The following information was discussed in the listing on 1/3/23. Based on this it seems that independent valuation was not done
CP(CAA) No. 14/Chd/Hry/2022
An affidavit in compliance of our order dated 03.02.2023 filed by diary
No. 00293/14 dated 27.02.2023 is taken on record. The deponent Mr Mander
Vikas Gadkari was specifically asked whether the valuation done by him was
after the independent verification of the assets reflected in the Books of the
amalgamating companies. Reference was made to para 14, page 8 of his
affidavit, wherein he stated that while determining the Fair Equity Swap Ratio,
they have considered 100 acres as the total area of the project for the valuation
on the basis of which the fair equity swap ratio was valued. To a pointed
question by this bench as to whether the total area of the Embassy Cornerstone
Tech Valley Project was independently verified with relevant records, Shri
Gadkari clarified that the valuation report has been furnished on the basis of
information submitted by the management. This was confirmed by the second
valuer Shri Niranjan Kumar.
Both the valuers, including Mr. Gadkari, are directed to specifically state
on the affidavit whether the assets of the company were independently verified
with reference to the relevant records, the valuation done by them on the basis
of which the Fair Equity Swap Ratio has been decided.
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