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UNITED NEWS OF INDIA
NEW DELHI, July 26: The Delhi High Court has issued show-cause notices to the Air Force and Naval Housing Board, the chief of the naval staff and the chief of air staff on a petition by 24 IAF officers seeking justice as the Board had hiked the instalments drastically following a loss because of "reckless" investments of Rs 40 crore.
NEW DELHI, July 26: The Delhi High Court has issued show-cause notices to the Air Force and Naval Housing Board, the chief of the naval staff and the chief of air staff on a petition by 24 IAF officers seeking justice as the Board had hiked the instalments drastically following a loss because of "reckless" investments of Rs 40 crore.
Justice Anil Dev Singh restrained the Board from cancelling the allotment of houses in Sector 20 of Panchkula to these 24 officers, subject to the officers paying Rs 1.35 lakh within eight weeks.
The officers submitted that the Board invested around Rs 40 crore of the money they had deposited with it for the housing scheme in high-risk finance companies and lost approximately Rs 14 crore. Now to recover the losses, they allege, the Board had hiked the price of the flats by over Rs 2 lakh.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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