AGARTALA, January 20 (TIWN): Failure of the Tripura Industrial Development Corporation Limited (Company) to incorporate an appropriate clause in lease agreements for recovery of lease premium and rent at revised rates had resulted in loss of revenue of Rs. 62.20 lakh.

According to the Comptroller and Auditor General of India the Tripura Industrial Development Corporation Limited (Company) allotted land/sheds to the industrial units located at Bodhjungnagar growth centre on lease basis for 30 years. The Company had been charging one-time non-refundable lease premium of Rs. 1 lakh per acre of land/per shed and monthly lease of Rs. 4000 per acre (of land) and Rs. 5000 per shed in respect of land and sheds respectively as per the rates fixed in 1998.

Considering the present market value of the locality, it was observed in the meeting (15 September 2006) of the Board of Directors (BOD) to enhance the one-time non-refundable lease premium to Rs. 5 lakh for per acre of land and Rs. 2 lakh per shed with monthly lease rent of Rs. 5000 per acre of land and Rs. 6000 per shed respectively. BOD deferred (September 2006) the decision on the proposed increase till next meeting and directed that provisional allotment of land and shed be continued after adding a new clause in the lease agreement that new allottees shall pay premium and rent at the rate enhanced by the Board. Based on the decision taken in a subsequent meeting (September 2008) of BOD, the rates were finally enhanced with effect from October 2008. As per the revised rates, the land premium per acre was fixed at Rs. 2.50 lakh and premium per shed fixed at Rs. 5 lakh while monthly rent for land and shed were revised to Rs. 6000 per acre and Rs. 7000 per shed respectively.

Scrutiny of records (January 2013) revealed that during September 2006 to October 2008, the Tripura Industrial Development Corporation Limited (Company) had allotted 24.05 acres of land to six industrial units. It was, however, observed that as per the directions (September 2006) of the BOD, the Tripura Industrial Development Corporation Limited (Company) had incorporated a clause in these lease agreements to charge lease premium and lease rent as per the revised rates after final decision of the Company in this regard. But the Company could not realize the enhanced one-time lease premium as well as the revised monthly lease rent from these allottees (effective from October 2008) as these lease agreements contained contradictory provisions for increase in lease rent only after expiry of 5/10 years of the lease period. This had resulted in avoidable loss of revenue of Rs. 62.20 lakh towards premium and rent upto December 2013.

Thus, failure of the Tripura Industrial Development Corporation Limited (Company) to incorporate an appropriate clause in lease agreements for recovery of premium and rent at revised rates as per the directions of the Board of Directors had resulted in loss of revenue of Rs. 62.20 lakh.