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2009 (7) TMI 779 - HIGH COURT OF KARNATAKAWinding up petition - auction sale - bid document questioned - Held that:- In the written arguments filed on 3-4-2009 by the Forum respondent No. 31 a list of 944 Gold Companies world wide as in November, 2008 has been given and, therefore, the global bid in the instant case must be restricted to only companies dealing in extraction of gold and gold mine activity only and not to entities concerned with extraction of other metals or coal. The concern of the Central Government that in order to ensure greater competition entities dealing with metals and ores other than gold can also be invited for the global bid, in the instant case is not well founded. The applicant to amend the respective clauses referred to in para 57 above.The applicant to amend as per para Nos. 61(I) to (IX).The price determined by the In-house Valuation Committee shall be placed in a sealed cover and deposited with the Registrar General of this Court before the bids are opened. The applicant shall give sufficient publicity with regard to inviting of global bids for receiving offers from the potential bidders.It is directed that the applicant would seek permission of this Court before making an offer to the employees and their Unions and making a declaration of the successful bidder. Petition partly allowed.
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