Special Correspondent

Shriram Properties ups its earlier offer

CHENNAI: The Sri Kanchi Kamakoti Peetam Charitable Trust-run hospital and its 45.88-acre land at Perumbakkam near Old Mahabalipuram Road received Rs. 265 crore as the highest bid at an auction held in the Madras High Court on Wednesday.

Shriram Properties Limited quoted the amount.

The Trust had approached the court, seeking permission to sell the assets, claiming it had suffered a loss of Rs. 22.62 crore since 2003. It said loan repayment and interest commitments had created a "compelling situation."

While a single judge disallowed the Trust from parting with the assets, the First Bench fixed Rs. 185 crore as `upset amount' and directed the Master Court to hold a public auction. On March 22, Shriram Properties quoted Rs. 220 crore, enhancing it by another Rs. 20 crore on March 23.

When the matter came up before the Bench comprising Chief Justice A.P. Shah and Justice K. Mohanram on Wednesday, Abbudukumar Rajarathinam, counsel for Shriram Properties, submitted they would run a hospital at an appropriate place.

Another bidder said a hospital would be run at the site and all the 255 staff members of the existing establishment retained.

A third bidder quoted Rs. 260 crore for the assets.