Nagpur: More than 25 hectares of land in Mihan-sez remain installed by the Enforcement Directorate (ED) for the past seven years in the case of illegal assets.
The land was allocated to Asara Realty Ventures Private Limited, a company with a link to the chairman of the chairman of Andhra Pradesh Jagan Reddy, who was involved in the case of disproportionate assets that lead to ED actions in 2015.
Now, even as a property located on the infosc campus on Mihan.
Stay below ED, the action has raised the question.
This problem has arrived at the notification of the Development Commissioner Office (DC), which has not received official intimacy so far, said the source.
The DC office is expected to take cases with MADC shortly, said source.
MADC, which is a state government company, is the Sez developer.
DC on the other hand was appointed by the Ministry of Commerce to oversee the regulatory affairs of each SEZ.
All episodes raise questions, said sources.
It was said that even if the land was given to investors, MADC as the state government entity remained the main owner.
The investment entity is only given a rental land in the Mihan project.
It could also be interpreted that Ed had attached MADC’s land leased to Asara Realty.
The company, allocated 25 acre plots, has not done development work for years.
Even though it was studied to pay Crore RS11 to the cost, the sources said handling this problem.
In the event that the company has carried out several construction on the site, the default area might be its property.
However, empty land can be taken back by MADC by returning investors.
Now, 25 hectares of land remain in Limbo and cannot be allocated for other prospective investors, the source said.
Inaction of surprising years, adding the source.
Deepak Kapoor, Deputy Chairperson of the Implementing Director (VCMD), declined to comment on saying that it was an old case and also involved Ed.
ED action took place before Kapoor took over as VCMD.
The source said in the case of Asara and even an approval letter (LOA) had expired.
LOA is permission to operate at Sez.
If the loa has expired, the technical entity is no longer in SEZ.
It also gives MADC reasons to take back the land.
Asara Realty was started to land to establish an IT park.
After allotment in 2007, the company has also searched for co-developer status, which was given by the approval board in 2009.