Matooke Republic
Tuesday, October 14, 2025
  • Home
  • News
  • Entertainment
  • Gossip
  • Features
  • Business
  • Sports
  • Health
  • Photos
  • Relationships
Matooke Republic
  • Home
  • News
  • Entertainment
  • Gossip
  • Features
  • Business
  • Sports
  • Health
  • Photos
  • Relationships
No Result
View All Result
Matooke Republic
No Result
View All Result

Sudhir vs Dfcu Case 3: Tycoon wants Shs32billion for breach of contract at former Crane Bank headquarters

Matooke Republic by Matooke Republic
February 27, 2018
in Business
Reading Time: 3 mins read
Share on FacebookShare on Twitter
The former Crane Bank headquarters is subject to a Shs32billion law suit.

Businessman Sudhir Ruparelia through his companies Meera Investments Ltd and Crane Management Services has dragged Dfcu Bank to court in three separate cases relating to illegal takeover of former Crane Bank branches and breaching tenancy contracts that Dfcu had inherited from Crane Bank.

In the third case, Sudhir wants court to compel Dfcu Bank to pay his Meera Investments close to  Shs32billion arising from breach of contract of Plot 38 and Plot 40 A Kampala Road, that used to be the headquarters of the defunct Crane Bank.

In October 2016, Bank of Uganda put Crane Bank under receivership. Three months later, BoU announced Crane Bank as having taken over assets and liabilities of Crane Bank.

RELATED POSTS

URA Relocates Major Departments to New RR Pearl Tower

Aangan Restaurant thrives on long-term vision, consistency, people, and support from I&M Bank

Through their lawyers Magna Advocates, Meera is suing Dfcu on account of being the successor in title to Crane Bank (in receivership) who, by virtue of having inherited its assets and liabilities, expressly inherited all tenancy agreements and, therefore, “assumed the rights and obligations under the tenancies in respect of the suit properties.”

This particular case arises from a December 16, 2014 tenancy agreement in which Meera Investments let the basement, ground, 1st, 2nd, 3rd and 7th Floor of Plot 38 Kampala Road (Crane Chambers) and all of Plot 40A Kampala Road for a period of 10 years.

“Under clause 3(c) of the tenancy agreement, it was specifically agreed by the parties (Crane Bank and Meera) that the tenancies shall remain firm and binding on them until the expiry of 10 years,” reads part of the plaint filed by Meera.

In the agreement, Crane Bank would pay $46,980 in monthly rent and $46,980 in ground rent per month with a 7% annual increment for Plot 38 Kampala Road and $9,890 in rent and $9,890 in ground rent for Plot 40A Kampala Road, payable a year in advance.

Following the takeover, Dfcu took over the entire premises previously rented by Crane Bank and rebranded them. Dfcu also undertook to pay to Crane Management Services (Managers for Meera) $531,000 in restoration costs and arrears in utility bills.

According to the plaint by Meera, Dfcu, in February 2017, entered into a revised contract in “respect of the basement and ground floors of Plot 38 Kampala Road for a fixed period of three years.”

Dfcu, however, continued to occupy 1st, 2nd 3rd and 7th Floors of Plot 38 Kampala Road and PLot 40A Kampala Road “under the terms and conditions of the tenancy agreement dated 16th December 2014” until 30th of April 2017, when it vacated them.

According to Meera, this constituted a breach of clause 3(c) of the surviving tenancy agreement, that covenanted that the “tenancies shall remain firm and binding on them until the expiry of ten year” and for this breach, Dfcu is “liable to pay the plaintiff the sum constituting rent for the unexpired period of 84 months being $8,660,462.34.”

Meera is suing for payment of the $8,660,462.34 (about Shs32billion) as well as “Interest on the sum aforementioned at the prevailing commercial rate from the date the defendant was in default until payment in full.”

The business man is also locked in a battle recover 46 properties that Dfcu “illegally took over with the help of commissioner land registration (click here to read the story) and rental arrears and breach of contract on 13 other properties in Kampala and Mbale that used to house Crane Bank branches, ATMS and staff quarters  (click here).

Related

Tags: Crane BankDFCUSudhir Ruparelia
Share4Tweet2Send
Matooke Republic

Matooke Republic

Freshly peeled info from area code 256

Related Posts

Gulu City to name major road after Rajiv Ruparelia

by Matooke Republic
2 days ago

...

Sudhir Ruparelia honoured for transformative role in Uganda’s tourism industry

by Matooke Republic
2 weeks ago

...

Sudhir Ruparelia urges investors to tap into Uganda’s growing economy at UK-Africa Summit

by Matooke Republic
4 weeks ago

...

Tycoon Sudhir Ruparelia and Edwin Musiime, Chairman of the Uganda Homeowners Association.

Sudhir Ruparelia honoured with Lifetime Achievement Award for transforming Uganda’s real estate landscape

by Matooke Republic
1 month ago

...

Speke Resort Munyonyo hosts spiritual leader Bageshwar Dham Sarkar for special staycation

by Matooke Republic
2 months ago

...

Next Post

Kidnapped 28-year-old Susan Magara found dead along Kampala Southern Bypass

PHOTOS: Amazing photos from Tanzanian star AY's glamorous wedding with Rwandese beauty

RECOMMENDED

Diwali Food & Music Festival returns this Sunday for 2025 Edition at Speke Resort Munyonyo

October 14, 2025
Electoral Commission Chairperson, Justice Simon Byabakama.

EC issues new payment guidelines for Parliamentary Nomination Fees

October 14, 2025

MOST VIEWED

  • NIRA dispatches over 3 million national IDs as mass registration nears completion

    146 shares
    Share 58 Tweet 37
  • Here is the Math of How Uganda Can Qualify for the Playoffs in the World Cup Qualifiers

    33 shares
    Share 13 Tweet 8
  • Police officer arrested for assaulting supermarket attendant in Kyanja after she asked him to clear his Shs30,000 bill

    27 shares
    Share 11 Tweet 7
  • Police to recruit 100,000 Special Constables ahead of 2026 elections

    76 shares
    Share 30 Tweet 19
  • Who is Justice Aisha Naluzze Batala, the newly appointed Inspector General of Government?

    19 shares
    Share 8 Tweet 5
Matooke Republic

Uganda's only free Newspaper. Out every Thursday. Freshly peeled info. kiwatule, Kampala, Uganda.

  • Home
  • News
  • Entertainment
  • Gossip
  • Features
  • Business
  • Sports
  • Health
  • Photos

© Matooke Republic 2024

© Matooke Republic 2024

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.