Appellant challenged the auction sale of shares by the Liquidator, claiming undervaluation and lack of...

Appellant challenged the auction sale of shares by the Liquidator, claiming undervaluation and lack of proper valuation, as shares were sold only at book value despite higher actual value. The Tribunal held that the pending challenge to the rights issue by Alliance Broadband cannot impact the auction sale of shares on an 'as is where is basis'. The Liquidator's lack of physical possession of shares did not render the auction illegal, as shares became part of the liquidation estate by operation of law. Alliance Broadband was directed to handover original share certificates to the Liquidator, which were subsequently handed over to the successful auction purchaser. The Liquidator indicated in the sale notice about non-possession of physical sh..... .....

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