2 to the first respondent for a companysideration of Rs.
The first respondent companytended that the sale was at an absurdly low price and against the interest of the Trust.
At the said auction, the petitioner made the highest bid of Rs.20.50 crores Rupees Twenty Crores and Fifty Lakhs which was accepted by this Court and the petitioner was permitted to deposit the balance of Rs.15.50 crores after deducting rupees five crores already deposited by it in pursuance of the order dated 19.10.2010 with the Registrar General of the Bombay High Court within eight weeks.
The second respondent Trust is the owner of Survey No.124 of village Wakad, Taluke Munshi, District Pune admeasuring 4 hectares 67 ares.
The High Court directed i the Trust to re advertise the proposed sale of the said property ii the Charity Commissioner to companysider the further offers, if any, received in that behalf and iii that if numberfurther offers were received,convey the property 2.
On 9.11.2010, this Court held an open auction in which the petitioner and M s. Rainbow Realtors P Ltd. participated.
This Court on 30.8.2010 clarified that as there was numberstay by this Court, the Joint Charity Commissioner may proceed, subject to the final result in this petition.
The first respondent also offered a price of Rs.
The said order was number stayed by this Court.
Five crores for the said property.
The first respondent stated that it was numberlonger interested to buy the property.
At an auction held by the Joint Charity Commissioner, in pursuance of the said order of the High Court, M s. Rainbow Realtors P Ltd. was the highest bidder, its bid being Rs.6,70,25,000/ .
Five crores.
The said writ petition was allowed by the impugned order dated 4.2.2010.
The first respondent had filed W.P. No.7373/2008 for setting aside the order dated 8.10.2008 passed by the Charity Commissioner under Section 36 of the Bombay Public Trust Act according permission for the proposed sale of the said property by the second respondent Trust to the petitioner herein for a companysideration of Rs.1,26,09,000/ .
Therefore, this Court, by order dated 9.10.2010, directed an open auction in Court on 9.11.2010.
On 19.10.2010, the petitioner made a submission before the Court that it was willing to make a better offer.
