1 IN THE HIGH COURT OF JUDICATURE OF BOMBAY IN THE HIGH COURT OF JUDICATURE OF BOMBAY IN THE HIGH COURT OF JUDICATURE OF BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION ORDINARY ORIGINAL CIVIL JURISDICTION ORDINARY ORIGINAL CIVIL JURISDICTION COMPANY APPLICATION NO.1077 OF 2007 IN COMPANY PETITION NO.144 OF 2006 SICOM Ltd. ..Applicants. V/s. The Official Liquidator. ..Respondent. (Anant Rotospin Ltd.) Ms.Rashmi Vaity i/b. M.P.Rege & Co. for applicants. Mr.S.Ramakantha, Dy.O.L. CORAM: A.M.KHANWILKAR,J CORAM: A.M.KHANWILKAR,J CORAM: A.M.KHANWILKAR,J DATE : FEBRUARY 14, 2008. DATE : FEBRUARY 14, 2008. DATE : FEBRUARY 14, 2008. P.C. : P.C. : P.C. : 1. The Applicants had produced valuation report of M/s. Basavraj Masanagi & Co. On perusing the said report, I had my own doubts about the accuracy thereof. For that reason, to reassure myself, by Order dated 18th December, 2008, I directed the Tahasildar of Village Kagal to submit his report regarding estimated market price of the suit property and also to furnish information regarding latest three sale instances of agricultural lands and industrial plots within his jurisdiction. 2. The Tahasildar has submitted that report, which indicates that the aggregate value of all the 2 immovable properties, which is to be sold as one lot, should be around Rs.2,95,00,000/-(Rs.Two Crore Ninety Five Lakhs only). Thus valuation is much higher than the valuation done by the private valuer. 3. In future, therefore, the Official Liquidator, in all matters, where valuation of immovable properties is required, shall invite direction from the Company Judge- so as to call upon the concerned Tahasildar to submit estimated valuation of the property in question. This would not only ensure that fair market value of the property becomes available, but it will also be a cost effective measure. For, that report will be made available without having to spend on the professional fees of the valuers, which invariably is is in couple of thousands. 4. For the time being, this Application is disposed off by fixing reserve price of the immovable and movable assets and the properties of the company in liquidation as Rs.3,10,00,000/-(Rs.Three Crores Ten Lakhs only). 5. The Applicants to publish notice for sale in Times of India(English Mumbai edition), Maharashtra 3 Times(Marathi Mumbai Edition) and Pudhari(Marathi Kolhapur Edition). Besides, the advertisement be also displayed on the High Court website. 5. The Applicants are permitted to advertise proposed sale on condition that the applicants will associate the Official Liquidator at every stage of the sale. 6. It will be open to the Official Liquidator to seek appropriate direction, as may be advised, in view of the development, consequent to sale notice. 7. Application disposed off on the above terms. (A.M.KHANWILKAR,J) (A.M.KHANWILKAR,J) (A.M.KHANWILKAR,J)