HC permits Kanchi Trust to sell land, hospital to Global Hospitals

Chennai, Apr 2 (UNI) Madras High Court today permitted the Kanchi Trust to sell 45.88 acre land, including Sri Jayendra Saraswathi Institute of Medical Sciences and Sri Kanchi Kamakoti Sankara Hospital, to Secunderabad-based Global Hospitals for Rs 257 crore.

A Division Bench comprising Chief Justice A P Shah and Mr Justice K Mohan Ram permitted the sale after conclusion of an open auction held at the Chief Justice's chambers.

The bench said only two bidders - Shriram Properties Limited (SPL) and Global Hospitals - were in the fray.

As per the undertaking in the affidavit, Global Hospitals offer of Rs 257 crore, included running the existing hospital situated on 18 acre, taking over existing employees and providing 50 free beds.

The bench said SPL's offer in its affidavit was Rs 265 crore, but they were not willing to take employees or provide any free beds.

During the course of hearings, Advocate Abudu Kumar, SPL counsel, submitted his client would like to improve its offer to Rs 270 crore and were prepared to offer the same as submitted by Global Hospitals.

MORE UNI