Mira-Bhayandar: Lion Pencil Ltd & Singapore Int’l School Directors in Multi-Crore Land Dispute | Representative Image
Mira-Bhayandar: After leaving its indelible mark of being one of India’s leading manufacturers of writing instruments for more than six decades, the Lion Pencil Limited (LPL)-creator of the iconic pencil brand “lion” is now locked in a bitter multi-crore monetary battle and land related disputes with the directors of Singapore International School (SIS) in Kashimira.
In response to a complaint registered by Kiran Patel, who is one of the directors in LPL, the Kashimira police registered an offence under the relevant sections of the IPC for cheating, forgery of valuable security and dishonestly using a forged document as genuine against-Nilesh Hada and Vishal Poddar- both directors of Tradewel Construction Corporation Pvt. Limited (TCCPL) which runs the SIS.
The complainant stated that an indenture of lease was executed between both the firms on 30, June, 2006 granting leasehold rights in respect to an area measuring 8 acres (32,375 sq, mts) along with unconsumed floor space index (FSI) to the extent of 2.5 lakh square feet for a period of 99 years, further renewable for 99 years.
The complainant claimed that according to the Memorandum of Understanding (MoU), the TCCPL had agreed to pay an interest fee security deposit amounting Rs 3 crore and Rs 1,200 towards annual rent. This apart from sharing 40 percent of the profit.
Patel alleged that the TCCPL not only availed a Rs 20 crore loan by mortgaging the land and constructed the school which started in 2007, but did not pay his company a single penny between 2007 and 2015 citing losses.
The dispute landed in the Bombay High Court after TCCPL filed a writ petition (6444/2014) against LLP in April-2014. Both parties to the aforesaid suit arrived at a settlement following which a consent term was executed in September, 2015 in which the leased property was reduced from 32,375 to 27,777 sq, mts and permissible FSI from 2.5 lakh to 1.3 lakh sq,ft.
The lease deed was converted into a rental agreement of Rs 51 lakh per month. The arrangement worked till 2019 but a dispute arose again and TCCPL filed a special civil suit (305/2019) against LPL in the District Court, Thane.
QUOTES OF ALL CONCERNED
1) “Despite an arrangement that signatures of one director each from both the sides will be needed for conducting any type of banking transaction, TCCPL went on to open multiple accounts in different banks without our knowledge and consent. We have suffered losses of Rs. 445 crore owing to non-payment of our justified share, manipulations in the minute books and most importantly the huge FSI setback.”- Kiran Patel- Director, Lion Pencil Limited.
2) “A FIR was registered against Kiran Patel, Mahesh Patel, Vikram Patel of Lion Pencils pursuant to observations by the Hon’ble Bombay High Court against them in an ongoing dispute that we have with them. The current complaint is therefore nothing but an afterthought and a counter blast against us more so because the allegations by them pertain to 2007-2008. We are taking appropriate steps under legal advice in respect of the FIR registered against us. We have full faith in the judiciary.” – Vishal Poddar- Director, Tradewel Construction Corporation Pvt. Ltd.
3) “In response to judicial orders, an offence was earlier registered against the directors of Lions Pencil Ltd. Now a cross FIR has been registered against directors of Tradewel. Our officials are examining the documents and a detailed investigation is currently underway.” – Rajendra Kamble- Senior Police Inspector, Kashimira police station.
