AHMEDABAD: Amid CBI booking a Gujarat-based shipbuilding company and its directors for fraudulent loan default to the tune of Rs 22,842 crore, the Gujarat Industrial Development Corporation (GIDC), Surat, took possession of the land allotted to a foundation affiliated to the company for setting up a marine university.
The land belonging to ABG Shipyard Company – embroiled in one of the biggest loan default case in the country – is located in Ichhapore, Surat.
The GIDC action came ahead of the banks taking possession of the land for recovery of dues. In 2010, the Gujarat government had allotted four acres to the ABG Foundation.
The GIDC had allotted the 1.20 lakh square-metre land to ABG Shipyard Company Foundation for setting up a marine university in 2007. The land was allotted by the state government at a concessional rate.
The market value of the land is estimated to be Rs 100 crore.
Yogesh Singh Parmar, executive engineer, GIDC Surat region, said the land was not being used for the purpose for which it was allotted.
GIDC sources said there was no office of the trust at the address given by the ABG Foundation Trust. According to the GPP Act, Section 52, notice was issued by GIDC on the registered address of the trust but they were returned from that address.
The notice has been sent to the registered office of the ABG Company for possession of the land. As per law, GIDC has given final notices to ABG Foundation Trust, but it did not receive any reply.
The CBI has raided 13 premises of ABG Shipyard in Bharuch and Surat in Gujarat, and Pune in Maharashtra.
Sources said looking at the proceedings in this scam case, the assets of ABG will be seized by the banks in the coming days.
However, the GIDC has taken back the land before the banks have taken it into their custody, said activist M S Sheikh.