The sale of the disputed property at Bishop Garden, R A Puram in Chennai, took a curious turn with no bids being received at the auction held by the Income Tax department on Wednesday.
Two years ago Spencer & Co, the original owners of the property entered into a sale agreement with Sterling Horticulture & Research Ltd, held by the family of the principal promoter, Sivasankaran, for Rs 19.75 crore.
However, when Sterling approached the income tax department for a no-objection certificate in August 1995, the appellate authority certified that the property was undervalued by more than 15 per cent.
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