Not paid its Rs 7 crore share, HIMUDA to send legal notice to HPSIDC | punjab | Hindustan Times
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Not paid its Rs 7 crore share, HIMUDA to send legal notice to HPSIDC

punjab Updated: Jun 01, 2015 20:23 IST
Saurabh Chauhan

Eyeing Rs 7 crore as 50% unearned increase from the lease of a prime chunk of land at Parwanoo, the Himachal Pradesh Urban Development Authority (HIMUDA) is considering sending a legal notice to the HP Industrial Development Corporation (HPSIDC).

It was in 1975 when HIMUDA leased out the around 16,000-square metre land to the state's first PSU - Himachal Pradesh State Small Industries and Export Corporation (SSIEC) Limited that was incorporated in 1966.

However, the prime land remained unutilised for over three decades, and later the SSIEC got merged with the HPSIDC in 2012.

The plot was leased out to the export corporation at the rate of Rs 20 and Rs 60 per square metre in two parts for industrial development. The merger was completed in 2012 and the HPSIDC got the plot's ownership too. However, the HPSIDC also did not utilise the plot.

As per the lease deed with the export corporation, 50% unearned increase had to be deposited with HIMUDA in case of non-utilisation of land.

When HIMUDA sought the 50% share from unearned increase of land, amounting to about Rs 7 crore, the HPSIDC turned down the demand time and again.

While the HPSIDC has been declining HIMUDA's claim by terming the amalgamation a technical issue, HIMUDA has decided to send a one-month notice seeking its share.

A HIMUDA official, not wishing to be named, said the minutes of the board meeting were yet to be finalised, but unanimously it was decided to send a notice to HPSIDC to pay off the liabilities.

"HIMUDA is a commercial entity. The HPSIDC got land worth crores from the merger of the export corporation, but HIMUDA got nothing," he said.

He added that HIMUDA had also sought legal opinion before taking the matter to the board meeting.

An HPSIDC official, requesting anonymity, said since the merger was technical, HPSIDC was not liable to pay anything to the HIMUDA.