SUBMITTED TO PROF.

VIPIN AGARWAL SUBMITTED BY SUMIT JHA PG-10-O89

Leasing is a process by which a firm can obtain the use of a certain fixed assets for which it must pay a series of contractual, periodic, tax deductible payments. The lessee is the receiver of the services or the assets under the lease contract and the lessor is the owner of the assets.

Leases may not require any money down Lease payments are often fixed. Leases reduce the risk of obsolescence to the lessee.

Britannia Industries Limited is an India-based company. The Company operates in two segments: bakery products, which include biscuits, bread, cakes and Rusk, and dairy products, which includes milk, butter, cheese, ghee and dahi. Its products include Britannia Cookies, Britannia Top, Nature Spice Cracker, Nutrichoice Health Starter Kit, NutriChoice 5 Grain, NutriChoice SugarOut, NutriChoice Digestive Biscuit and New Britannia Milk Bikis. It exports its products to Singapore, the United States, Ghana, Seychelles, Oman, Saudi Arabia, Qatar, Bahrain, Kuwait. LOCATION :TARATALA IN KOLKATA

Calcutta port started operations in 1870. It was initially designed by the then British Government in line with the Port of London, to take care of its business and colonial interest. Despite innumerable odds faced by the port since its inception, it used to enjoy a premier position amongst the major ports of India and accounted for nearly 50% of the sea-borne trade till independence. Calcutta port, the only riverine major port in India has two docking arms the Calcutta Dock System (CDS) and Haldia Dock Complex (HDC).

Required Items description of property to be rented term and renewal of the lease rent payable names and addresses

AGREEMENT WAS SIGNED IN 1947 LEASE WAS ABOUT :Britannia had taken the land on lease measuring around 45,000sqm in one belt and 35,000sqm in another in 1947 with a renewal clause LESSE: BRITANNIA INDUSTRIES LTD. LESSOR: CPT According to the agreement, the company was expected to pay either 25 per cent more rent every 10 years or the prevalent scheduled rent, whichever was higher.

Calcutta, Oct. 21: Britannia Industries has been asked to vacate the Taratala premises it has been occupying since the year of Independence. The Calcutta Port Trust (CPT), which owns the plot, issued the notice following a rent dispute. The CPT has given the confectionery giant 15 days from October 15 to give up the leased property or face forcible eviction

Default on rent dues has been cited as the reason The alleged dues, dating back to 1989, have been put at Rs 12 crore, including penalty, by the CPT. But Britannia has agreed to pay only Rs 3.4 crore, which does not take the penalty into account In 1992, Britannia and the CPT signed a revised lease agreement, which was made effective from 1967 at a monthly rent of Rs 18,861.16 with the 25 per cent increase in every decade.

Differences cropped up when the CPT sought to revise the rent in 1997, counting the 10-year interval from 1967. Britannia felt that since the revised deal was reached in 1992, the rent could be raised only after 10 years in 2002. Since common ground could not be found, Britannia moved Calcutta High Court in 1999 against the rent increase

THE PETITION WAS DISMISSED ON JULY 22 2009 AND ASKED TO VACATE THE PREMISES THE CPT CAN EVICT THE OCCUPANTS ON ITS OWN AND DO NOT NEED ANY ANOTHER COURT ORDER