Srinagar, May 4: Satish Mahaldar, president of the J&K Peace Forum, has raised serious concerns over alleged financial dealings involving land belonging to the Durga Naag Temple Trust in Sonwar, Srinagar, calling for a high-level investigation into the matter.
In a statement, Mahaldar alleged that prime temple-linked land parcels were drawn into a complex chain of mortgage, corporate restructuring, and insolvency proceedings, raising questions about the protection of religious properties.
He said the land, located near Burn Hall School and recorded in the name of the Durga Naag Temple Trust, was allegedly mortgaged to a bank against financial facilities extended to a private entity, with the matter now reportedly linked to insolvency proceedings before the National Company Law Tribunal, Chandigarh Bench.
Mahaldar further stated that the issue involves an alleged default of around ₹60 crore and the appointment of a liquidator for recovery, bringing temple-associated property into the ambit of corporate insolvency mechanisms.
He questioned how land recorded in the name of a religious trust could be used or represented as part of a private commercial complex, calling it a matter requiring “thorough legal scrutiny.”
The J&K Peace Forum president also pointed to existing legal safeguards, including High Court rulings and provisions under the Jammu and Kashmir Migrant Immovable Property Act, stating that such properties are protected from unauthorized transfer or commercial use.
He expressed concern over what he described as a lack of timely administrative intervention and called for accountability from authorities responsible for oversight of such properties.
Mahaldar further demanded a time-bound probe by central agencies, including a forensic audit of financial and land records, to establish the facts and fix responsibility.
He said the matter goes beyond a financial dispute and touches upon the preservation of religious heritage and legal protections meant for such institutions. [KNT]
