Activist: BBMP land pledged to raise loan

Bengaluru: The joint venture project between BBMP and Maverick Holdings Private Ltd — Garuda Mall is in the news again.

An office bearer of Anti Corruption Forum has lodged a complaint with the Anti Corruption Bureau (ACB) and Bengaluru Metropolitan Task Force (BMTF) alleging that the BBMP property has been pledged to raise huge loans in contravention with the joint venture (public private project) rules.

Complaint has been filed against the BBMP Commissioner N. Manjunath Prasad and Joint Commissioner (Revenue) Venkatachalapathy.

In his complaint, forum Secretary Srinivas alleged that the Garuda Mall has been leased for a period of 30 years. During this period, the PPP partner Uday Garudachar cannot pledge the property to raise any loans. But the revenue documents of the property have been pledged with a nationalised bank in connivance with the BBMP authorities, he alleged.

As per the PPP rule, the property cannot be pledged or sub-leased during the lease period. He also demanded that the BBMP authorities must initiate a detailed probe and unearth the truth and save the BBMP property.

‘BBMP permission taken’
According to senior officials in BBMP, the civic body has issued permission to its PPP partner to pledge the property to raise the loans. 
Pledging is not violation of any agreement or lease agreement between the BBMP and Maverick Holdings Private Limited.

Garudachar to file suit
Uday Garudachar, the promoter of the Maverick Holdings, told Deccan Chronicle that he holds 58.75 per cent of the entire property. The remaining BBMP’s property is being maintained by the Maverick Holdings and paying the BBMP their dues quarterly.

“I cannot pledge the BBMP property. No bank will agree for it. As per the agreement with the BBMP, 58.75 per cent is owned by me. The BBMP has issued General Power of Attorney (GPA). Based on the GPA loans have been raised. The money has been raised to complete another PPP project taken up with the BBMP at the Ejipura. Following the adverse publicity I am contemplating on filing a defamation complaint. A few vested interests are trying to tarnish my image,” Garudachar said.

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