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2015 (7) TMI 1382 - HC - Indian LawsLevy of Differential charges - change in the constitution of the company or not - petitioner claims the change to be Formal Transfer - HELD THAT:- Since in the instant matter, transfer of share holding to the extent of more than 51% does not amount to formal transfer, MIDC is entitled to claim differential premium. If petitioner is not willing to deposit differential premium and does not abide by the notice, MIDC may take appropriate steps as deemed fit in consonance with the lease agreement and relevant rules and regulations. Reliance is placed on judgment in the matter of UP. STATE INDUSTRIAL DEV. CORPN. LTD. VERSUS MONSANTO MANUFACTURES (P.) LTD. & ANR. [2015 (4) TMI 846 - SUPREME COURT]. The matter was taken up to the Supreme Court in identical circumstances whereunder U.P. State Industrial Development Corporation directed levy of amount on account of transfer of interest in the property by the lessee in favour of different company. No interference is called for in the instant matter - Writ petition is devoid of substance hence stands dismissed.
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