Titagarh Ind wants Jessop sale reversed

The petition was filed by Titagarh Wagons Ltd, Sainik Finance and Industries Ltd, Titagarh Industries Ltd and Nand Kishore Mittal jointly.

The case was likely to be heard by Justice Pinaki Chandra Ghosh on July 31. Ajit Panja, MP, will appear as counsel for petitioners.

It was alleged in the petition that Union government settled the deal with Ruia Cotex Ltd at a consideration of Rs 18 crore, which included Rs 14 crore as the sale proceeds of JCL's land.

The petitioners in a consortium had offered Rs 11crore for the central government's stake in JCL and was unaware about the land deal of Rs 14 crore. The petitioners were prepared to give Rs 14 crore for land. Thus their bid was for Rs 25 crore.

It was also alleged in the petition that if the cost of land was not taken into consideration, the offer of Ruia Cotex was only Rs 4 crore, still lower than the Rs 11 crore offer of the petitioners.

The petition sought for order of injunction restraining the central government from taking any further steps on the decision of transfer of 72 per cent shares of JCL to any other entity, besides directing the government to declare the petitioner's offer to be highest and confirm the sale in favour of the petitioners.

It also sought to restrain the government from dealing with or disbusring Rs 14 crore made available out of sale proceeds of land in favour of Metro Railway to JCL till disposal of the petition, with direction to the government to forthwith invite fresh bids for sale of JCL.