In Brief
A trust sought to redevelop and sell its 3343.53 sq.m. property in Mumbai, which was heavily tenanted and generating low rents under statutory protections. The Charity Commissioner approved a sale to Raunak Corporation for Rs. 6 crores, but the High Court set this aside and ordered competitive bidding. The Supreme Court upheld the original approval, finding it was a fair offer (as evidenced by limited subsequent bidding yielding only Rs. 7 crores from another developer five years later), and accepted an improved offer of Rs. 8.25 crores. The court also confirmed that the mandatory 70% tenant consent requirement under development control regulations was substantially satisfied."
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