News / Nirav Modi’s Rolls Royce Ghost sold for Rs 1.7cr

Hindustan Times : Jun 05, 2019, 09:54 AM

A Rolls Royce Ghost and Porsche Panamera belonging to diamantaire Nirav Modi were sold for Rs 1.70 crore and Rs 60 lakh, respectively, in a re-auction held by the Enforcement Directorate (ED) on Tuesday.

Six of 12 cars were put on re-auction as the ED found the bids less for the Rolls Royce Ghost and Porsche Panamera, while sellers failed to deposit the requisite amount for four other cars. In the previous auction, the Rolls Royce Ghost fetched Rs1.33 crore while the bidding for the Porsche Panamera ended at Rs 54.60 lakh.

Three cars that went under the hammer for the second time after bidders failed to deposit the amount, received bids of lesser value than at the first auction. The three cars are a Mercedes Benz GL 350, sold forRs 48 lakh than the earlier Rs 53.76 lakh; Honda Brio for Rs 2.39 lakh than the earlier Rs 3.90 lakh; and Toyota Innova forRs 8.70 lakh than the earlier Rs 9.12 lakh. A Skoda Superb which earlier got a Rs 7.02 lakh bid remained unsold.

“All the prices are subject to approval. The seller reserves the right to sell or reject it,” said a source privy to the development. “All the vehicles have fetched amounts above the start price. The new bids will be scrutinised as per the market conditions after which the decision to sell or reject will be taken.” The contract for the e-auction was given to the Mumbai office of Metal Scrap Trade Corporation Limited (MSTC), a state-owned e-commerce company.