Keep PE in sales loop: SC to Rustomjee Group

MUMBAI: The Supreme Court has asked realty developer Rustomjee Group to intimate its investor private equity firm SUN-Apollo if it wishes to sell any land parcel and development potential thereon at any of its projects.

If Sun-Apollo gets a better offer price after Rustomjee's notice on any bid for such sale, both parties will have to accept the higher bid, the court said in an interim order on Friday.

The Supreme Court will start hearing the case four weeks, the time provided to both the parties to file their rejoinders.