Executive Summary:
This document details the Tariff Authority for Major Ports' decision to extend the validity of existing lease rentals for port lands of the Cochin Port Trust (COPT). The extension is granted until December 31, 2015, or until the notification of revised lease rentals, whichever is earlier. COPT must file a proposal for revision of lease rents by November 15, 2015.
Key Points / Main Content:
Extension of Lease Rental Validity:
* The validity of the existing lease rentals for COPT port lands is extended.
* The extension period runs from the expiry date of September 30, 2015.
* The extension concludes on December 31, 2015, or upon notification of revised lease rentals, whichever comes first.
Conditions of Extension:
* An automatic annual escalation of 2% will continue to apply during the extended validity period.
* The extension is a provisional arrangement pending the fixing of new lease rentals.
* The new lease rentals will be based on a proposal filed by COPT.
COPT Requirements:
* COPT is directed to file its proposal for revision of lease rents for port lands by November 15, 2015.
* The proposal must follow the applicable revised Land Policy Guidelines, 2014.
Impact Analysis:
Cochin Port Trust (COPT):
* Impact: COPT's existing lease rentals for port lands are extended, providing tariff arrangement continuity while the proposal for revised rates is being finalized. COPT is bound by the extended lease rentals' conditions.
* Action Required: COPT must file its proposal for revision of lease rents for port lands by November 15, 2015, adhering to the revised Land Policy Guidelines, 2014.
Port Land Lessees:
* Impact: Lessees are subject to the continued existing lease rentals, including the 2% annual escalation, during the extension period.
* Action Required: Lessees should be aware of the lease rental extension and the ongoing 2% annual escalation until new rates are implemented.
Tariff Authority for Major Ports:
* Impact: The Authority has exercised its power to extend the lease rentals' validity, ensuring no tariff arrangement vacuum during the transition to revised rates.
* Action Required: Monitor COPT's proposal submission and proceed with the review and notification of revised lease rentals.
Key Entities Referenced
Tariff Authority for Major Ports: The regulatory body that extends the validity of lease rentals for port lands.
Major Port Trusts Act, 1963: The Act that confers powers to the Tariff Authority for Major Ports.
Cochin Port Trust: A major port trust whose lease rentals for port lands are being addressed in the notification.
Mumbai, Maharashtra: The location where the Tariff Authority for Major Ports notification was issued.
Land Policy Guidelines for Major Ports, 2014: Guidelines that COPT needs to comply with for finalizing the valuation report.
T. S. BALASUBRAMANIAN: Member Finance of Tariff Authority for Major Ports who signed the notification.
Gazette of India: Official government gazette where the order was notified.
New Delhi: Location of Government of India Press, Ring Road, Mayapuri where document was printed.
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5083 GI/2015 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4]
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Tariff Authority for Major Ports
NOTIFICATION
Mumbai, the 23rd November, 2015
No. TAMP/33/2007-COPT.—In exercise of the powers conferred by Section 49 of the Major Port
Trusts Act, 1963 (38 of 1963), the Tariff Authority for Major Ports hereby extends the validity of the existing
lease rentals for port lands of Cochin Port Trust as in the Order appended hereto.
Tariff Authority for Major Ports
Case No. TAMP/33/2007-COPT
Cochin Port Trust … Applicant
O R D E R
(Passed on this 5th day of November, 2015)
This case relates to extension of the validity of lease rentals for port lands of the Cochin Port
Trust (COPT).
2.1. The lease rentals for port lands of COPT was revised by the Authority vide Order
No.TAMP/33/2007-COPT dated 4 May 2010. The said Order was notified in the Gazette of India on 11 June
2010 vide Gazette No.160. The lease rentals for the port lands of COPT revised by the Authority were valid
for five years, i.e. upto 11 July 2015. This Authority has extended the validity of the lease rentals for port
lands of COPT till 30 September 2015 vide Order dated 17 August 2015.
2.2. As the validity of the lease rentals for port lands of COPT was to expire on 30 September
2015, the COPT vide its email dated 30 September 2015 has stated that the valuer has submitted the pre-draft
valuation report and the discussions on the same are in progress. It may take atleast one more month to
finalize the report complying with the relevant provisions of the Land Policy Guidelines for Major Ports,
2014.
2.3. In view of the above position, the COPT has requested for extension of time upto
15 November 2015 for the submission of the proposal for revision of the Lease Rentals. However, the COPT
has not requested for extension of the validity of the existing lease rentals rate for port lands of COPT.
3.1. The validity of the existing lease rentals for port lands of COPT expired on 30 September
2015. Unless the validity is extended there will be a vacuum in the tariff arrangement, which is not desirable.
This Authority, therefore, extends the validity of the existing lease rentals for port lands of COPT from the
date of its expiry till 31 December 2015 or till the date of effect of notification of the revised lease rentals of
port lands of COPT based on the tariff proposal to be filed by the COPT, whichever is earlier.
3.2. The General Note 1 in the Schedule of lease rent approved by this Authority in May 2010
prescribes a specific condition that the lease rent prescribed is subject to automatic annual escalation @ 2% in
line with the guidelines issued by the Government. That being so, the annual escalation @ 2% will continue
to apply during the extended validity period of the lease rentals for port lands of COPT. The annual
escalation clause is also in line with the Land Policy Guidelines, 2014 as well as in its revised Land Policy
Guidelines, 2014.
3.3. However, in this regard, it is relevant here to mention that the extension of the existing lease
rentals with an annual escalation of 2% is only a provisional arrangement to avoid a vacuum in the current
scenario. The lease rentals to be fixed for the port lands of COPT will be based on a proposal to be filed by
the COPT.4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4]
4. In the result, and for the reasons given above, this Authority extends the validity of the
existing lease rentals for port lands of COPT, beyond 30 September 2015 upto 31 December 2015 or date of
effect of notification of the revised lease rentals based on the tariff proposal to be filed by the COPT,
whichever is earlier, with an annual escalation of 2%. The COPT is directed to file its proposal for revision of
lease rents for port lands of COPT positively by 15 November 2015 as agreed by the COPT following the
applicable revised Land Policy Guidelines, 2014.
T. S. BALASUBRAMANIAN, Member (Finance)
[ADVT-III/4/Exty./143/15(274)]
Printed by the Manager, Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.