IN THE HIGH COURT OF JUDICATURE AT MADRAS DATED: 10.06.2011 CORAM THE HON'BLE MR. JUSTICE VINOD K.SHARMA C.A.No.1120 of 2008 in C.P.No.224 of 2004 ORDER The Official Liquidator has filed this application to open the valuation report and fix the reserve price for all the Movable & Immovable assets belonging to M/s.Makkara Leathers Manufacturing Company (P) Limited, the company in liquidation. The land and building of the Company was located at three places. The permission was also sought to sell the properties through Court auction. 2 In pursuance to the order passed by this Court, the properties of the company in liquidation was ordered to be advertised for sale in three lots by fixing the reserve price. 3 The advertisement was issued in "THE HINDU", English daily and "DINA THANTHI" Tamil daily in Tamil Nadu region. The adertisement reads as under: "IN THE HIGH COURT OF JUDICATURE AT MADRAS" (ORIGINAL JURISDICTION) In the matter of the Companies Act, 1956 In the matter of M/s.Makkara Leathers Manufacturing Company (P) Limited (in liquidation) C.A.No.1120 / 2008 in C.P.No.24 / 2004 SALE NOTICE Pursuant to the orders of the Hon'ble High Court, Madras dated 08.04.2011, in C.A.No.1120/2008 in C.P.No.224/2004, sealed tenders are invited from the interested parties by the undersigned for the purchase of the immovable properties belonging to M/s.Makkara Leathers Manufacturing Company (P) Limited (in liquidation) as per the schedule given hereunder on "as is where is and whatever there is basis" SCHEDULE OF IMMOVABLE PROPERTIES SL. No. Description of the property Reserve Price Rs. EMD Rs. (10% of the Upset Price) Lot A Free hold vacant land to an extent of 48 cents in Survey No.122/1A1A/F1, No.129, Pammal Village, Gandhi Road, Pallavaram Taluk, Kancheepuram Dist. 1,70,00,000/- (Rupees one crore and seventy lakhs only) 17,00,000/- (Rupees seventeen lakhs only) Lot B Free hold land to an extent of 93.58 cents (40,800 Sq.ft.) in Survey No.(2) Part of 114, 115, 117 & 117/15 in Pattravakkam Village along with Building/Sheds with a total built up area of 22,254 sq.ft. At Plot Nos.163, 164 & 165, SIDCO Industrial Estate, Ambattur, Chennai 600 098 6,50,00,000/- (Rupees six crores and fifty lakhs only) 65,00,000/- (Rupees sixty lakhs only) Lot C Free hold land to an extent of 0.427 acres (18.600 Sq.ft.) in Survey No.70 in Karai Village, Plot No.72, SIDCO Industrial Estate, Ranipet, along with demaged industrial building with ACC sheet roof. 60,00,000/- (Rupees sixty lakhs only) 6,00,000/- (Rupees six lakhs only) a) Date of the Inspection of property: 02.06.2011 & 03.06.2011 b) Cost of tender Form: Rs.1000/-(each form for each lot) (Non refundable/Non adjustable) - c) Last date for submitting sealed tenders: 7.06.2011 d) Date of Auction: 10.06.2011 The Tender Form, Terms and Conditions can be obtained from the Office of the undersigned during the working days between 11.00 a.m. and 3.00 p.m. From 30.05.2011 to 07.06.2011 and at the site only on 02.06.2011 and 03.06.2011. Sealed tenders accompanied by the Earnest Money Deposit in the form of Demand Draft or Pay order drawn in favour of the Official Liquidator, High Court, Madras should directly be submitted to "THE REGISTRAR GENERAL, HIGH COURT OF MADRAS, CHENNAI 600 104" on or before 07.06.2011 during office hours. Sealed tenders will be opened by the Hon'ble High Court, Madras on 10.06.2011 at 10.30 A.M. and when the tenderers where remain present and participate in the inter-se bidding. The Hon'ble High Court, Madras reserves the right either to accept or reject any offers with or without assigning any reasons. Dated at Chennai, this 25th day of May, 2011. Address:- O/o The Official Liquidator, High Court, 'Corporate Bhavan', (B.A.M.P.RATHNASAMI) No.29, Rajaji Salai, OFFICIAL LIQUIDATOR Chennai 600 001. HIGH COURT,MADRAS" 3 Regarding the property mentioned under heading Lot 'A', only two tenders offering Rs.1 Crore each were received. As the offer was less than the reserve price, and the tenderers were not willing to participate in the auction at the reserve price, these tenders are rejected. 4 For the property mentioned under heading Lot 'B', there was no offer. 5 As far as the Lot 'C' is concerned, 11 tenders were received offering more than the reserve price of Rs.60 lakhs. The auction was conducted in Court. Wherein M/s.P & R Industries, No.5 & 6, SIPCOT Industrial Estate, SIPCOT, Ranipet gave the highest bid of Rs.80 lakhs. This being the highest bid is ordered to be accepted. M/s.P & R Industries are directed to deposit Rs.2 lakhs (Rupees lakhs only) towards balance E.M.D. on or before 11.06.2011 with the Official Liquidator. 6 M/s. P & R Industries is directed to pay the balance sale consideration on or before 01.08.2011. 7 On the payment of balance sale consideration, M/s. P & R Industries would be entitled to take possession of the property from the Official Liquidator. 6 Call this matter on 02.08.2011. vaan