SmartCity Kochi Directors Board meets for a formality

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Kochi: Yet another meeting of the Board of Directors of the proposed SmartCity Kochi project was held today at Kochi with both parties sticking to their earlier stands. Briefing the media after the short Directors Board meeting, Fareed Abdul Rehman, CEO of Tecom, the promoters of the SmartCity Kochi, said that while Tecom was ready to go ahead with the terms as mentioned in the original agreement, they were not ready to give up their demands.

This Board of Directors meeting was held in the backdrop of the State Government having issued a two weeks deadline to Tecom, to inform their intention of going ahead with the project. Tecom has asked for an extension of the deadline (till September 30, 2010) for responding to the Government’s ultimatum. Fisheries Minister S Sarma, who is also the Chairman of the SmartCity Kochi Board said, after the meeting, that the decision on extending the date for Tecom to reply would be taken in the next Cabinet meeting.

The Directors Board meetings are held once in three months under the statutory requirements of the Companies Act. The last such meeting was held on June 28, 2010 at Kochi. As expected, today’s meeting also did not take any decision on the contentious issues, including the right to freehold land for the promoters.

Meanwhile SmartCity Kochi has renewed the lease of its office at Josh Towers in Kochi.

Kerala IT News

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