Kotak challenges Jet’s takeover bid for BKC building

Mumbai: One of Mumbai’s biggest property deals could get bigger. Kotak Mahindra Bank has filed an affidavit in the Bombay High Court saying that it is the sole owner of Apple Finance building in the Bandra-Kurla Complex — which was sold at an auction to Jet Airways for Rs 206 crore — and that the property is valued at Rs 382 crore and not at Rs 206.10, the figure offered by Jet.
Kotak has requested that the earlier auction of the property should not be confirmed as it was considering revival of the property.
Kotak’s affidavit comes in response to a PIL filed by Morries Securities Private Ltd alleging irregularities in the way it purchased Apple Finance debentures from four public sector banks. These banks sold off debentures of this defunct company at a discount to Kotak.
16/03/06 Bapu Deedwania /Mumbai Mirror

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