Gangars, for their part, by their communication dated 12 July 2010, offered to purchase Bialetti's stake in TBIL on the terms and conditions proposed by TTK. Gangars, however, called upon Bialetti group to infuse capital to the extent of Rs.5 Crores, whereafter they (Gangars) offered to purchase the Bialetti stake (as increased by infusion of further capital) at Rs.28.70 lac and retain Rs.2 Crores. In response to meetings between the parties further to these communications, Gangars refused to sign any formal undertaking or any confirmation of their intention to acquire Bialetti's stake in TBIL on the terms offered by TTK. Bialetti, in the premises, called upon Gangar group to confirm in writing that it was willing and undertook to pay Bialetti by, and no later than, 2 November 2010 a gross consideration amounting to 93 % of Rs.28 Crores plus an amount equal to 75 % of TBIL's current VAT receivables and 50 % of TBIL's current deferred taxes minus current liabilities of TBIL towards Bialetti and lending banks. Bialetti made it clear that in default of such undertaking, it would explore all options including going ahead with its transaction with TTK. Gangar group, in response, more or less reiterated its earlier stand, claiming inter alia that the net value of Bialetti stake was in the negative.
