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Govt Cancels Land To Moser Baer
Publish Date:Apr 29, 2011
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The state government has decided to cancel the land allotted to Moser Baer Infrastructure Developers Ltd, New Delhi to set up solid state memory devices like USB drives, at Fab City in Hyderabad as the company failed to pay the lease premium despite several notices issued to it by the AP Industrial Infrastructure Corporation (APIIC). The company was allotted 100 acres of land in Fab City at a lease rental of Rs 15 lakh per acre per annum for a period of 66 years along with infrastructure support like water and electricity. When it failed to pay up the premium as per the MoU entered into on April 16, 2008, the APIIC issued several notices to the company. However, the company did not reply one and half years and later it sent a letter saying that due to economic recession, the photovoltaic industry was hit hard, and requested extension of time by two years. Meanwhile, the APIIC recommended to the government to withdraw the MoU and cancel the allotment of land. The state government then issued a show cause notice to the company in April 2010. The company, in its reply, reiterated that it was reeling under economic recession and sought time till 2012 to pay the due amount. But since there was no firm commitment from them on any specific business plans and as they had not paid even the initial lease premium as per the terms and conditions of the MoU, the government on Thursday decided to withdraw the MoU and cancel the land allotted to it.
http://www.teluguone.com/news/content/moser-baer-infrastructure-20-1583.html
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