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AG’s opinion sought to pay SEZ promoters


Date: 05-12-2019
Subject: AG’s opinion sought to pay SEZ promoters
Panaji: The government has sought advocate general’s clearance to release Rs 54 crore from GIDC funds to five SEZ promoters, who returned 38.4 lakh sqm prime industrial land after an out-of-court settlement with the state. 

“I have sought an opinion from AG because interest is accumulating,” Rane told TOI. He said the moratorium on EMIs for the SEZ land would expire in April, at which point GIDC would have to pay Rs 3.5 crore per month. 

“GIDC does not have the money to pay such a huge amount in interest,” Rane said. 

GIDC took Rs 200-crore loan from Oriental Bank of Commerce to acquire the land from the five SEZ promoters. 

Rane also said the cabinet needs to quickly decide on auctioning the land, so that the loan taken by GIDC could be repaid. He did not rule out the possibility of the SEZ land being auctioned off in tranches. 

Source: timesofindia.indiatimes.com

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