The minister has directed principal secretary urban development, who will be heading the inquiry committee, to complete the probe within a week.
Special secretary Prakash Singh and directors of local body and minority welfare would be the members of the committee.
In a letter written to the principal secretary, he said UPTRON office was situated on Lucknow Municipal Corporation's land and was given on lease.
The minister said that he has come to know that all the documents related to the lease were missing, "which has not only maligned the image of the department, but his personal one as well".
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He expressed disappointment that he was not informed in writing about the incident.
"No letter or document in this regard came to me and whatever has come has irregularities," he said.
Lucknow Municipal Corporation had leased out the land to UPTRON on a 30-year lease on May 23, 1985.
After that UPTRON had taken loan from two banks against the land which it failed to repay and in order to realise it the banks started auction proceedings.
Azam has directed the committee to give suggestion as to how the property could be saved and what legal action could be taken under CrPC against the officials involved in the incident.