Auction of Dawood’s Assets Back to Pavillion

dawood-zaika-hotelThe auction of the assets of Dawood were back to pavilion again. The former journalist Balakrishnan claimed Hotel Rounak Afroz in the auction held in December last. Saifi Burhani Upliftment Trust conducted this auction under the provisions of Smugglers and Manipulaters Act-1976. Mr. Balakrishnan claimed the hotel for a bidding of Rs.4.28 crores and paid Rs.30 lakhs to the auction trust. He wanted to convert this hotel into an educational institution. But, he failed to pay the rest of the bidding amount. Meanwhile, the auction trust pleaded its inability to sell the property to the second bidder as rules would not permit to do so. Hence a fresh auction.

 

 

Medaram Jathara

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