While there were only two bidders, UTI MF and a local Bombay Stock Exchange broker, the bid was awarded to a third party, which came at the last minute without even providing an earnest money of 2 per cent for the block of shares.
The custodian had last month invited bids for 2,87,844 shares of Revathi Equipment, which fall under the "controlling block category" and belongs to Harshad Mehta group.
According to sources in the know of the development, a Mumbai-based broker bought the block of shares at Rs 535 a share, outpricing the two other bids, which were around Rs 530 a share.
However, other bidders have alleged that the successful bidder was allowed to bid at the last minute even without putting up the earnest money.
Sources in the custodian office confirmed the sale of shares. However, the identity of the buyer could not be ascertained.
Sources, however, confirmed that the shares were bought by a party whose bid had come at the last minute.
"Since the shares are still in the name of the notified party (Harshad Mehta), the court does give an opportunity to the notified party to bid at the last minute to fetch the maximum value of the property," sources confirmed.
The shares were auctioned at Rs 535 a share as against Thursday's closing price of Rs 595 on the Bombay Stock Exchange. The deal amounts to approximately Rs 15.3 crore (Rs 153 million).
