Om Prakash Sharma vs Ramesh Chand Prashar & Ors

The Supreme Court held that the condition for submission of annual turnover and net worth for the last three years was mandatory for bidders as per the advertisement issued by Himachal Tourism. The Court found that the appellant's bid of Rs.27,15,000/- was below the reserve price of Rs.30,78,000/-, and thus the acceptance of the bid was improper. The Court upheld the High Court's decision to quash the Letter of Intent and Sale Deed, directing a re-evaluation of the bidding process in accordance with the law.