“The contention of the appellant is that the appellant has purchased the attached property with the purpose of constructing textile showroom as part of the Appellant’s business. It was purchased by the appellant and his brothers and the same is contiguous to a larger area of the land measuring about 78,000 sq. ft and total area of tracts of land comprises around 65,000 sq. ft. purchased from third parties and 12,945 sq. ft. from one Ms. Dhanlaxmi Sridhar by virtue of the Sale Deed dated 29th February, 2016 for consideration of Rs. 5,30,47,500/-. She is the daughter of one Mr. Sridhar Dhanpal, who is facing criminal prosecution in various matters. Learned counsel for the appellant submits that in order to get rid of the dispute, the appellant and his brothers are prepared to deposit the sum of Rs. 5,30,47,500/- being the amount paid towards acquiring the subject property with the respondent so that they may do their business peacefully. He further submits that as per the Section 5 notice, the respondent himself in the schedule of the property has fixed the value at Rs. 6,47,25,000/- as per the guideline value of the property Registration Department, Tamil Nadu. He said that in case the Department is satisfied, the appellant will be prepared to pay the said amount itself although the original amount paid to the daughter and mother of the accused was Rs. 5.35 crores. He submits that the appellant representation dated 12th January, 2017 is pending with the respondent and he requests that the same may be considered by the respondent so that the present dispute between the appellant and respondent be closed.”
