Ashdan, Yash Shares in a duel to acquire Rolta India
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Mumbai: The race to buy the bankrupt defence-focused software company Rolta India has boiled down to a match-up between Pune-based real estate developer Ashdan Properties and Mumbai-based Yash Shares. The National Company Law Tribunal (NCLT) last week dismissed an objection raised by Ashdan to allow Yash's competing bid. "Both bidders have now submitted revised bids to the committee of creditors (CoC), which will now most likely be put to vote after a meeting later this week," a person familiar with the process told ET. No software company showed interest in Rolta India, which was admitted to the bankruptcy court in January last year, because its software has little or no value. The bidders are eyeing its three buildings in Mumbai's Santacruz Electronics Export Processing Zone area, a land parcel in Kolkata, and a few flats in Mumbai that are kept as collateral with banks. Yash Shares, which was among the initial nine re...