Mumbai: A special court on Monday rejected a plea by the Maharashtra Maritime Board to take over 1,741 acres of land in Sindhudurg linked to the HDIL-PMC Bank scam, while also finding that the Enforcement Directorate (ED) had not disclosed that an appeal concerning the attachment of the same land made by accused and former HDIL promoter Sarang Wadhawan was already pending before the appellate tribunal.
Seeking custody of the land, the board said its plea was in line with the Centre’s Maritime India Vision 2030 and Maritime Amrit Kaal Vision 2047, which aim to improve maritime infrastructure. It said the state govt had in 2008 approved a greenfield port at Vijaydurg in Sindhudurg and executed a concession agreement with Vijaydurg Ports Pvt Ltd (VPPL) for developing and operating it under the BOOST (Build, Own, Operate, Share and Transfer) model. VPPL was required to submit a detailed project report, achieve financial closure and secure clearances within 24 months.
It said acquisition was necessary for public welfare and maritime infrastructure in Maharashtra and sought permission to intervene, asking that the lands be released in its favour in public interest.
The board said the lands were in or near the proposed port area and were required for its development. The ED, in its reply, said it had no objection to the reliefs sought. However, M/s Privilege Hi-Tech Infrastructure Ltd, a company of the HDIL group and an accused entity in the case, held major shares in VPPL, and the project was not completed, allegedly causing heavy loss to the public exchequer. It alleged that even after the project was terminated, the owners and directors of VPPL continued to control the parcels through benami farmers. It also proposed selling the lands, with the court’s permission, at fair value, leaving the court to decide later how the proceeds should be assigned to rightful claimants or victims. The land is part of assets attached in the PMC Bank fraud case, in which the agency has alleged that the Wadhawans, through HDIL and related entities, fraudulently obtained loans from Punjab and Maharashtra Cooperative (PMC) Bank and diverted funds, causing losses to depositors and the bank. It has alleged properties were acquired using proceeds of crime. You Can Also Check: Gold Rate in Mumbai | Silver Rate in Mumbai | Bank Holidays in Mumbai | Public Holidays in Mumbai | Mumbai AQI | Weather in Mumbai | Petrol Price in Mumbai | Diesel Price in Mumbai | CNG Price in Mumbai | LPG Price in Mumbai