the goan I network
PANAJI
The Comptroller and Auditor General of India in its audit report has revealed yet another scam in Goa Industrial Development Corporation. This time GIDC has failed to recover complete transfer fee and short-recovered transfer fee by Rs 26.61 crore from a company copper strips and alloys which transferred its leased land to another company for non-industrial use.
Around 2.42 lakh square metre land was allotted to the company copper strips and alloys in December 1998. But the company which got bankrupt utilised only 27,682 square metre of land for the period of 17 years. The balance land remained unutilised for over 15 years and was transferred to another party Varama Sir India Logistic and Infrastructure Pvt Ltd in 2017 for non-industrial use as an exception without following due process.
The company also mortgaged this land to raise loan Rs 117.60 crore on which they defaulted leading to the lenders taking over the land.
Audit scrutiny
Enhanced compensation of land acquisition of Rs 6.36 crore payable by MCAL on behalf of GIDC to land owners had not yet been paid and MCAL stated that it filed appeal in the High Court against enhanced compensation.
Against 2.42 lakh sq mtr land allotted, the actual area constructed was only 27,682 sq mtrs hence substantial portion of land remain unutilised. The surplus land acquired from villagers for industrial purpose was mainly utilised to raise loan by the lessee.
The entire land was under mortgage during the period of operation of industry and loan dues reached to the extent of Rs 400 crore by the time it closed its industrial unit. This made it impossible for the GIDC to get back the possession of unused land and to re-allot to other industries for the remaining period.
