S.K.KESHOTE J. - (1.) THIS application is under Section 460(6) of the Companies Act, 1956, read with Rule 9 of the Companies (Court) Rules, 1959, by the applicant. In the application it is prayed that the offer submitted by the bidder is undervalued and the same may be rejected. The offer of the applicant given now be accepted.
(2.) RAJASTHAN Telephone Industries Ltd. was ordered to be wound up by this court under the order dated August 12, 1999, in Company Petition No. 24 of 1999 and the official liquidator attached to the court was directed to proceed with the winding up proceedings as per the law. The official liquidator in course of winding up proceedings invited sealed tenders for sale of assets of the company. He got notice inviting tenders published in Hindustan Times (a daily newspaper) in its edition of June 1, 2002. The reserve price fixed for the sale of the land measuring 20,000 sq. metres with structure thereon was rupees one crore twenty -five lakhs.
(3.) IN para. No. 4 of the application, the applicant stated that in pursuance of this notice of inviting tenders some bidder not known to the applicant has offered his bid to the tune of rupees one crore and thirty -one lakhs.;