NO RESPONSE: An official prepares to leave the premises after the postponement of the auction of Abdul Kareem Telgi's properties, in Bangalore on Thursday. — Photo: K. Gopinathan

BANGALORE: No bidder turned up for Thursday's auction of two properties of Abdul Kareem Telgi, prime accused in the multi-crore stamp paper racket, and the income tax authorities postponed it to March 10. This is the third time that the auction is being postponed for the same reason.

The Income Tax Department had invited people to participate in the auction of two three-floor commercial complexes, both on Mosque Road. It wants to auction Telgi's properties to recover arrears of Rs. 193 crores due from him.

It was in February 2005 that the department put up for auction three of Telgi's properties for the first time.

The properties included the Green Halgh Building on Palace Road and two buildings — `Azad Point' and "Corporation Building No. 100" — on Mosque Road. Mac Charles Ltd., a concern of Le Meridien Hotel, purchased the Palace Road property at a reserve price of Rs. 1.43 crore. No one turned up for the auction of Mosque Road properties, the reserve prices of which were fixed at Rs. 2.86 crores and Rs. 2.55 crores, respectively, and it was postponed to October 20, 2005. It was put off again for the same reason.

M.L. Agrawall, Commissioner of Income Tax (Central), Bangalore, the authorities waited for bidders from 10.30 a.m. to noon before deciding to reschedule the auction.

Mr. Agrawall said the department will schedule auctions till the Government decides to bid for the properties and purchase them.

He said there is no question of reducing the reserve prices, which are "very competitive".

Mr. Agrawall said the department has initiated the process of fixing the reserve price of immovable property on Brigade Road, which is said to be owned by Telgi.

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