VARINDER SAHNI Vs. MGRM NET LTD.

JUDGEMENT

(1.) THIS petition under Section 433(e) of the Companies Act, 1956 raises an interesting question of law and facts. The petitioner is admittedly the owner, landlord of the premises bearing No. C -6/6, Safdarjung Development Area, New Delhi -16 comprising of a basement, ground floor, mezzanine, first floor, second floor and third floor. A registered lease deed dated 1st April, 2003 was executed between the parties whereby the respondent company took the entire premises on rent for an initial period of three years commencing from 1st April, 2003 to 31st March, 2006 with the option to the respondent company under Clause 1.1 to extend the lease for two more terms of three years each on the same terms and conditions. The parties had agreed that a fresh lease deed shall be executed by the parties on the expiry of the period of 36 months from the date of the agreement. So far as rental was concerned Clause 2.1 of the lease deed set out the following rent schedule:

(2.) 1 The LESSEE shall pay to the LESSOR the quarterly rent on the following basis:

(3.) THE respondent objected to this demand for enhancement by a letter dated 17th March, 2006 drawing the attention of the petitioner to the terms of the lease.