MADHULI, the sprawling multi-storeyed residential building at Worli, is witness to much excite-ment these days. The reason: an awesome display of Harshad Mehta's fleet of swanky cars—probably the first to go among Mehta's movable assets.
Eighteen of Mehta's sensational hot wheels, including nine imported ones, are to be auctioned on December 11 in the Special Court. This will leave the Mehta family with 14 cars, mostly Marutis. However, even as a sliding Sensex has made sure there are no buyers in the stock-market, Mehta may find no takers for his cars, either. For, it is widely believed that they drove him to his downfall.
Nikhil Kantwala, a second-hand car dea-ler in suburban Bombay, says: "A lot of car buyers go by sentiment and instinct. They prefer buying the cars of successful people. If the person has been forced to sell off his car because of a spate of ill luck, then nobody wants to buy the car."
Whether these glitzy vehicles were Mehta's wheels of fortune or simply fatal attractions, the line-up of cars is impressive to say the least. Among the cars that will fall to the auctioneer's gavel is a Toyota Lexus, a Toyota Corolla, a Toyota Corsa, a Toyota Starlet, a Toyota Sera, a blue Toyota, two Honda Accords, a Mazda Miata, two Maruti 1000s and a Maruti van.
The likely favourites are the Marutis which Mehta bought when he was an LIC agent is likely to fetch a good price. But the Mazda is considered to be the most inauspicious of the lot as Mehta was arrested the day after he bought it. Given the obsession for foreign cars, those looking for a vroom with a view could find the buy just up their street. "There are a lot of buyers in Bombay who would go to any lengths to own a foreign car," says a car enthusiast in Auto Riders, the leading car dealers in Bombay.
But buyers seem to be undecisive. While on an average, 10 forms per day are picked up from the custodian and his solicitor's office, none have been filed and returned. Calculations are being made as potential buyers keep their fingers crossed, hoping that, like the previous owner, their stars are not crossed too. Under the directions of the Special Court constituted under the provisions of the Special Court Act, 1992, offers have been invited and interested parties are required to place their bids insealed covers along with a sum of Rs 25,000 as deposit per vehicle by December 1, 1995. "Once the offer is accepted, the new owner will have to pay 25 per cent of the amount within the first eight days and the balance in the next two weeks," said Y.H. Methi, solicitor of the custodian.
Superstition may not deter too many car dealers and tourist operators. Says businessman Rajiv Jain: "Since this transaction is being coordinated by the Government, the dealing wouldbe done in white. If I get a car cheap, nothing like it." In fact, the absence of black money in the purchase is the USP of Harshad Mehta's imported cars.
"We have already recovered Rs 25-28 crore from the sale of Harshad Mehta's shares. The sale of the cars would probably bring in Rs 15-20 lakh and therefore all this interest in the auction is surprising," says a spokesperson for the custodian, A.K. Menon. Justice Variava will decide the most reasonable price for the cars.
The auction is interesting in that the highest bidder may not necessarily be the one who gets the car.
While the sight of the nine beauties are making a lot of buyers gasp, it is the banks and the other concerned agencies who are holding their breath in anticipation. "The larger the amount, the better for us," says K.V.M. Pai, commissioner, investigation wing, Income Tax.
Even as the final countdown draws near, one quotation will be drowned in the proceedings—Harshad Mehta bidding a final goodbye to his favourite Toyota Lexus
