A surrender sale?
The Ripon Club (RC) has requisitioned an extraordinary general meeting (EGM) of members on December 8, 2016 at 5 p.m. at the Club premises to adopt a resolution to negotiate "a possible settlement” with the landlord "including surrendering/sale on mutually acceptable terms of a portion of the premises.”
The landlord had a filed a suit for eviction in the Small Causes Court in 2010 and the Club has incurred legal expenses of Rs 4,80,183. "Though the RC has been advised that it has a good defence… substantial amounts will be required to be expended towards litigation costs,” states the notice sent to members, adding, "Your trustees are also of the opinion – that the attendant costs of such a long protracted litigation will be unaffordable.”
The EGM has to decide "to continue with the present litigation or arrive at a settlement.” A similar proposal to surrender the fourth floor of the Club premises was made by the Club’s managing committee over six years ago but was vehemently turned down by over 90% of the members present at the meet.
The Club, which has a total membership of 704, is a tenant on the third and fourth floors of the N. M. Wadia Building on Mahatma Gandhi Road in the commercial heart of the city.