Yet another inconclusive Board Meeting

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Kochi: The Board of Directors meeting of the SmartCity Kochi project held today in Kochi turned out to be inconclusive yet again. However, the highlight of today’s meet was the absence of Minister S Sarma, who is also the Chairman of the SmartCity Kochi Board.

As expected, the meeting, which was held as required under the statutory requirements of the Companies Act, did not take any decision on outstanding issues, including the right to freehold land for the promoters.

Briefing the media after the meeting, Fareed Abdul Rehman, CEO of Tecom, the promoters of the proposed SmartCity Kochi, reiterated their commitment to the project but at the same time said that his company would not shy away from an all-out legal battle against the State government on the project if things come to such a pass. He hoped that the contentious issue of freehold rights, which is there in the original agreement, can be resolved soon. He has invited the Chief Secretary to visit Dubai and see the SmartCity project there.

Earlier, the CEO had tweeted his displeasure on the missing minister and also about his witnessing a protest at the venue of the Board meeting as the meeting had a delayed start. He also mentioned during the briefint that he was under pressure from board members and shareholders of Tecom, the parent company of SmartCity, over the delay in the execution of the Kochi project. “Definitely there is pressure since they will be looking into their investments”, he added.

The Kerala Government was represented by the Dr. Ajay Kumar IAS, Principal Secretary (IT). Today’s meeting comes in the backdrop of the Chief Minister saying yesterday that the uncertainty of the project would be resolved within few days. The last meeting of the Directors Board of SmartCity Kochi was held on March 29, 2010.

Kerala IT News

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