Sri Lanka extends deadline for India’s Krrish to pay up

May 15, 2013 (LBO) – Sri Lanka has given India’s Krrish group till May 31 to complete their payments charging 12 percent interest for an extension, investment promotion minister Lakshman Abeywardena said. Out of 4,995 million rupees due for land leased for a mixed development project, the company had so far paid 4,049 million rupees or 81 percent.

Abeywardene there was also a delay on the part of Sri Lanka where two acres of land which was to have been transferred by the urban development agency was found to be owned by the land commissioner’s office.

The land then had to be first transferred to UDA, he said.

Under a revised agreement Krrish will have to pay by May 31 but they will also pay interest at 12 percent, Abeywardena said.