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HC confirms SIV Ind's mines, stock sale

Our Bureau

Chennai, Aug. 30

The Madras High Court has confirmed the sale of mining lands and stocks belonging to SIV Industries Ltd to India Cements for Rs 1.80 crore against an upset price of Rs 38.23 lakh.

The mines and limestone stocks are located in Perambulur and Tiruchi districts.

Three of the earlier auctions of the company (which is in liquidation) were cancelled.

The upset price for factory in Sirumugai was Rs 112 crore, plant and machinery in Karamadai was Rs 2.10 crore and land and buildings in Palani was Rs 6.10 crore.

A sale of barren land in Mettupalayam was confirmed for Rs 22.50 crore against an upset price of Rs 1.45 crore. Pulp stocks were purchased for Rs 10.10 crore against a reserve price of Rs 10.03 crore by Viraj Exports.

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