During the earlier rounds held last week, there were two joint bids for separate sections of the property. In total, the two bids amounted to around Rs 20 crore after the valuation amount of the prime property indicated the said value.

However, Justice D K Deshmukh sought fresh bids to get a higher price as the proceeds of the sale would go to the banks duped by Mehta and the income tax department. The Supreme Court, however, will have the last word as it has to approve the auction.

The auction was conducted to sell eight flats in Madhuli building in Worli and south Mumbai. The flats are spread over two floors, in total, 12,500 sq feet. Harshad Mehta’s mother Rasilaben Mehta and other family members last week had sought the valuation report of his property that was submitted to the Bombay High Court.

The Supreme Court on Thursday had allowed Rasilaben to take part in the auction, but she could not participate as she was unable to deposit the earnest money with the special court on Friday.

Mehta’s property was cleared for sale after the special court dismissed petitions filed by Rasilaben and Mehta’s brother Sudhir’s wife Rina challenged the notification of the court-appointed custodian, naming them among those involved in Mehta’s securities transactions in February. The sale was further confirmed by the apex court in November 2008.

Last month, the custodian appointed under the Special Court (Trial of offences relating to transactions in securities) Act, 1992, announced that eight flats owned by Mehta in the Madhuli building in Worli were up for sale and invited bids by February 4.