https://www.taxtmi.com/caselaws?id=276149 In a public auction of mortgaged property by a State financial corporation, the court held that failure to fix and disclose a reserve price, despite a valuation report, deprived the sale of an essential safeguard and rendered the process unfair because public property must be sold to secure the best price. It further held that the auction conditions requiring payment of the balance consideration within thirty days were mandatory; acceptance of belated payment without authority, after default and rejection of another bidder's matching offer, amounted to violation of the sale terms and unfairness. The sale was therefore set aside and a fresh auction ordered with reserve price and fresh valuation. en-us Fri, 25 Nov 2011 00:00:00 +0530 Thu, 01 Nov 2018 12:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276149 In a public auction of mortgaged property by a State financial corporation, the court held that failure to fix and disclose a reserve price, despite a valuation report, deprived the sale of an essential safeguard and rendered the process unfair because public property must be sold to secure the best price. It further held that the auction conditions requiring payment of the balance consideration within thirty days were mandatory; acceptance of belated payment without authority, after default and rejection of another bidder's matching offer, amounted to violation of the sale terms and unfairness. The sale was therefore set aside and a fresh auction ordered with reserve price and fresh valuation. Case-Laws Companies Law Fri, 25 Nov 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276149