Ekaashira Agritech Pvt. Ltd. vs National Investor Forum and Others

Heard learned Counsel for the parties. Leave granted.

Consequent upon the directions issued by this Court, followed by the orders passed by the High Court of Delhi, the properties belonging to the Appellant - M/s. Ekaashira Agritech Pvt. Ltd., and its subsidiaries, and sister companies, were sought to be sold through a tender notice published on 01.03.2014. In the instant tender notice, one of the land which was the subject matter of sale, was located in the revenue estate of village Harsola in Indore, Madhya Pradesh. The aforesaid land was described as an agricultural land measuring approximately 205.170 hectares. The tender notice fixed the reserved price thereof, at Rs. 82.50 crores. Despite the fact that there were a number of properties put to sale through the aforesaid tender notice dated 01.03.2014, and further notices for the same purpose thereafter, it is only the above land which is a subject matter of consideration insofar as the present controversy is concerned.

The attention of the learned Counsel representing the Committee was invited to the following observations which were contained in the counter affidavit filed on behalf of Respondent No. 3:

"That as far as issuing NOC for effecting transfer of the lands in favour of the Petitioner is concerned, the Collector, Indore; has no reservations in doing the same, as far as the ''land in question'' belongs to Golden Forest (India) Limited and the sale is completed between the parties concerned in a proper legal manner. However, at the same time the Collector seeks to reserve his right to claim interest of the Government/State (if any) on the land in question, if any dispute regarding its ownership, it is raised at a future date."

Learned Counsel for the Committee in spite of the factual position indicated in the counter affidavit, as mentioned hereinabove, affirms that the land measuring 195.789 hectares which has been purchased by the Appellant, belonged exclusively to Golden Forest (India) Limited.

It is not a matter of dispute, that the Appellant herein - M/s. Ekaashira Agritech Pvt. Ltd. was the sole bidder, for the above land. The Appellant offered Rs. 83 crores for the above agricultural land measuring 205.170 hectares. A prayer has been made to alter the price offered for the above agricultural land, because as a matter of ground reality, the land which was offered (measuring 205.170 hectares) physically measured only 195.789 hectares. The Appellant accordingly sought pro-rata decrease in the price, by taking into consideration the rate of the land as per the bid/offer made by the Appellant, and the land actually available. This prayer made by the Appellant before the High Court, was declined vide an order dated 23.07.2014. It is, therefore, that the Appellant has approached this Court claiming, that the deposit made by the Appellant be either returned to him, or the price be decreased taking into consideration the availability of only 195.789 hectares of land, as against the offer of approximately 205.170 hectares.

Having given our thoughtful consideration to the submissions advanced at the hands of the learned Counsel for the parties, we are satisfied, that the prayer made by the Appellant is wholly justified. The offer made by the Appellant, was based on the assumption, that the land which offered measured approximately 205.170 hectares. Since only 195.789 hectares of land was physically available, the Appellant could have only been charged, for the land that was available. In view of the above, we accept the first prayer made by the Appellant, and direct the Respondent-Committee to ensure the transfer of 195.789 hectares of land, in lieu of the pro-rata price determined, by making a deduction from the land offered, as against the land physically available. The Collector, Indore, Madhya Pradesh shall register the sale of 195.789 hectares of land, without any further delay, consequent upon the Appellant depositing stamp papers, keeping in mind the value of the land, which is the subject matter of sale.

In the second prayer made at the hands of the learned Counsel for the Appellant, it is the submission of the learned Counsel for the Appellant, that the prevalent laws in the State of Madhya Pradesh, do not allow ownership in excess of 30 acres of agricultural land. It is submitted, that the Appellant be permitted to nominate persons in whose names the sale deeds should be registered, so as to ensure that the sale transactions are in consonance with law. We find merit in the instant contention as well. It is accordingly directed that the Appellant should be permitted to furnish the names of nominees, so that the sale documents can be executed, in consonance with law. The instant prayer made by the Appellant before the High Court, was also declined. Keeping in mind that the Appellant was a sole bidder in response to the tender notice dated 01.03.2014, we are of the view that in the absence of any other bidder, it would be just and appropriate to accept the instant prayer made by the Appellant. Accordingly the names of the nominees of the Appellant, details whereof recorded hereunder, shall constitute the purchasers in whose name the Collector, Indore, Madhya Pradesh, shall register the sale deeds.

Consequent upon the registration of the sale deeds, as has been indicated hereinabove, the Committee shall refund the amount paid by the Appellant in excess of sale price of 195.789 hectares of land. The appeals are allowed in the above terms.