Businessman Vishnu Agarwal’s company Shree Ram Electro Cast Pralli, after taking the land on lease for the high-rise, his rent is due. The company owes Rs 58 lakh to the Bihar State Industrial Development Corporation (BSIDCL). With GST, this amount is Rs 76 lakh. In fact, BSIDCL has leased 25 acres of land of its factory Hightension Insulator Factory located at Samlong, Ranchi to Shri Ram Electro Cast.
In the year 2015, this land has been handed over on lease for 33 years. Its annual lease rent was initially Rs 2 crore 4 lakh 11 thousand. It has to increase by 10 percent every five years. As per the terms of the agreement, the lease rent is to be paid in advance for every quarter. But according to Indrajit Kumar, general manager in-charge of the high tension insulator factory, Shri Ram Electro Cast has not paid for two quarters since March.
In this way, the company has an outstanding lease rent of Rs 58 lakh (Rs 76 lakh including GST). Regarding this, the Managing Director of BSIDCL and he has also written to Shri Ram Electro Cast. If the lease rent is not paid in time as per the terms, BSIDC can take action to cancel the lease. BCIDCL MD Dilip Kumar said that a notice has been sent to the company.
