High court dashes Lanco's SEZ hopes SEZ News
The Andhra Pradesh High Court ruling that the land being used by Lanco to build a mega residential-cum-commercial project belongs to the Wakf Board. This decision causes infrastructure major Lanco a suffering setback of sorts.
Lanco, through its arm Lanco Hills Technology Park Pvt, has been working on developing a residential and IT SEZ in about 108 acres at Manikonda on the outskirts of Hyderabad.
The venture is recognized to be its primary property venture. However, the venture, which began in 2003-04, has got mixed up in a sequence of disputes, with the Wakf Panel declaring the possession of the area. Actually, the board stated possession of about 1,600 miles that were taken away by the then govt and utilized various organizations, such as Ms, the Native indian University of Business, Polaris, Emaar and Infosys.
Following a extended lawful fight and an injunction from the Wakf Tribunal, Lanco had determined to situation the great trial searching for its route. On Thursday, justices VVS Rao and R Kanta Rao of the AP High Court determined that the area - of about 1,600 miles - such as the expand utilized Lanco Mountains is supposed to be to the Wakf Panel. The HC has also requested the petitioners, such as Lanco and the condition, to computer file a helpful situation in the Wakf Tribunal. Lanco's situation was ignored by the trial with expenditures.
Reacting to the result, a Lanco spokesperson said, "We are stunned with the deal and we will plan out next plan of measures after going through the deal duplicate. If necessary, we will strategy the Better Court and search for comfort."
On the other side, the Wakf Panel is assured of getting the privileges over the alienated area back. "Under Area 51 of the Wakf Act, no one has the energy to push away the area except the Wakf Panel. Even the Wakf Tribunal has to look at the board for drawback. We will respond properly to any goes by Lanco or other events in the situation," Md Masood Khan, the board's advice, informed DNA.
All along, Lanco has been declaring that the area was purchased in an market performed by the then govt and it had compensated the best amount in the bid to obtain the same. Lanco had compensated about Rs4 crore an acre to get the possession.
The deal came in for critique for being the single purpose for synthetically increasing area expenditures in the area.
Despite the critique on the expenditures and the function of area allowance, Lanco went forward with the venture with an cost of over Rs7,000 crore. The company had also began promoting the personal systems in the venture. However, the Wakf Panel disputes has throw a darkness on the realization the venture.