Developer buying a plot having a laundry in part of it.
(Querist) 11 January 2011
This query is : Resolved
I would request the learned experts to kindly throw light in my following problem. My friend is a small scale promoter going to buy 1 acre of land near Kolkata Airport. The land owners had given a part of the land on lease to a Laundry ( a pvt ltd co.) in 1946 for 50 years. After completion of lease period the owners went to Court to evict the laundry but lost the case & the Court termed the laundry as not evictable. The laundry has 12 share holders. The MD has a fight with his son who is also a share holder & complained in Police 10 years back that his son (shareholder) in connivance with one employee has borken open MDs drawer etc. Now, the Developer has discussed with the MD & one Director who agreed to vaccate the space for him after taking Rs.50 lakhs. In addition to the above all pending PF, Gratuity, Municipal tax etc. for the laundry shall have to be paid by the Developer.The laundry is closed for last 10 years some of the shareholders are not traceabe.
Under the above circumstances
(1)What documents the Developer should have from the Laundry while taking over ther space? (2) Should the Developer pay the dues of the Laundry like PF etc. directly or to the laundry & ensure that they pay to the resperctive departments. (3)Can the laundry take a resolution & vaccate the space in favour of the eveloper? In such case can the employees prefer any claim & stop the take over? (4) Can the Developer take over the laundry by paying the shareholers some money & arranging all the present directors to resign? In this case what else he should do?
Thanks well in advance sirs.You are doing just excellenty job.