Broker’s kin buy their flat in auction

A broker’s family proved that they could do anything to retain the family property.

A broker’s family proved that they could do anything to retain the family property.

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It bought back the property at Altmount Road in an auction by outbidding the others by Rs 3.3 crore.

Bhupen Dalal’s flat in Chitrakoot was put up for auction by the custodian after the stock broker failed to pay the amount owed to the Income Tax (I-T) department.

The flat was put up for auction following orders of the special court.

In the auction held recently, Rekha Dalal, wife of stock broker and co-accused in the 1992 securities scam Bhupen Dalal, and their daughter-in-law Veena Dalal, repurchased their own flat for rs 12.6 crore.

The market value of the flat was estimated to be Rs 9 crore.

Rekha and Veena will have to pay the rest, excluding an earnest deposit of Rs20 lakh, within 45 days. The bids were opened after the special court had refused to stay the auction on an application made by Dalal.

Dalal had sought a stay saying that in September 2009, a division bench of the Bombay High Court had stayed the demand by the Income Tax Department.