A special Maharashtra Protection of Interest of Depositors(MPID) court on Wednesday allowed the auction of an Oshiwara plot worth Rs 33 crore, belonging to Yash Birla, in a bid to repay investors in a cheating case.
The court said: “CA [competent authority] to proceed to auction sale of the property at Oshiwara. If the accused as per the statement made by them are not ready to incur the expenses of publication [of notice in the newspaper] , the CA to publish the sale notice from the amount already seized in the bank account and file compli ance report.“
The court directed the investigating officer to extend support to the CA. “CA to complete the process of publication of notice within 15 days,“ it added.
Birla’s advocate Ramakant Gaur said that the property had been surrendered earlier and a no objection was already given by them to liquidate it.
Source: Economic Times