earsa'cl
',''auditcdtin,r'ciarsf,Lrji;lir",rr.;r,r,'.i I :r r.,1r.q....sr1a.r:.f:

Particulars (Rs, in Croreg

. F,Y,
l
hiaif Year
Year prrrlo.l
ended
2015-1,6 :urc. i / j'.;i/-1d
Septernber 2018
..\ssets ruurier I
130 -16 liS7.+l o, ltr t1_r.l.g::
 q+
ended I

Net Worth
Profit BefoLc Tax

The Principle based apPLoach

has helneci L \ .\Rcl- r;r'orr'rnurhioici
o'eL ther per.iocl oi last 6-7 r,eais.
I"vith the objeciil'e of niaxirnization
of vaiue ioi jelilers, th* conpanl
iras :;uccessfulll, solii the secured
Assets jn scme of the rnost
clifficuif cases
assets itt the accouttt of llharat 'iz.
Litliprrf Icctsr,.eai it,t , rrrior i;;;;;";;, partlv solct
steel I''be.s l.tcl a.,l has iLlso bec,
,.ble to hrr.arouncl cases back as
viable business' The c,npalll' ltas
bi:ert al'lr t.
assignor (ilanh/Fl) of debt coulil 'r,r,,le
sulrsia.tiai progress i'
cases .,r.here earlier.
not get a.r.ciesirecl r.iulis.

I''-\/ARCL has also actecl

as liesol,iion.-\gtirt ir-':r
e',inrnission bi:sis) i'r.r.adous
ba^ks ancj.elpecl
them in re'solving and selling
the tlssets irt nrurrbel o: tases.
\'orr nrar.kiprilt,appreciate that rye
enough expertise in selling har,.e
the asseis ir' h'ansp(irent nianner
requirements iimultaneouslv 'r ancl bl
aclheri'g io all legal
ensuri'gl value marirnizaho,r rriiie
cl.is;rosi'g these assets, Being arr
ARC, resolution experLise is jnbuilt
in c,uL lne oi busiitess,

oifer Lrut.sci\.ices tur

dct as iie-.olLrrr.r,.rrgeni
dt,r..1,"rnlc., tR.{)ioL seliinil the propeLties assr.ts of
/
.,*"pE''rci iorthr'p,iposeofrn'rktr'gieaiizatiort.i
rictr'''.resl.toilheas:,ets, I'rihissen,icer'err-illbe
Pcha'gi'g
' a nominal fbe @ ii, oi Ne t lie alizaho.s i:,11,. prc ieetls ifss c.;ipenses nclrrrcd).
,oo

' h'e request r''ou to consicir:L crur pror,-'os,ir

of clieiinr; (,rli srr:\-ices as lie,sorutitln
.\11ent ibr the salc oi
assets /
propel'ties of P'ICL Lt''l so as t.
{.ttl'L€:rn,.iillin lalrie fr.,the,sahsl:aitro:r oi
R.11. Lodha Conrnitiee aneli{on,ble lustice iRetcll
Snfr..r;.. _0Lrii

lVe r,vill be pleasecl to pioi,icle

an,r,further inionl.,ahol
,/ il,irilicatio.t itr this regarci.

Thanking you,

For and on beiraif of UV Assei Reccnsfr,;itii_.n

Corir,inv i_fd.
 W#
e8 ffi-ffiqr

.${l'lExtliilE

S. No. Name of Directors

ueriguu.,oi--lt*f
_--_.--!__
p*fit-'---*-----l
l!1r. Pral<ash chairman - --l;i't'.-;-_rn,
Prabhakar Naolekar O-*prtrk"ji-mk;
Naolekar, as an aclvocate
practiceri in
I C;r'jl, Criminal, Conslih,lion,
Companv
LaL.oui (
Sr,lr.ice matters. E_levate,l to
Iji:nch iti \lacihrt lraticsh Flich Lourt
a.s

h'arsJe.,recl to llaia.sthan Fligh Court

on I

25 01.1!)91. !,ub:;eqrrentlr,,
u,n, he l

ap1:ouried as the Chief

/usfice of the l
Gauhati Fligh Co:rrr orL
10.06,2002. On
2SC;20J1 elevatecl as
Judge of ihe
)Llpt'enlrt Court of Inilia
ancl redrecl on
rr'''r
l.).tt,.. _' I 'i,
T1
I nere,lftL,r, appcintecl q
,t
j
L,ol<a,,.ukta of \{aclhr,a l\.adesh fiom
l0Llg
;;-;-::-r::
,\ls Shitpr Sirari:r,r
_-il.
l:*; tJ* Srll,--h;;; ., cil"*.r_
Dir'ctoi !.1,r,J1
, ;,,,rrruit€ frr.nt DeLil. L,:riversjtt,.
She is a
iellou' niember oi the Institute
of
Companr,secretaries
of India, New Delhi.
5f11 is a practicr:rg
Co;lpany Secretari.
tlith ii lears ,,,ast expelience in the lielcl
lf 5ec.:'etal'ial, Corirotate
[_arvs, Irilrarrce
. r rrr rc'f 0l.l [r ](es h,uctttt,tti g:,
ll'hi Karnal Kishoi Iniepend..nt
C',^+.
v r{.P rrl
Diiector
fla.n.tng Ch;iriered,\ccounfant, iraving
rxpe1ig1l(:. of 36 r.ear,s j{c
rr.,i.s clirectcrr oi
lurlab & t>ind Bank L:nitccl
iJank oi
v"i
:€) lncira, PliB Capital Sen,ic..s Ltcl,
**$-i Ile rr,as ]

,t:;, ,i1,;,,,1.111|.,t1 ,'it fhe l]oaru of lieset.r..t

I

l:ni ,; lniij,r 1\ort.renr R:gioni lr.

Golelnrnent rri Inclja iu Arrgust,
2010 for I

... ..4.
.,;^-i1: 1\t,'
 21 jffi
rrp:r'rence rn Cenrral tsinJ<1RBir. trrUtt
scn( t,lrshlp under ihe Golden
Jubilee
lxherne of RBI, he conrpletecl
his XIil.\ in i
J;ina:rcial \ianaqcrnent ,
I i fiont ihe ,

l_-nilL:r.sifv oi llxeter,
i i r i UI( anci is also an ,

I .lrlurlnus of the,Loncl,rn,lJusuress j
S:hool.
i I t)urirrg his tc,rnl r,vitli RBL hp 1.,..
ll
l_e:itenr;ir,ell lvorkeC
'rrrr,
in
'iii l

t].r,
r i('g.riation and Supervision, Risk l
\ I.-.
r .\tntatlement,
r Cons:rmer r_uuLaLlull
Eciucation (tIlQ
ancl
1 I i
i

]rl..i,.c:i-'| rIr.rr-,rr,,,rr .,.i

(,.,:r(r.,LL itrnl Seft]enteltf

,
i 5l.i)telt.-rs, Operat-on:;,
Strateg_r,,
".- J\r (t(u6_r / rIJuman
l u.tJ iclll
, I

roreign ixcha:rge,
/ i i:,::::l::'.lnspe*i,,n,
v!,-1\.{!.,, \lanagemr'.nt
I i
/
:i---*r.-: iI I :u:rfll:\' ,vrdrrdg(.Ilr1.nt etc, lle retrre,l
retired as
s -,T;*
ii
hecuhve )ircctor f
i
* t=ffit'il#*#ff;;
,
;;t**"-'"-t---
,, L,rrCrr)j.
I'clia
" ilieclr.el_1,) oi Cential llarlk
of '
I otCertla]
flank
r of Inciia
f,
Key Management perioils ______!
I l,lL Ashn'ani Kti *i ci*i;,,.r,tiil ih iti*it",,, *r;r,fi,,i;.r*._,il.r
Chadha /1 -,
u,,i,rri d;-
llstltilte 0i.Bal*er.s lith Bachelor,s
I)egrce in Lar.&llac,rre,lrrs Degree
in
Conurerce iroth fiouL Dclhi
Unu,ersitr., i
ih. Chadha startecl hir; banling c.11.€€r.r
r.rth l)un1ab
\adonal llank in 1960 as
I
\lanagement frailee
anii rose to the post i

,,.i Depu r.
Generrl r\,fanager. IJe
I

, ;upera:rnuateti
lrorn puniab National r

llarrl il.,llll, Ile is .rlso c,:rhtiecj C.{liB

oi i
tf. \
Vi,
",",/'F
ii
I

-ilr Ch,,iiha has r.asi &:r,ariei c\pet.t€nue

, ."-, j i
I
0., :tl i.cars :n Banknil
]rLclusfur, both ,iti
,

llel,i ,'' Cor.toiate ler.el. I-iis are;ts

01
e.rptl'tuse urcludes credit
appraisal, NpA
l{auagernent, lbreig:r exchange,
]lanflsement ol Bank,s
financial
\...^..--r-
rrLrr]t1,5, r
1l) i Lr- .,]-;-;- laf:tll
vqFr-L(tr rrt{e![LtitCr,
.{tleqLt,I_,,.
r.\t.r,
:y .\r'ual Knrn*. Clriu lin.rr.r.'-f
.\ir i.,.,T-i]:**.-:
t1
.\llil,tl nas sLipe.:atttuatr:d
r(t,! r
ttjtL fIl)nl
J
fir,rnr.. .ir L. L rrct

k
 36
'rfilcer f urrjab Na tro,,af- Ba,T'l"h-*o
u G;u;
rr oikng as Deputr
Gencral i\ianager. lli,s
,:tjucatron qualrlicitlicrn
is ,\1 Sc (piusics) ,

.ur,i 11i:. lJr ir,rs ,li:,o

obt,utL.i1 C.ffff,
.icfil .1cp,rsitorr,), \Cl-Ii (liuhr.rl ,

J'u:r.'l .rn.l li,.r,rrliak, in

hr.suraucc bc.siclt
prolici,:nc-r' r11 Financjal/ l|ealth
I lanagenent
IiL.I littal has r.,:st li variecl experience
c)f
l.er;S r,ears in Bar*ing inclusfi.r,juch j
/ i
inr:lucle.s cret.iLt apprarsal,
i 1 , ' NpA ,

, Iiuragenrent, forr:ign exchange,

I /
I;_ ___r'-.-_
I -.rc',. ,
Recoven. i

11. '"r'---Iiiresh
i I1r ;_-_;_:________
t- Ji'r,c,r1',rt^,. of
j!11estrlution Str.es,;er'l assets. l

lt rir$",rr,i;;u,ir,
i
'j\*crlL "r6gair'a.r cru* ofcr.r:rrx
, (rrrcei n;,,i,,,*.'
Profc,ss]onal an;i a
Chartererl ,,\ccountanf i

,,rrll Ba:lrelor,s
I l_ifh udrllelot 5 cleg;l.ee
deg;ree in Corrunerce
cOrrungrce ,

: firrn De lhr Lhir.er:;ih.

lf,r \h' .\ggaLu'al, has u,orl<cr1

r,ith mafor
A4/
pnr,,rte ,incl rrrr.eign bar*:s
".-#> like Citibanl<,

i Sfanriart: CharteLeci Bank,

utl .lClCi iratik rr.jlh rrlrk
Barclar,s llank

expeli.,nct, .rf
,.1'.,r 1.i r :, r... lljs ntajol area ci rri.rl;
nvol,,,eti handllrg slresseci
asset.s ancl h;,s
l:andlecl c:ases uncier
Dr:bt Resb,uchuiug,
BII;il, SDIi etc

-ur:n; it. tr,iturr,

-\h. .\g6arrr.al h.ts
h;rndle cl pcrttolio conrprising
of exposure
rrom ciiverse segments
liiie steel,
io*.ur, ,
rnt,lastr.ucftrre, oil &
gas, auto, paper,
I

co.lsunler
!,rrod.s etc anri js irr:stknu*_n for. I

hj.i ' uniir', etrfiun.ll n1ectn-s fcr

fast
ils-riutiln of sh.essr:ci ac,corurts and
r

lur'.iaroi.ilid sh.afegies. i{er

has also been
lrstruntt:ntal in , i{entification
ancl
rrtr t,stigitr"rrr ,,: son.ie .i.u.gc i.oJurne
fr.,luci
ca-se s 1n banl,jng
sector. ,
L-*--=t*_
 tTr{ilrtrvKc" o ulb

[R$ffi GtJARryFffi RCh rflvifThf)

ilete ctives, Sec u riiy (. o,r ],,i.1 .i*,r
s uiic

jl
i rr i >ii.r:riois )

#\
.n-?'
.plYt-+-

Biocir
lnO{ 1

Supje*;

Sl"'/tr4adani,

1' Preaserefbrcuirafeslircposal
ia:ei )7.c7.zc]grn ftemalterclted
aCIOve.

L Flease aisc refbr :he

iaiesl Re;:rcf ti {ne;,r;sfice iro,ciira cOmnnrl1ee
subnrltei fo iic: 'i-: ,t;.r:::;::
Ct:::.i :;;t lijJg.2!ig,

3' In this rcgarr" r: :s s.'bnrtei tnal since g.?e rifuresarc report of

'i*stice roriha ccryx*fiee iias i'i,'i
ber:n uploadeci by
. sEBr on its
websife jn feri:s ciiirefficls
cf Ho::,ble Supreme
Couffi passed on
08'01'2C1t'
, artd aftergoing ir*ilgi ire same,
foiiov,tng racts have
been en:srged.-

I tt
Ti:ai ihe cfet r:aaei:''iiig Gua:tfarce l_fd. for totai
sum
ciRs, 2i ,.j;, i " C:::: ;;c r;e,Qa,;,v;:hlr: ihiee y,eais , peticC
has be"eil ftu;:i ic be ila jiio
highesl iil sc ftr as rhe
inoitemrJr l;"j1ns 3if cOicerfie,j. tr_{oulever, il.:s fou

Off. No.Di3-6, Ground Flocr,Si{lo.evj

CHSL , Opp. ,rrct,r- O,_Nogc-,_f
ffi:#
rr; No?c:r, AnCne..
rW), w.arnooi*-ffir?tJl::
te.,dzJtozt:ol,,i,,,,ir.b,,rnroup
oon,o,*Ju,J:::,,^#,::,.::,::^, :UiT::;i" in j w www,rissroup in
;l il;TTi,i;,1'.1^ I::::::.:
 r@
ffifi#
l''f r

t:g'#l
3L,W

{i;) 'i'4.)! 'i.:

* 1-
'i'ic- lr;g
-
uia,'3-^0"!ce L.c,
xas ars' cffbrecl foi the iar;r
inyesiol sai:sflcl.ci
r;i;b,,eci lo ilte ccnciirion thar ail
ui aifac:3C -i
i cp t::i: scf iA Ci i id. subseq
_
uen fi),, brc ugh r:
bi'Trig Guarifbrce lo
the roiice cfthe
committee are aiso
aiiacireC and nace
e,,iaiiaaj,iefo ii foi
saie.

\r11l That the Trig Guarcfbrce

rrd. has macie rrs ofierfbr atland
enfiie pioreides ci FAC_
iii.
4' That, however, despite
finding rhe Trig Guardfbrce
Lrd, as fhe besr
offerer, Jusrice iocha
con:ni*ee :i' itrs aforesaicl
reporr has
observecl that 'none of'rhe ofibreis
;ncruding have furfirieci
fhe condifici:s sp,-c:fiec
in lie 'ACL
iefr.er c,a.,ie(ir6.03.20rs
actrdresseci by
trhe Cornrniitee to pACi,
ird, anci approl,ed bl,fhis
Hon,ble Courf
vrde order datt'cj5,c5.20r
6" aniin vir:ri.theieof fhis
commiriee
has requestei the
Hon'bie supl.ene ccun to issue appropriate
cJirections fo fhe eff,eci
ihat:_
 ffio

(t Offrrer shouia ieposit iLs, 500 Croie

33W
as
it-$r,$ffii

earnesi Money
rsilhh ia'1s ci anv cl-iiei tlme pericci to be specified by
'5
ihe Hon'iire Sijpieile rlciiri;

i;; \
\iu Firung ille c;isi luli:ri r:f ii:ree ,vears to sale ihe propelties

anc io isi,g5il l::i rncney; and

r;i i)
\1r.r/ An unier;aking rc rhis iion'bre court by rhe offerer
ccniair' anri iis dueclcrsr?;r ftirhfiri compirance cf the

5. That in vierv of the aforesaid requer;ts made

by the con:rnifree tc
the I{on'bie Cclfr, '*'e heieb,i siiirnil as unCei:-

(r) l'na: ''re (Tiig iii;arifcrce i.,ioj are reac',rto dmosrt

iis,
50c crcre rhrough Dernancl Draft in favour of the
ccnn:iilee oi :hE sEtsi, as cesirecl, with in a period of

tiiiee atys 17?. cc';is) cn ,:eceiving of fhe consenr ol

atprcvai oirhe Ccmmiitee to oiir thls ofibr.

{ii) TnAl we, ('ftig i.,:r:a:iibrce i,lc.) iiave ailready, ,ride oul

offtr's ftac.e:ai.iier, iinlteci cui paynernfs to be macie

r,riiihin a periad, cf illee 1.eius ancl 1,ea,r.lvise bifrucation

.s"F-
n!' iherecihas a"sc teertgi,ien and uie reitentte, that ure shali
P

t*- lre adhei: ro lhe szictirneiirnils,

 /i;; )
\url/

5" Thus, jn vrevi cr:ne afcresa';d,,rr,e

requesi rhe l{on,bre Committe:
rc leccnsjce: a:.i: ciie: z:,c
)r.ti!i:.teiai;s accclCurgly
I,ijrhin it,n,ee!;.
sg ihar 'rne uy ci-r:c"i;si:e
zii,i),.:iicl Rs. 500 ,3rore aiong
wiih
ap pr c,priale :i;G?:!i.
r:n1i
fonhriritn.

i , Piayecl accorcngi"l.

.*fvft 'Ihankfurg
you,

;: Sincereil' )/oL1's

For Tri,e C,uardfurce fid.

 fuX Ertl# -cl+ -;,:;,r)*-oJ
d$fdi.#pi pnATl $H TIiAru
trl J0 r_iroLrrns Smrrshrlp. I.arlan Ro;rd.
.]llr.
Jirhade' l.icu !l;dpslr. pune. lll j0:,
j: :.lj__-;f .lil' i,lr'{ry$rygnr,rt ;o:r;
^f
!glgl4{s a t, zo t st F a60g5, pu ne
irNi r\v., AAt^rt1.,-,,;.
nAt,tJtJt/(r,
_I.r.,\ ^1,'l IAN NO pNE"rOEZ64G
I l:^;- ,.
;, t.ts; r - hr::/,jalhkprafisi:llal.cig
---
1
i$tri. i{asiiinatlr CIr:var,
]Tleawer 3s
0rr,t9:2f , of.&otj
?\r,

Refsj. Jus$dce ft.&,[ n

ocihn,

j'he }foll,ble
Chairman,

TIae head of n,odha

Connmrftee

(nn ehe ma{ter ofFACil Ltd.),

Securifies anen Exc&allge

EoarC cI j::,iie,

Sebi Bjaavan, C4-.A, ,G'

Siricj<,

Bandra-Kulrna Complex,
Eanrira iiasf i,

lMurnbai- 4000SI.

stBt i n r, 2c )\0 129 l,rctlaog| 3 !

suh'fecf: con/ention 0f
'laniok Frafjshrh;rn iigarilsi fiie Repon of
the Honrbje suprerne
this
r"\) n,.vr r E\.unflrrnrl[e€
Hon,btrecomnrifteefc
{,,urr rn ;rirgust ic.rg.
Respecfer!Sin,

i. 1,!'e, the janjc.li .Dratjshthar. prine.

invesrois righ,
representing over 75%
il;;;, il
ini,estcis of lrACL. The
e

;,ji1T,^;;J,ii,,"iJ*i*hi^,,;
.ianrck prarishtlun, pune,
orusader of the PACL inveslcis, being the
enrjeavor tcfbnvaid thejr intrinsic and genuine
opinion incontext rvith 1re report
sirbnirteci by, the corrrmifi:ee
devetropnrerrts and current
accordin gjv
2, .iilnlok pratishrhan r,n, ir., il li,;se anc coiirinuoii^i c'.riact *irh *e pACr
at ihe grass rooi le-,,ei i'cr investors
t,:e iasl 3 ,,,eafs
3 \'ve want to bring ii 1,cii- i,,lt;,;e ii:;i
ri,,-. i;a( appeared
befbre the iftn,bie suprenie
courl of India in he irearirg g,,r.)r,rci9
cii enci baseci on suggesticlns,
Supreme Court passed an the Hon,bre
or<jer dateo g iji,'2(i19
ciirsctilg ihe ccrnmiftee to
AlCs to deaj ivith the prcperlies pACf consider
of
4 The 'lanlck Pra'lishtiran ias i;'ln:rcus in!:sirrs
ci:iii:ig r.r sr'r,s ii.m i.anous staies
expressing thef rr0lcen iia,in E iri.ri;rg tne iron'bie Suprene (lourt
directecr
irr;:irr:;i,iariir rhi::
:::.T 1r^TC .;,;#*rp,,,,c _jre
idca of
Lrsrng an ARC because
ii i,r,iii ta^e r.,.;"!.'rirsicis.;;;
a r*:ig i;ne as s(len in previous
cases where
AItCs rned Ajso ali,:r:aii;rr;g :.: sr:nja],rnC,
'rere
tlrat such a nethccl cf i-isil;r .,,j;.cs
i,l,r, ;;;,;';,,' knorvlecige
i,: i,.=ji i:ie iisseis oi pACL r,r ili a.i
fstch nucir
,.,'alue

. l^r1l
{-i-'r92'
 ,i$i hs $fi p fi{ATfl $ H TFt$t f{
96 iql
Cjlice No
\irhldev
1(,), Chourang Snrirshiip, trlan1iri i(oarJ.
Na,3ar. Ilarlpsar, pune - 4. j 30i

I Sar" Suna:ia l{aiar:

i Lnalnlan ] Shri, KashinaJi; C'j:aral.
I Tleasurer
qn'qn, 4tzfzog

5' lte rnechanisrn iinaiemert::"i in Alii

is,rigi:ir iec;ous ancil:ngflry
whrch iesulrantiv
vrill dela-v ihe pa;'meni tc ihe
intesl'rs rrrireasji fte ini,esrors
nave rost there patience
anC people ?ue c'r:j''.r::i;:r
having proposals
su;cj.ir ;, .,,, i.re,,rrrrOi,
.ir,r;;;;;?;_
e:r:ii:r;r:rg i0 ic'ilav the ji:v,estor
tha!.

icoseitsnoiale aiii;rllli
li*liriry, li,eu
le iighl; -ir^,r{lsr;iullciirrianlciltail:shthantoccnroi
ffiffi;;
iage,of'nillicns cf jlvesicis lhe
jtas ;i,i:icit ;: di;le 3iri;i.,, rj*,e in th,; le.st 4
i ears.

6' Ihat, the Janiorr Frat;srlhan

m,j, a':):r'-s iegl5ig1.eo menbers ajc,ng
inl'estors painfuiiv e)ipresses witrr the .F.*CL
the;i" cisr
relb s ed rhe rar r ok Fri,

,lanlok'iltr a neeiirig
rj s hrh a r, s t;,ilffi ;::ffi ?:,;:: lil;l',,,:i1,,ffi l[T
l: ;;ul j:;ril: ih-;i. iija.:Tir ;anlck Fiatrslrthrin
I 'position to accepi lhe :ellns a;ic cllnii;,ii;'s si',cil
,ra^s in concretJ
bi the ccri*itree ancl a ccrplete
flan of horv jt .*,ijj tive iie a;ltu::i oi 4g.i0{j C,o* ,,frm
menfroned rii the
propcsaiirsrite cf ha'illg
lhe sltri: lr',larlllr P:arislithan
jnvestcr tc reful,l the claun tilt the
iasi yeiail oiiei *'er,-' inr ited b:il ianiok pratishtha'
"r,tiieis iv,,s n't part r:f it
Janroi< pratishthae ailsc
seri a;r ena:j an,j a subfijtied
a iei-rer by had at the SEBI
fuiumbai ofi)ce reqiiesdng
i'oi a neirjfig in tiie san;e
regari How,evrr Janlok i!?s n'i
given ani'repir arC
ii t t:s ;ril given ir,r:ta.iruD;,crtunili
ic put lbitit our plan.

7 ' The Janlok pratishtha;i

Bas and is seeking meeling
lvith iion,bie Rerd. Jusrice rodha
to nesoive the disere;:a:cles
ali i:"iiE rJriieei our ifie reqiiisition
of the comrnittee
fbr the fair dealin't ani lrcposal
a,'t ru fbii cnance of cliscussion
vie, an appoi'tn,:nt
even tlilen Janiok Praiishien
slugitt fli a r:ieetr'g *ith the comrnj1iee n number
trrnes. of
B. Even as of tociay aiso tie.;ar;cii
-jratisrriian has aco.:crete pjan to meet
the said oflbr
in it's plan. The rnajcr highiig'r
i;f rhis 1:ian i, ,,,' po, .,Jlir',rrrr,.,
r'-'r v'^ 'lrrw r'yvr iiabiritl,in o'e
single pay'ent t0 the commjnee.
9' As it was the earlier crier cf the iion'bre
silpren:e ()oi:rilo seek proposars
public and the same js fioni tre
a'railable ri'ith ianiok u,iiich
needs to be cclnsitJeretifirst
before,{RC iinpl ementetl an,j
cn.

\oYt
f^(nr-'"t
/.4
, '
 #& $rr I.,# K piq,&lf $ $ fil Tf{Afd
3? .f il",.',,.*+ Ir. rChourang
O:ti;e

)rinl1:r
\,r

::t,, 'llr.t-f
tlu(llflr]f )illllShrlp

il:l-.::,
., iuilri .{01,..
Sinirbhrlp .'tuilri
.\:rgrr. Hadps.1r. lur:e - I,l 10..
Ennrl: jlnlokpr,uishtan5S
ilnloknr,urihhniQ ;.,,
rr,srn,t jl.,om
j, r1l_l I
Hr,iB 1 na $,i6 rls.l p
*,
PAN NC, : AAcrJ 1 3zz(m-N;tfr oeffi
lt'ebsire
it'ebsire - i:ttp
l ;r7janiokpratij h fhaii,0rg
5aal. Sunancia i(adai:n
/ Siii, Cai:esui i(ha,lia,ie
I Lnal-man ,|5hri. Kashinarh C havan,
.5 lcleiurt
I lieasuler
qffis s. 4rzf zot$

't ,fJ,:l|lT1,IlJJ,::Tl'::' r*ij consicei rhe concern

orraniokprar,shrhan
ri,r

ffi #*#i* *k llfiiffi ,:' *.!il tr#

reduce rhe compiexiries
oi
^Rc ;;r;r,#"ff;ffi ilrTJHii,
will get the righffui
appiauds anc apprrriJ*cn H:Jl,*;
with rhen and getring ol. o0 mjjrron rnvestcrs fbr
i:acji ie rirnds ;;il;;*rrcx rjme,
stancine

iLranking you in
anticioaticii

l ours Srllce1ei,1,,,
-1KaL.,\ 01111
.\irs, SuYanciaRll*u,

Chuirperson,

Jantroii llratishfhan.

)t'\
,i-t'
.s"ryt'

,t
 ,4tlrplttQE -efuD,,f:
,s

za' lanuar,,'2AE
To, i \,r

The Nodai Officer

cunr Secretary

cffice of the rustice ( t..

Retd ) R rv1 LOD!A Commitree irr the a\ 1 l' \'!
,aiter of pAC[. ,;'';-:,,,,. :s,QY.::.,.i-
5[Bl Bhavan, Bl(C, p/ot
no C 4_A, G glccft .

Bandra Kurla Complex,

BancJra [ast """.,'' 30JAI'l iUiE
,

t:
Mumbai-4O0 051 :
,,

u:
i

ttla
i

ri"t /
Sir f Madam, iIilffiffiIIilI
Ji.) $a ) 3tj; ;iil)Alli U\:

Srrb : 0ur letter dated I7t, Januart,

2a.)g &Tiiir ji_AilDi Gl0BAt
lNVisTOn 5 tul[Er
2019

u'1,:o:n,',i ch ,vas se*

Tft ::,i:iiiTil:,T,;:fifl:;;,;:o; r0 vou by enrai,and a/so
ha,c
Jsp
-s kind notice ancl consicJer.aiion. /rs! t0 brilg if e frllor,,,,rng
developments to yolrr

,i TherecentTAMiLl'TADUGLOBAT/iriiESI0RSfr;iiI1Gri,,1201!rnelccn23,,&
;b iillllre I'
)ti,,ts,t,,^n,1^ta 4
grand and ,,,ur,rn
3rand success ,na rcu Qc
atfr,ar"tp,"l ;.:,
? nl ;,
r.r,i.^
,.",1,^
n5 J LL ;al(iti iilraS -
-'-'
Of It,,,esirrrcnr
cri nt/estnleni ih.ough
"
January 20"19, was

severa/ !1OU,.S signeil

:ilitr l,ffi 3';:f;jffi fi ll ]i::
UftIITED l(ifrlGDOM;
f,,,,, ;, ;: ;,; ;;;,;;;,il ff ?;Hl,lifiil3il
JAPAN, & AUSTR;_ ...

, Paper cut.ting Enclosed os Annexure -!

' 'vvearehappyto infornyauthatl'rehaveaiienderiardbe:rpa'icf

with MD/C.O of Glful, Glful,hauopportrrnitytoinferact
l,,lOU Sig.ecl Ccrporares
Factories/industries/Rener,vab,e,nrrgl,pu,.lu,,Fcocl
iir.ii,C,s io i,egin their
parkse:c,etc
wish to inform thar G1rvl2f1e,
il,fijj:::ilfilffr:i
has,,r,irnessed investrnenrs
;,|,]||,|:T?:rlii::||rve spr:arj across arl

Furthertoaugument GillMOU's,TamilnaJuGci'e*,"nei:iiTNGrvtJcar/edforseftingup5000v*,/
of SoJar polver projecl in VlRuDhuNAGAfl
lrradiation 5,9 Klvh
/ riiurAiri ]-ilApuflA[,1 Districts ( vrhere high
5o/ar
lsqntlda',, is a,,ai/able, tcr
required, so there is jmmediate
need of 25,09,:::l,i#irlJotJ',i!,iiir'id;ffilliffii
\,Ve also urrderstood frorn re/iable
souices that TN Govr,s 5 jpCOT
/TtDCCis looking for big land parcels,
pACL
/ Lancls are ava;1ab/e in fhese disrri*s, vrhich can
::f::ffin:rnmitree be offered to above

,1,*
ccmpanres, who have ro incse
ffi,fiX*l':-i::T:::n,i: signed M0u,s
t ; ;;: ;ffii', ; j,il :ffiffi :;
1ar_c1is
to pcor s,
;llJ),;;l'
lanuary Z}Zl'. L:ly; :i:,T1 :':'

Address : #9, S fv p
ibr, Pcrur Somas;;niara:n S:reil,
i-mailtd: l,lrJagar, Chennal . Ali.,;;;;; r 0,{d 283.1 3c5[r
Ittltrksm^,",,; r;.;', ;''';1r*rA lnnrnr.
6uC

^rA,,n , ^"j,i/ :ltllilg

 ffiruerlgff{&wd n(:',
pfopry,fi,fl:cfl,#,frit{dft
o raioi,r%r sale of tlrese lancis is ', As ls u/HERE rs BASIS" no Corporate / IVlNC's t
, Govt bodies doesn't come forvvarcr for purcnase of
these lanrl:;,

While rve sLrbnritted orrr final offer for buik pLlrcnase cf lanijs
n three distlcts KANcHIEpURAM,
ViLLUPURAM & DliVDUGUL,vide oui' rep13se frtalicir ielr3r
27ih Januarr,, 2a17, dl.a6't February 2a17
& 21'f lVarch 2017 andalso vide restons. ic your;rrailoateci:iF:r
Ociober2017' lve have assessecl
and all datas pertaining to land such as, T;rpe cf lanc,
circle rate, Fl,4E sketch , Village map, possession

fr status e.t.c e,t,c.

-v
"*9v With this experience we are giving belaw the STEPS wnicn can make Committee / pACL l-and
ao Marketable and get FAIR MARI(ET VAi.U!,

IIEq 1:

ln Tamilandu ( TN ) out of 33 ciistricts Commiltee

/ PACL hold iancl parcels in i4 cjistricts with 523
villages lvith total extent of 84053 Acres as given belor,,

iTyt;-tr**'i Llumbei'oi Dcc;rnents Extent in Acres

SALE DEED
3i328
497 16

Ltl5- --
ATS
i 357 i loog
TOTAL
I I 917S sdnql
This data as per l/arch 20i7 After tuiarch 2017, Ccinnrirtee aOleci nrcri'd"*-rti;
yj!!.v,"ALl"q!"9_lLpa-ql,!,0-D and recent ii!v,,i,!,e_!.;12.1_..ltj.ail-q.iii?,i,.q!ii nr:f included in abcve,

These lands are purchaseci Lit tc 15 years agc, anci iylng as barren land without gwnership
claim for last many years. Now ihese ianC are e njcyeC by lccal villagers and in some places
adverse possession exists,

lILPzr '

lVe neeci to identify village lvhich have coniinurt';' in each dist'ict, so that these lands can be cffere j
as one land parcel,

We have also observed IQ%ta L5% pockets / gap lanrJs in each village. We need to collect pocket,/
gap land Survey nos/ sub division'with cr,vne,nanrp q0 that sfpn(.an he tc inclurje in thr:
\aken
offered land as consolidated parcels

STEP 3

Title verification through EC,7l12 extra:: Patta a'J c:her re,en.e r:cords need i: be cl'eckeci qo

ensure that all documents are in tact to sholv tie jntei'esied Compa ries / Buyers.

illt_4

ldentification of land, survey of land an,j'ntL;ie:icn rey;'rLe re:or0s need tr be donr: though local
revenue authorities

ilt
b lt /,
lr ll l,i,
It(j,,L*/4 "'

Address r #9, S & P Classical, 3rd Floor, Forur Somasrniaram Si;'eei, T,Nagar, Chennai.- 6Ai. A17, landline : 04,1 2834 3050
F.mail irl, crrnla.rlannnnrfinrn",+lf.la^--!l -^- .lf,l , I ltnrnlT\t.4n1 tta^rAr tn acTr\r 6^^ tt/...^^/t/11.
 Yff,

"*s(
'U
,d\.
9

$ "# /....
egdffld ffiyf,ffi ":,"
Frapg#1qg
J vFP \
Pvt Ltd, ' .o),,'"

i\owlve need to arrange the Companres I Bul,er. actuaisite rnspection, therlto provide Gcog e cocie
/Googlelocationco-ordinates/F1,,'lBsketchr,rithccnrbjnedl,4apofcontrnuityviliageset.c,e.ic.
We
also need to provide informations such as Raii/ RoaC,i Air connectivitir r,vrth
dista,rrce & localmanpolver
talents, and other utilities avarlable nearb,v'to irre land
0ercels orfereri

)iEP O

Contpanles / Buyers expect us to subnrit l'urther mcre cletaiis that are requirecl by tf eir project,/ legal
team, before issuing offer letter to Committee 0nce these cetails are clearecl,
Corn'panies / tr/Nc,s
will issue offer letter to Committee

STEP 7

As soon as Committee accepts and issues demano note ir favour of conreanies i Buyers,theT vlill
remit full payment.

For doing above services, Companies

i Bul,ers pay, us service charge as soor as physical possessicn is
handed over to thenr by us ,

With years of experience and knol^lleclge , ,rue have en0ugn r3sources manpor,,rer
/ / associates /
channel partners in all districts of Tamilnadu to execute above STEpS and
make Committee /pACL
Land rrarketable anclget Fair tt"larkei price rviih fhe Gilrl20i9 f,l0U 5igreclCornp;nies and aiso with
Govt. Bodies,

Looking forward to hear from you, so that',,.,e can sul;nrit basic cje:ails tc all
COp0RATES / MNC,s /
Govt Eoclies t0 initiate discussion

we strongly feel that this is tne i'ight tinre ani 0pportunity to setll these huge
land parcels,of Committee / irACL lancs in TAirliLNADU,

rnanKrng !'0u

Yours Faithfully

For
il
tF,

tl
lv
M.SI

MANAGING DIRECTOR

tllP --+91.971AA 44444 +9i 97890 1234s

Land line : +91 (a4) 2834 3050

Etnail id :j-qllbglpJqgerc:p$lq|gg[;1LAjt,Ilr_laiqOqir.d_$rr..n;iii c._qry

Website : W\yWJ!111-l"A!d.in,I-91, try_9,l:ry_,fal:llly1l.l3.Rp, Ur

Address; #9, 5 & F Ciassicai,3rd Flocr, Poriii ScmasincaiaE Sireet, T,Nagar, Chennai .6|,t Ali, lanrdline: 0.f4 283,11 30i0
E-rnaii lri: silnlandnr.onorfipsnvfliddcmaii nnnr I d'JNl . li7n1fl1TN7nnf,pT/^nr,n{r1 I C(Ttn^t ' ??,ldr/a(lA?ArJ7.r