India's 247-year-old horse racing club in Chennai stare at closure threat

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India's 247-year-old horse racing club in Chennai stare at closure threat - Business Standard

Quick Summary:

The existing registered lease contract is dated March 8, 1946, and is legally valid till April 1, 2045, for a period of 99 years.

The current action was taken as part of a dispute regarding the non-payment of arrears of revised rent of Rs 730.86 crore claimed by the government in 2017.

According to the administration, there is no scope for revision in lease rentals during the defined contractual period of tenure, particularly in the absence of any clause permitting such a revision.