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Lodha bid of 7.1 bn not accepted by NTC
21 May '10
1 min read
The Board for Industrial and Financial Reconstruction (BIFR) gave a ruling that the National Textile Corporation (NTC) should accept Rs 7.1 billion bid of Lodha Developers for the ailing Corporation's Finlay Mills in Central Mumbai.
BIFR's order came to fore, after the Delhi High Court gave a verdict that directed the Corporation for re-examining its decision of rejecting Lodha Developers' bid. NTC was also ordered by the High Court to follow the process as envisaged in the BIFR revival scheme.
Last year, NTC had rejected Lodha's bid of Rs 6.57 billion since it was lower than the reserve price of Rs 7.10 billion. Following this rejection, Lodha Developer had increased its bid up to the reserve price.
BIFR's order came to fore, after the Delhi High Court gave a verdict that directed the Corporation for re-examining its decision of rejecting Lodha Developers' bid. NTC was also ordered by the High Court to follow the process as envisaged in the BIFR revival scheme.
Last year, NTC had rejected Lodha's bid of Rs 6.57 billion since it was lower than the reserve price of Rs 7.10 billion. Following this rejection, Lodha Developer had increased its bid up to the reserve price.
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