UP govt orders probe into Uptron land deal
20 March 2013 7:12 AM IST
The UP government has ordered a probe into Rs 74 crore Uptron land deal. The probe will find out as how the Industrial Finance Corporation of India (IFCI) auctioned a prime land of Lucknow Municipal Corporation leased out to Uptron to a private builder for merely Rs 74 crore on 1 March. The municipal corporation has also approached High Court in the matter.
‘We want action should be taken against the guilty because IFCI has kept municipal corporation in a dark while carrying out the auction,’ municipal commissioner Rakesh Singh said.
Parliamentary affairs minister Azam Khan said in the UP assembly that the matter was very serious and it has to be seen how a government land was sold out in an auction without the knowledge of the government.
‘The guilty people would not be spared and the state government would not allow a thing which was a precedence in the Mayawati regime,’ he said.
Lucknow Mayor Dinesh Sharma said, ‘His officials were not informed by the IFCI about the auction’, adding that how the IFCI could sale the land to a private builder when it was given to Uptron on a 30-year lease.
On 1 March, the IFCI auctioned the six-acre land in Gomti Nagar for Rs 74 crore against the actual market rate of Rs 500 crore as Uptron could not repay the loan of over Rs 140 crore. The IFCI was slated to auction the 9.82 acres land of Uptron factory in Chinhat area along with the Gomtinagar land but no bidder came for the factory which had a reserved price of Rs 14.31 crore.
On 2 August last year, the IFCI had slapped a demand notice on Uptron, seeking repayment of Rs 140.48 crore within a stipulated time of 60 days. The outstanding on the company was calculated on 31 July, 2012. When Uptron failed to comply with the notice, the financial institution toughened its stand and seized its nearly 6 acre of land in Gomtinagar.
‘We want action should be taken against the guilty because IFCI has kept municipal corporation in a dark while carrying out the auction,’ municipal commissioner Rakesh Singh said.
Parliamentary affairs minister Azam Khan said in the UP assembly that the matter was very serious and it has to be seen how a government land was sold out in an auction without the knowledge of the government.
‘The guilty people would not be spared and the state government would not allow a thing which was a precedence in the Mayawati regime,’ he said.
Lucknow Mayor Dinesh Sharma said, ‘His officials were not informed by the IFCI about the auction’, adding that how the IFCI could sale the land to a private builder when it was given to Uptron on a 30-year lease.
On 1 March, the IFCI auctioned the six-acre land in Gomti Nagar for Rs 74 crore against the actual market rate of Rs 500 crore as Uptron could not repay the loan of over Rs 140 crore. The IFCI was slated to auction the 9.82 acres land of Uptron factory in Chinhat area along with the Gomtinagar land but no bidder came for the factory which had a reserved price of Rs 14.31 crore.
On 2 August last year, the IFCI had slapped a demand notice on Uptron, seeking repayment of Rs 140.48 crore within a stipulated time of 60 days. The outstanding on the company was calculated on 31 July, 2012. When Uptron failed to comply with the notice, the financial institution toughened its stand and seized its nearly 6 acre of land in Gomtinagar.
Next Story
