https://www.taxtmi.com/caselaws?id=199275 Sale of secured property by a State Financial Corporation is not invalid merely because it is conducted by tender or private negotiation rather than public auction, if the method is reasonable in the circumstances and secures a fair price after adequate publicity. Public auction remains the preferred mode, but the controlling consideration is obtaining the best price, and the validity of a tender sale depends on the facts. Here, repeated default by the borrower, prior opportunities to secure a better offer, absence of any higher bid despite advertisements, and a sale price above valuation supported the process. Lack of prior intimation before acceptance of the final offer caused no material prejudice, so the challenge failed. en-us Fri, 12 May 1995 00:00:00 +0530 Sat, 24 Feb 2018 11:25:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=199275 Sale of secured property by a State Financial Corporation is not invalid merely because it is conducted by tender or private negotiation rather than public auction, if the method is reasonable in the circumstances and secures a fair price after adequate publicity. Public auction remains the preferred mode, but the controlling consideration is obtaining the best price, and the validity of a tender sale depends on the facts. Here, repeated default by the borrower, prior opportunities to secure a better offer, absence of any higher bid despite advertisements, and a sale price above valuation supported the process. Lack of prior intimation before acceptance of the final offer caused no material prejudice, so the challenge failed. Case-Laws Companies Law Fri, 12 May 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=199275