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HindustanTimes Fri,01 Aug 2014

Uptron lease ends today, LMC likely to take possession of building

HT Correspondent, Hindustan Times  Lucknow, June 19, 2013
First Published: 10:52 IST(19/6/2013) | Last Updated: 10:58 IST(19/6/2013)

The 90-day notice period served on Uptron for cancellation of lease is ending on Wednesday.

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The Lucknow Municipal Corporation (LMC) had served notice to the organisation regarding cancellation of lease after the Industrial Financial Corporation of India (IFCI) sold out the building to a private builder to recover its loan from Uptron without taking permission from LMC.

The sale process was challenged in the court by the LMC and High Court granted stay over the confirmation of sale. However, premises of UPTRON building is under control of LMC, but not the main building. Now, there is a strong possibility of LMC taking the control of building too.

LMC sources said the property was neither a free hold nor could the lease be transferred without the knowledge of LMC. This was the reason why LMC had started the process of cancellation of lease in the month of March.

The municipal corporation had challenged the sale in the month of March itself. The corporation had even put up a board outside the premises that the property belonged to the LMC and any sale or purchase of it was bound to be illegal.

Municipal commissioner Rakesh Kumar Singh said, “IFCI in its notification of March 1 did not reveal the fact that the property was a leased out one by LMC. The LMC only came to know about the sale of property through a letter dated March 11, which reached us on March 16. The sale was illegal and they committed wrong.” The municipal chief said, “I will consult the lawyers what we can do in this matter and what the rules permit us to do.”


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