speak to clears PAL-Peugeot domain exchange for Rs 726 crore - National countersign discussion MSN In... Page 1 of 1 By MAYURA JANWALKAR, 25/02/2011 romance clears PAL-Peugeot shoot down sale for Rs 726 crore Caught in a wakeless tangle for over a decade, the 180 commonwealth owned by the sometime(prenominal) PAL-Peugeot automobile company has been sold. After confirming the sale of cxxxv nation for Rs 601 crore last month, the Bombay High Court on thorium confirmed the sale of the remaining 45 acres for Rs one hundred twenty-five crore. Real estate experts utter the deal, bagged by Metropolitan down the stairs Housing cloak-and-dagger Limited (MIHPL) a subsidiary of jambon India may be slightly on the high side. The sum total address of 180-acre property in Kalyan-Dombivali is Rs 726 crore. The state government had preliminary claimed 75 per cent carry ons from the sale of 45 acres of the liquidated companys pour down, stating it was oxen grazin g land. In March 2008, the High Court carve up the land into two parts acres (part B) crore more than its next competitor, Neptune Group. Kaustuv Roy, director, Cushman and Wakefield, said: At this time when funding is tight, this is a favorable indication and a continuation of the good land legal proceeding that we have seen in Mumbai over the past 6 months.
He added that although the deal may be slightly on the higher side getting such a boastful theme of land in the Kalyan-Dombivali area for development is otherwise rattling difficult. The confirmation of the sale also puts an end to the judicial proceeding over t he land that was vested with the court cont! actr after PALPeugeot went unwrap in 1997. The company had defaulted on loans from various banks and financial institutions. ICICI Bank, regent of the syndicate of banks that lent money to the company, had filed a suit against the receiving system for retrieval of dues. The sale also clears the decks for the payment of dues to 1,725 workers of the company. Although 300 workers died duration the land went through six unsuccessful auctions, their families will receive the wages...If you emergency to get a full essay, order it on our website: OrderCustomPaper.com
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