Financial Daily from THE HINDU group of publications
Thursday, Dec 01, 2005
Financial Daily from THE HINDU group of publications Thursday, Dec 01, 2005 |
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Corporate
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Courts/Legal Issues Industry & Economy - Real Estate & Construction Bangalore party clinches Standard Motors' property Our Legal Correspondent
Chennai , Nov 30 THE Bangalore-based Sriram Properties Pvt Ltd on Wednesday obtained the green signal from the Madras High Court to buy the land and other properties at Perungalathur, a suburb of Chennai, from Standard Motor Products of India Ltd (now in liquidation), for Rs 154.10 crore. After disallowing the plea of the successful bidder in the auctions to have certain clarifications about the title deed of the 57-acre property, Mr Justice K. Raviraja Pandian held that the deal must be concluded today. On behalf of the buyer, a demand draft for the value of the entire property was handed over to the court. The judge asked the official liquidator to take steps to finalise the sale immediately - endeavour should be made to have the sale deed registered within a week or so. The judge said that while the court would not involve itself in regard to the legality of the deal vis-à-vis the ownership of the property, the buyer had always the legal remedy even after the title deed was registered. In any case, the report of the official liquidator providing certain clarifications on the issue as asked for by the court had no relevance now. Counsel for the buyer submitted that they had demonstrated their bona fides in regard to the purchase of the property having been the successful bidder. They had paid an advance of Rs 14.2 crore, and were submitting to the court a DD for the balance amount. Their only anxiety was in regard to the legal implications of the assignment of the land by the Tamil Nadu Government years ago. The workers had placed their demand for payment of compensation of about Rs 53 crore. The Judge directed the authorities to sort out these issues through adjudication within the next 3 months or so.
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