Mysuru: The Mysuru Taluk Tahsildar has passed an order for auctioning Chanakya Kalyana Mantap located in industrial suburb, Visveshwaranagar third phase and belonging to Chanakya Finance Corporation having office at No. 318, 1st floor, 2nd cross, Benki Nawab street in the city, as the finance company failed to return money to the depositors.

The auction will take place at 11am tomorrow (June 30). The first auction of the Kalyana Mantap had taken place on Aug. 13, 2015 in which the successful bidder was S.D. Nagaraje Urs. But as Nagaraje Urs failed to deposit 25 percent money of the bid amount, the Mantap was put up for auction once again on Sept.4, 2015. However, the second auction too failed as none of the bidders came forward to quote a price above the reserved value of the property. Now, the Kalyana Mantap is coming under the hammer for the third time tomorrow.

As Chanakya Finance Corporation, the owners of Chanakya Kalyana Mantap, failed to return the money to depositors, the aggrieved depositors moved the District Consumer Court.

The Consumer Court after hearing the case, ordered that the Chanakya Kalyana Mantap be publicly auctioned as per Section 190c of Karnataka Land Revenue Act, 1964 and Section 3(2) of Karnataka Public Money (Recovery of Dues) Act, 1979 and the money earned from the bidding be distributed amongst the aggrieved depositors.

Following the Consumer Court order, the Tahsildar’s office invited written claims two times— one on May 6, 2015 and the other on July 14, 2016 giving a 15-day deadline. But as no claims were received along with supporting documents within the specified period, the Tahsildar has ordered for the auction of the Kalyana Mantap, it is learnt.

Meanwhile, Tahsildar Chandrakumar said the Chanakya Finance Corporation owed more than Rs. 35 crore to over 700 depositors. As the company failed to return the money to depositors, the aggrieved depositors moved the Consumer Court, which directed for auction after which the DC directed him to carry out the public auction.