PAL-Peugeot plot auctioned for Rs 676 cr

Mumbai, Apr 22 (UNI) With the property of PAL-Peugeot Ltd near Kalyan-Dombivli being auctioned today to the highest bidder for Rs 676 crore, the Bombay High Court will now have to sort out several legal wrangles after its confirmation.

Citra builders emerged as the highest bidders for the 135 acre plot in the auction.

Earlier, last year, the Maharashtra government had submitted an affidavit claiming the ownership of the 36 per cent of the PAL-Peugeot's land in Kalyan-Dombivli, stating that the area was a cattle-grazing land. The government had also demanded 75 per cent of the proceeds from the auction of this land.

Citra Developers Ltd, among eight bidders, had earlier moved an application seeking a stay on the auction of the property and sought a clarification of the conditions.

Senior counsel Janak Dwarakadas, appearing for Citra Developers, had then demanded that the bidders need a clear idea of on how much land they would be placing their bids for, after the state government had made claims on the land, besides seeking clarifications on statutory liabilities attached to the plot.

Apart from real estate, the property includes PAL-Peugeot's main factory and godowns at Kalyan village and other structures at Gharindi, Usargar, Sandap, Sagaon and Sonpada villages. The former workers and staff would now get their dues to the tune of Rs 122 crore.

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