Thursday, February 16, 2017

High Court reserves order over custody of luxury car

Gujarat high court on Thursday reserved its order on petitions claiming custody of luxurious car by a bank and its new purchaser, but not without pulling up the city crime branch for its slow and direction-less probe.

In this case, a dealer sold the luxury car to Hyderabad-based film maker Basheed Shaikh, who purchased it by obtaining loan of Rs 1.83 crore from the HDFC Bank, to whom the vehicle was hypothecated. Without paying back the loan or intimating the bank, Shaikh sold the car to one Chirag Patel last year.

As the bank alleged fraud, the car came to be confiscated by the crime branch. While the case is pending, the bank and the new purchaser have been seeking possession of the car. A lower court granted the possession to the bank but no sale permission was given. The HC was moved by Patel for custody of the car and the bank wanted to get the 'no sale permission' condition removed.

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