TaxTMI 
TaxTMI 
2025 (5) TMI 2261
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....where an FIR was registered on 03.06.2014 for the offences under Section 120B read with Section 420, 467, 468 & 471 of Indian Penal Code, 1860 and Section 13(2) read with Section 13(1)(d) of the Prevention of Corruption Act, 1988 on the basis of complaint given by the General Manager, State Bank of India, Chandigarh. Another FIR was registered on 16.04.2018 for commission of same offences by PS-CBI, New Delhi on the basis of complaint of Zonal Manager, Punjab and Sind Bank, Haryana. The allegation for commission of offence was made against the accused involving a sum of Rs. 828.50 crores (plus interest). 3. It was alleged that M/s Surya Pharmaceuticals Ltd. ( in short "SPL") had availed various credit facilities from a consortium of nine....
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....A on 01.04.2012 and its account was reported as fraud on 16.08.2016 to Reserve Bank of India but for commission of fraud by SPL, land belonging to the appellant leased out to SPL could not have been attached. 6. The specific case of the appellant was that title of the land remains with the appellant even if the land was given on lease for 90 years. The appellant's rights are affected by attachment of the property. The attachment order refers to the attachment of the building and superstructure and not the land, though, it was constructed on the land admeasuring 80 Kanals. The building could not have been attached in isolation unless the land is attached. If building has been attached, it implies the attachment of land belonging to the ap....
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.... The sum of Rs. 1,20,00,000/- was received towards the premium and apart from that there was annual rent of Rs. 2,790/- per kanal per annum. The amount aforesaid was nothing but the full consideration towards the value of the property and otherwise the accused made use of the land as per the terms and conditions of the lease and is under mortgage of the Bank. If the building constructed by the accused was attached, the grievance could have been raised by the accused but the appeal has been filed by the SIDCO having no sufferance on account of the attachment of the building. It is shown to be for the land which should include the building. In the light of the facts given above, the prayer was made to dismiss the appeal, rather, serious obser....
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....0 Kanals was executed in favour of the accused, SPL, after taking consideration of Rs. 1,20,00,000/- with annual rent periodically. The appellant, however, shown the title of the land and their rights. The Counsel for the appellant referred to clauses 10, 18 and 28 of the Lease Agreement and are quoted hereunder for ready reference: 10. That the Lessee shall have the right and authorisation to raise the necessary constructions (factory buildings etc.) on the leased premises which are required and necessary to be constructed in connection with the purpose of establishing/installing the said industrial unit. However, before erecting such constructions the Lessee shall get the same duly approved from the competent Authority and shall ....
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.... he same had been executed by the Lessee in accordance with the approved Project Report and Bye-Laws of the Lessor (SIDCO). In case the Lessee fails to remove the said factory buildings and other structures and fixtures existing on the Leased Premises within the stipulated time fixed by the Lessor in this behalf, the Lessee shall loose al the rights, title and interest thereto which will get then permanently and perpetually ceased and extinguished and the same shall devolve upon Lessor /State of Jammu and Kashmir who shall become the exclusive owner thereof. It is further declared and clarified here that in the said eventuality the Lessee shall have no right, title or authorisation to claim any cost or compensation for the said buildings, s....
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.... clause 10 was given. 13. Clause 18 of the lease agreement has also been referred by the Counsel for the appellant which provides that after expiry of the lease period or extended period or earlier termination of the lease, the lessee shall hand over the leased premises in good condition. Again no purpose for reference of clause 18 has been given because the appellant has not caused a notice for termination/determination of the expiry of the lease agreement on any count which may be admissible for causing a notice for action. The Counsel for the appellant fairly admitted that no notice for termination of lease has been given but the appellant may take action for termination of lease. However, the Counsel for the appellant could not speci....