The Hindu Business Line : Stay order on Finlay mills land sale

The Delhi High Court has granted an interim stay order against the National Textile Corporation calling for any new bids for the 11-acre Finlay Mills land in Mumbai, for which real estate developer Lodha Group had earlier emerged as the highest bidder quoting Rs 710 crore. The Lodha Group had approached the court after NTC rejected its bid of Rs 710 crore for the Finlay Mills property in central Mumbai. In July, NTC had put up the Finlay Mills land for auction with a reserve price of Rs 708 crore. The property received a fair response, despite the lull in the realty sector then, with the Lodha Group initially bidding Rs 657 crore and Indiabulls Real Estate offering Rs 520 crore, against the set reserve price of Rs 708 crore. Subsequently, the Lodhas raised their bid to Rs 710 crore, marginally above the reserve price. However, NTC's asset sale committee rejected the offer. - Our Bureau

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