The Hindu : Andhra Pradesh / Hyderabad News : House panel meets on IMAX issue

Online edition of India's National Newspaper
Saturday, Jan 08, 2005

Andhra Pradesh

Andhra Pradesh - Hyderabad

House panel meets on IMAX issue

By Our Staff Reporter

HYDERABAD, JAN. 7. A meeting of the House Committee of Legislators inquiring into the alleged irregularities in grant of permission to the IMAX Group of Theatres here discussed the reduction of rental from 10 per cent to five per cent of market value.

The chairman, C. Narsi Reddy, and MLAs, Malreddy Ranga Reddy and Adala Prabhakar Reddy (Congress), P. Keshav and G. Sayanna (TDP) and G. Kishan Reddy (BJP) attended the meeting. The Congress MLA, P. Janardhan Reddy, who originally raised the issue in the Assembly, did not attend.

The members were told that originally the IMAX Group was asked to pay 10 per cent of the market value of the property as rental every month. It had been later modified to five per cent and a sub-clause added for sharing 15 per cent of the profits with the Government.

Some members took objection to the reduction and asked how, why and when the clause had been modified.

The IMAX company representatives refrained from elaborating and said the decision had been taken at the "highest levels" in the Government.

Members were told that they would be informed the date of the next meeting.

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