the goan I network
PANAJI
The Goa Industrial Development Corporation is hoping to resolve the vexed SEZ land imbroglio by offering the promoters a deal which involves paying back the principal and the accumulated interest on their investments. Five of the seven promoter companies, however are demanding 15 per-cent interest.
According to GIDC managing director, Narayan Sawant, the proposal of paying up the principal and accumulated interest on the investment for land made by the SEZ promoters will be deliberated by the BoD, and if adopted, presented to the Supreme Court.
Sawant said, the GIDC management is hoping the SEZ promoters will climb down on their demands and accept this ‘compromise formula’ thus putting an end to the over decade long imbroglio and more importantly unlocking a whopping 30-lakh square metres of land for industrial use.
The controversy over the land transferred to the seven SEZ promoter companies has been hanging fire for over ten years after the then Digambar Kamat government bowed down to public pressure and denotified all the SEZs in 2008.
It triggered a protracted legal battle between the SEZ promoters and the Goa government but ultimately the Bombay High Court upheld the de-notification of the SEZs. The matter however went back to the courts over the terms for return of the land.
The matter is being heard by the Supreme Court where five of the seven SEZ promoter companies have agreed to return of the money they invested plus 15 per-cent interest.
The GIDC invested the Rs 133 crore paid for the land by the seven SEZ promoters in the bank and earned a total of Rs 123-crore in interest till date. It is proposing to return this money as it will not cause loss to either parties.
