Mumbai Port Trust (MbPT) and Indian Hotels Company (IHCL) are locked in a legal battle over paying of rent by the latter for the land IHCL occupies in Mumbai.
According to media reports, MbPT demands a ‘fair rent’ from IHCL on the basis of six per cent yearly rent on the market value of the land as per the Ready Reckoner Rate (RRR) 2006, with four per cent annual increase thereafter.
Meanwhile, it is also learnt that the port authority also sent an eviction notice to IHCL in March 2012 to vacate the property within six months from the date of notice. The two parties are awaiting hearing on the matter in the Bombay High Court.
IHCL runs the Taj Mahal Palace and Towers in Mumbai.
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