RATHINAVEL Vs. R B F NIDHI LTD

JUDGEMENT

(1.) HEARD both sides.

(2.) IT is brought to my notice that several members of public have deposited their money with the respondent Nidhi, which are alleged to have been diverted by way of loans without proper security, violating relevant norms and bye-laws of the respondent Nidhi as well as several provisions of the Companies Act.

(3.) PLOT Nos. 268-272 and 274-277,6th Cross, Indira Nagar, I Stage, Bangalore 560 038. Premises admeasuring 9 grounds (1 ground each) Inspection between 10.30 hours -17.00 hours on May 22nd 2000. Interested parties may send their Quotation in a sealed envelope, superscribing boldly the name of the property at the top of the envelope the drop it in the Tender Box placed at the Registered Office of RBF Nidhi Limited at the Registered Office of RBF Nidhi Limited or send it by Registered Post to the address mentioned below on or before 5th June, 2000. RBF Nidhi Limited "Gokhale Bhavan", No. 8, West Cott Road, Royapettah, Chennai 600 014. For alternative inspection dates kindly contact 823 7898. Paym ent terms would be indicated at the time of inspection. 6. Admittedly, the petitioner who is one of the directors of M/s. K. Subbayya Pillai & Co Ltd., Guntur, is having interest to purchase one of the properties mentioned in the notification and has submitted a sealed tender. Since the notification did not disclose the date and time for opening the sealed tenders and also did not provide for further public auction after opening the sealed tenders, the petitioner seeks a writ of Mandamus to direct the responded RBF Nidhi Limited to call all the tenderers who have submitted tenders in response to the advertisement referred to above for a negotiation after opening tenders and to knock down the sale in favour of the highest bidder between those who have filed their tenders as per the advertisement. 7. Mr.N.P.K.Menon, learned counsel for the petitioner contends that the petitioner, having filed the sealed tender, is entitled to know the result thereon and for an opportunity to bid more amount as against the highest tender amount, which would not only give him an option to quote more amount, but also enables the first respondent to fetch a higher price to the properties in question, in order to protect the interest of the depositors.