HARISH TANDON,J. - (1.) Several issues were raised in the instant appeal touching upon the demand of premium by the respondent no.1 in granting the lease for 99 years in respect of the plot no. J-49 on acquisition of the interest by virtue of the sanction of the scheme of amalgamation and the methodology of ascertaining such premium without giving the credit to the value of the structure to the extent of 30% despite having accepted in earlier demand.
(2.) The background of the litigation is required to be adumbrated before we embark upon the issues raised before us. In order to set up the industrial hub and its development within the State of West Bengal, the Government of West Bengal decided to let out the plots of land for industrial purposes to various intending industrialist.
(3.) One Arvind Fabrications Pvt. Ltd applied before the Government signifying its intention to take the plot of land on a long-term lease which was subsequently agreed upon and by virtue of a deed of lease dated 24th August 1973, the Governor of the State of West Bengal granted a lease in respect of plot no. J-49 in the industrial estate for a period of 99 years commencing from 1st day of January 1973, at an annual rent of the land reserved therein. The said lease deed contained a specific clause that the lessee shall not assign, underlet or part with possession of the demised premises or any part thereof without first obtaining the written consent of the Government. However, the lessee was permitted to mortgage or otherwise charge or hypothecate the lease hold interest in the land to the Life Insurance Corporation of India or any bank or financial corporations but only for the purpose of raising or securing any loan or overdraft or other financial accommodation in connection with the business carried on by the lessee at the demised premises. The said lessee applied before the Registrar of Company for change of its name under Section 21 of the Companies Act 1956 which was duly granted with effect from 22nd December, 1987 and the second certificate of incorporation was issued by the Deputy Registrar of Companies, West Bengal, Kolkata.;