Kotak Mahindra told not to sell land

By S A Ishaqui
Hyderabad, April 21: Andhra Pradesh High Court on Monday directed that the Kotak MahindraBank should not sell the five acres of land in survey No 11 of Guttalabegumpet village,Serilingampally mandal in Ranga Reddy district, until further orders.
Justice Nooty Rammohan Rao, while dealing with a petition filed by NamHotels Private Limited,AMN Hotels Private Limited and others challenging the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, the allotment of land to Gemini Arts Private Limited, Prasad Properties and Investments Private Limited through aG.O.Ms.No.128, on February 8, 2006 under Section 23 of the Urban Land(Ceiling & Regulation)Act, 1976, observed that the interim stay granted earlier will subsist.
The petitioner told the court that it was private land and they had purchased it from privatepersons. The government and Gemini Arts Private Limited and PrasadProperties andInvestments Private Limited had no right over the land.
Mr P Subhash, counsel for the Prasad Properties and Investments PrivateLimited, submitted that the government had allotted the land to his clients and they had pledged it with KotakMahindra Bank to obtain Rs 2 crore loan.
He said one person, who claimed himself as a GPA holder on behalf of thePrasad Propertiesand Investments Private Limited, has clandestinely sold it to third parties.