JAI ENTERPRISES Vs. AMBIKA ENTERPRISES

JUDGEMENT

(1.) The second Respondent Trust is the owner of Survey No. 124 of village Wakad, Taluke Munshi, District Pune admeasuring 4 hectares 67 ares. 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 consideration of Rs. 1,26,09,000/-. The first Respondent contended that the sale was at an absurdly low price and against the interest of the Trust. The first Respondent also offered a price of Rs. Five crores for the said property. The said writ petition was allowed by the impugned order dated 4.2.2010. The High Court directed (i) the Trust to re-advertise the proposed sale of the said property (ii) the Charity Commissioner to consider the further offers, if any, received in that behalf and (iii)that if no further offers were received, convey the property to the first Respondent for a consideration of Rs. Five crores. The said order was not stayed by this Court.

(2.) 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/-. This Court on 30.8.2010 clarified that as there was no stay by this Court, the Joint Charity Commissioner may proceed, subject to the final result in this petition. On 19.10.2010, the Petitioner made a submission before the Court that it was willing to make a better offer. Therefore, this Court, by order dated 9.10.2010, directed an open auction in Court on 9.11.2010. On 9.11.2010, this Court held an open auction in which the Petitioner and M/s. Rainbow Realtors (P) Ltd. participated. The first Respondent stated that it was no longer interested to buy the property. 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. In view of the Rupees five crores deposited by M/s. Rainbow Realtors Pvt. Ltd. (who was the highest bidder before the Joint Charity Commissioner) was ordered to be refunded with accrued interest.

(3.) When the matter came up today, the Petitioner submitted that it has deposited the balance sale price of Rs. 15.50 crores with the Registrar, Bombay High Court on 4.1.2011 and in proof of it produced a xerox copy of the demand draft dated 3.1.2011 (issued by Corporation Bank, Pune Main Branch on its Mumbai Service Branch) and the receipt issued by the High Court.