- (1.) We have heard Shri Ravi Kant, the learned Senior Counsel assisted by Shri Lakshmi Kant Mishra, the learned counsel for the petitioner and Shri S.K. Srivastava, the learned counsel for respondents-Uttar Pradesh Financial Corporation.
(2.) On 19.01.2006, the Board of Directors of U.P. Financial Corporation hereinafter referred to as the 'Corporation' took a decision to sell idle assets of the corporation. A sale policy of immovable property assets was accordingly framed indicating that the assets would be advertised, the property would be evaluated by the technical officers. Further, the terms and conditions of the tender notice would be finalized by the Managing Director and offers so received pursuant to the advertisement would be decided by the negotiating committee. The sale was required to be approved by the Board of Directors. Subsequently, the sale policy that was framed on 22.06.2006 was further modified and instead of the sale being approved by the Board of Directors, the Managing Director was given the power to approve the sale of the property involving evaluation upto Rs. 1 crore.
(3.) Pursuant to the aforesaid policy, the corporation issued an advertisement on 01.02.2007 inviting offers from the public for sale of L.I.G. House situate at Preetam Nagar, Allahabad. Based on the said proposal, offers were given which the negotiating committee considered and after negotiation, the price of Rs. 3,75,000/- for each flat was fixed. The petitioner's offer for flat No.393 was tentatively accepted along with the offers of other persons for other flats. The matter was recommended to the competent authority by the negotiating committee. However, since no final action was taken, the present writ petition was filed praying for a writ of mandamus commanding the respondents to approve the sale, which took place on 15.2.2007 and further issue a mandamus to permit the petitioner to pay the balance amount with a further direction to the respondents to execute the sale-deed.;