Calcutta, Feb. 16 :    Calcutta, Feb. 16:  Even before the final whistle could be blown in the Jessop selloff bout, rumours are flying thick and fast that Ruia Coatex has pipped other rivals at the post to gain control of the city-based heavy engineering company. Though no official confirmation on the development is available, labour unions have already shot off a letter to chief minister Buddhadeb Bhatterjee, alleging that the company is being sold off to Ruia Coatex for a measly Rs 18 crore. The unions claimed that the company's asset base is over Rs 250 crore. When contacted in Delhi, divestment department sources said: 'A meeting was held this morning to evaluate the Jessop bids but no details are being given out yet. An announcement will be made only after the next meeting of the Cabinet Committee on Disinvestment.' The Coatex management was also not available for comment. While Coatex is believed to have made the highest bid at Rs 18 crore for the 72 per cent stake in Jessop, Titagarh Steel is reported to have bid Rs 11 crore. The reserve price, it is claimed, has been fixed at Rs 17 crore. Worried by the prospect that the company will finally be sold for a song, the Joint Forum of Unions & Associations of Jessop (JFUAJ) is now planning to move the court to stall the selloff. JFUAJ joint convener Aloke Brahmachari said there is enough ground to believe that corruption on the part of the government has played a key role to undervalue the age-old company at such a meagre price. 'We are considering options to save this company from a distress sale. If required, we will not only move the Calcutta high court against the government but we will also physically block the private party to enter into the factory premises,' he said. The joint forum has apprised West Bengal chief minister Buddhadeb Bhattacharjee of the development and urged him to hammer out a solution. According to the forum, the state government is supposed to get over Rs 40 crore from the company on account of unpaid sales tax. 'We will request the state government to take over the company by writing off the dues. The company has potential to do well if the state government co-operates,' Brahmachari said. 'We have 70 acres of land in and around Calcutta and five apartments in posh areas like Alipore and Ballygunge Circular Road. Only the price of the apartments will be double the amount that Ruia Coatex have agreed to pay,' Brahmachari alleged. Moreover, he said, a sum of Rs 14 crore, which is expected to come from a deal with the Metro Rail for a five-and-half acre land, will flow into the buyers account. 'So essentially, the buyer will have to fork out only Rs 4 crore for the plant, built up on 34,000 sq. feet of area,' he said.