Siddhant Co. acquires Vedant Hotel for Rs 64 crore

Chhatrapati Sambhajinagar:

The long-pending auction of the old Vedant Hotel, located on Railway Station Road, concluded on Tuesday after seven attempts. The property was acquired by M/s Siddhant Material Procurement and Supply Company, which placed the highest bids for both the hotel with swimming pool (Rs 47.56 crore) and its lawn (Rs 17.82 crore), bringing the total to a staggering Rs 64.82 crore.

This sale was carried out under the directions of the court and following the provisions of the Maharashtra Protection of Interests of Depositors (MPID) Act, 1999, following the seizure of the property belonging to the promoters of Dhanada Corporation.

The base price for the combined property was set at Rs 64.45 crore, including the lawn alone, having a base price of Rs 17.67 crore. Despite six previous attempts, the auction had received no response. In the seventh e-auction, Siddhant Company emerged as the highest bidder for both the hotel and the lawn.

The Sub-Divisional Officer Venkat Rathod said, “The winning company is required to pay 25 per cent of the bid amount within one month, and settle the remaining amount (75 pc) within 90 days."