Former journalist S Balakrishnan, who was the highest bidder for Dawood Ibrahim&rsquo;s property, has turned up with empty pockets, and is unable to pay Rs 3.98 crore, which was the balance amount due for the Bhendi Bazaar property &mdash; Rounaq Afroz.
<img title="The hotel owned by Dawood Ibrahim at Bhendi Bazaar. File pic" src="http://images.mid-day.com/images/images/2016/jan/Dawood-Ibrahim-shop.jpg" alt="The hotel owned by Dawood Ibrahim at Bhendi Bazaar. File pic" /> The hotel owned by Dawood Ibrahim at Bhendi Bazaar. File pic
While, this development ensures that Balakrishnan loses his deposit of R30 lakh, it spells bad news for Saifee Burhani Upliftment Trust (SBUT) that is redeveloping Bhendi Bazaar. The SBUT was keen to purchase the property, as it is located at a crucial junction of the area. With the winning bidder unable to pay up, the SBUT will have to wait for a fresh auction, as there is no clause in the auction that allows the second highest bidder to stake claim if the first bidder defaults.
Ashvin Shah, the auctioneer said, &ldquo;The amount deposited will be forfeited, and there is no clause that the second highest bidder gets the right to stake claim. However, SAFEMA can decide on its own.&rdquo;
The SBUT had bid Rs 2.52 crore in the e-auction and Rs 1.72 crore in the tender, and Rs 4.27 crore in the public auction.
&lsquo;Will wait for property&rsquo; A senior functionary from the SBUT said, &ldquo;We wanted this property as it falls in our redevelopment zone. However, we couldn&rsquo;t get it, because the other bidder bid more than us. Now, when we see all this, we have nothing much to say, we will wait for whenever the property is auctioned again.&rdquo;
The government had attached Hotel Rounaq Afroz after the 1993 Mumbai serial blasts. The auction was carried out by a private firm called Ashvin &amp; Co Auctioneers, under the instructions of the Competent Authority &amp; Administrator, the Smugglers &amp; Foreign Exchange Manipulators (Forfeiture of Properties) Act 1976 [SAFEM (FOP) A] and the Narcotic Drugs and Psychotropic Substances Act. Despite repeated attempts there was no response from SAFEMA.

Saifee Burhani Upliftment Trust, the second highest bidder, will have to wait for a fresh auction after former journalist S Balakrishnan failed to pay the bid amount for underworld don Dawood Ibrahim's eatery

Dawood Ibrahim's hotel's highest bidder unable to pay Rs 3.98 crore

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Dawood Ibrahim's hotel's highest bidder unable to pay Rs 3.98 crore

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