Chandigarh
The Times of India
Setting a precedent of sorts, deputy commissioner RK Rao on Monday ordered resumption of a plot of Rajiv Gandhi Chandigarh Technology Park from a multi-national IT firm, e-sys Information Technologies, for changing its shareholders after getting the cost of land evaluated in the name of strategic investment.
The resumption notice stated it appeared the firm had wanted to derive benefit at the cost of government exchequer and violated the terms and conditions of allotment. It had failed to submit the building plan and show why its shareholding was being changed. For this violation, 10% of the total premium, interest and other dues payable in respect of the site was being fortified. Promoters of the company in spite of commitment to bring up the campus on the site had indulged in unethical activities, said the notice.
However, justifying the change in its shareholding, company officials said it was a part of restructuring of the company set up and the management was committed to begin work as Rs 50 lakh per annum was being paid as rent for the leased premises.
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