Patna's first mall 'P&M' may shut down soon: Report
Filmmaker Prakash Jha's P&M Mall in Patna may shut down soon, as the Bihar government has cancelled the allotment of lease of the land on which it had been constructed, as per a media report.
Patna: Filmmaker Prakash Jha's P&M Mall in Patna may shut down soon, as the Bihar government has cancelled the allotment of lease of the land on which it had been constructed, as per a media report.
As per a report in India Today, the closure order by the Bihar Industrial Area Development Authority (BIADA) was issued on April 20.
Opened five years ago, it was Patna's first mall and was given a repossession order after a dispute between the two parties over subleasing of shops and outlets.
The report said that, later, a row had broken out between revenue generation between the two parties.
The report further said that according to an order issued on February 7, 2012 by the BIADA, the mall is liable to pay 10 percent of the revenue to the government agency.
This if it chooses to sub lease the space in the mall to another party.
Mall authorities say that the amount calculated from the date the order was passed, till the present, amounts to Rs 40 lakhs.
On the other hand, they claim, BIADA is demanding an amount of Rs 2.14 crore.
Bihar Industries Minister Jai Kumar Singh was quoted by the website as saying, "The issue of pending payments against P&M Mall came up during a review meeting of the department around two months ago. Only P&M Mall has not been singled out. Almost 57 cases are there against whom order of cancellation of land allotment has been made. It was decided that thw lease should be cancelled. P&M mall could face closure very soon after the process is complete".
Meanwhile, the mall authorities may move the High Court against the order.
"We tried to make the entire payment for taking the land on lease from BIADA. In 2012, the BIADA ordered us to make a payment against sub-leasing the outlets in the mall. We agreed to make the payment from the date of order which is Rs 40 lakh but according to their calculation the due amount is Rs 2.14 crore. This is wrong", a top official in the mall said.