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TMI Blog2015 (7) TMI 1382X X X X Extracts X X X X X X X X Extracts X X X X ..... VERSUS MONSANTO MANUFACTURES (P.) LTD. ANR. [ 2015 (4) TMI 846 - SUPREME COURT] . The matter was taken up to the Supreme Court in identical circumstances whereunder U.P. State Industrial Development Corporation directed levy of amount on account of transfer of interest in the property by the lessee in favour of different company. No interference is called for in the instant matter - Writ petition is devoid of substance hence stands dismissed. - WRIT PETITION NO. 8499 OF 2014 - - - Dated:- 6-7-2015 - R.M. BORDE AND P. R. BORA, JJ. Mr. A.G. Talhar, advocate for petitioner. Mr. N.B. Patil, AGP for the State. Mr. P.M. Shah, Senior Counsel instructed by Mr. S.S. Deve, advocate for respondent ORDER 1. Heard. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re is transfer of 51% shares in favour of private limited companies. The companies shall have to be construed as different entities apart from the family of the share holders. Thus, there is transfer of more than 51% shares outside the family of the original share holder Shri Harshawardhan Jain. Transfer of shares to the tune of more than 51% shall have to be construed as non-formal transfer and the contention of petitioner that transfer is merely a formal transfer does not deserve acceptance. 4. Petitioner is also objecting to circular issued on 12.05.1998 which is in the nature of transfer guidelines for industrial plots, shares, residential plots, Galas in Flatted type buildings. The circular contemplates demand of differential premiu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Chief Executive Officer and the Chief Executive Officer may in his absolute discretion refuse such consent or grant the same subject to such conditions as he may think fit including the condition for payment of premium and in any event not to assign, underlet or transfer the Lessee's interest therein so as to cause any division by metes and bounds or otherwise to alter the nature of this present demise. Since in the instant matter, transfer of share holding to the extent of more than 51% does not amount to formal transfer, MIDC is entitled to claim differential premium. If petitioner is not willing to deposit differential premium and does not abide by the notice, MIDC may take appropriate steps as deemed fit in consonance with t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e are many instances/examples in which the lessee gets allotment of huge industrial plots and thereafter sells the same for huge monetary gains. This adversely affects the aims and objectives of appellant-Corporation i.e. the planned development of industrial areas in the State of Uttar Pradesh. The Hon'ble High Court ought not to have interfered in the matter looking into the public interest involved and Clause 3(p) of the lease deed. In view of the reasons enumerated above and the observations made by the Supreme court as reproduced above, we are of the view that no interference is called for in the instant matter. Writ petition is devoid of substance hence stands dismissed. 7. Pending civil application, if any, does not survive ..... X X X X Extracts X X X X X X X X Extracts X X X X
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