AP HC delivers blow to Lanco Hill project in Hyderabad
The Andhra Pradesh High Court has dismissed Lanco's petition and said the land used in the Lanco Hills project belongs to Wakf Board.
April 03, 2012 / 23:03 IST
The USD 1.6 billion Lanco Hills project in Hyderabad has landed in rough weather. The Andhra Pradesh High Court has dismissed Lanco's petition and said the project land belongs to Wakf Board.
The High Court has also asked Lanco to settle the issue with Wakf Tribunal. In an email response to CNBC-TV18, Lanco said that the court's decision was surprising and Lanco will approach the Supreme Court on the issue immediately. Besides Lanco, the HC order today also posed a threat to ISB and Microsoft which were built in the 1,600 acre Wakf land in question.The AP government had sold land to firms at a throw away price, when the estimated value was actually Rs 32,000 crore. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
