The Uttar Pradesh State Industrial Development Corporation Limited revealed a loss of Rs. 9.41 crore.
The company revealed a loss of Rs. 9.41 crore with reference to the Land Acquisition Act, 1894 provision the compliance audit.
Uttar Pradesh State Industrial Development Corporation Limited, Kanpur (Company) for the achievement of its objective of planned industrial development, acquires land from landowners. The acquisition proposals are based on the availability of finances, the developmental cost of the industrial area, and demand for industrial land in the particular area. The Land Acquisition Act, 1894 (LAA) empowers the company to do so.
The Land Acquisition Act, 1894 (LAA) read with the Government of Uttar Pradesh (GoUP) order (December 1995) prescribes the process of acquisition of land through District Authorities and system of payment of compensation for the same. The District Authorities additionally charge 10 percent of the estimated compensation as acquisition charges. Further, as per GoUP Order (December 2005) in case, the proposal of acquisition of land is withdrawn at a certain stage or gets lapsed, a certain percentage of acquisition charges is deducted by the District Authorities depending on the stage of the acquisition process completed. The extant provisions are summarised as below:
With the reference to the above provision of the Land Acquisition Act, 1894 the compliance audit of the Company revealed a loss of Rs. 9.41 crore