The Hindu : Karnataka / Bangalore News : Royal family descendant seeks more compensation

Online edition of India's National Newspaper
Tuesday, Mar 07, 2006

Karnataka

Karnataka - Bangalore

Royal family descendant seeks more compensation

Staff Reporter

BANGALORE: A petition by the brother of the erstwhile ruler of the princely State of Travancore (now in Kerala), Marthanda Verma (83), on the acquisition of his land in Bangalore has come up for hearing before the Karnataka High Court.

In his company application (941 of 2005), the "Elayaraja" Marthanda Verma said he was chairman and honorary director of a company Mysore Tools located in Sadarmangala and Pattandur villages in K.R. Puram.

He said the company was located on 19.22 acres on Survey No. 83 of land in Sadarmangala and from Nos 116 to 118 of Pattundur villages. He said due to several reasons, including mismanagement, the company had to be liquidated. Mysore Tools was finally wound up in 1982 after permission from the High Court.

The State Bank of Mysore (SBM) had lent some money to the company against the mortgage of the land.

During the pendency of the liquidation proceedings, the Karnataka Industrial Areas Development Board (KIADB) acquired the company lands at the two villages for industrial purposes. The KIADB later gave the land for setting up the International Technology Park (ITPL).

Mr. Marthanda Varma said the value of the land now was estimated at Rs. 82 lakhs an acre and all that he was given when the land was acquired at a margin of Rs. 40,000 an acre. The compensation amount was Rs. 6.27 crores had not been given despite an earlier court order.

He had filed the application under Section 446 of the Companies Act and Rule 6 of the court rules praying for a direction to the Special Land Acquisition Officer to pay the enhanced compensation of Rs. 19.22 crores for the land acquired.

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