8
Wednesday
May 2024
11:28 PM IST
News Headlines
Home   | Main News   | Kerala  | National   | International  | Business   | Sports   | Entertainment   | Columns   | Offbeat   | Health   | About Deepika 
Business News
Guj CM orders to cancel permissions given to Sterling Port Ltd at Dahej
 
Gandhinagar: Gujarat Chief Minister Vijay Rupani has ordered to cancel all the permissions given to Sterling Port Ltd for development of an all weather port at Dahej in Bharuch district of the state. Sterling port Ltd''s promoters are Nitin Sandesara and his borther Chetan Sandesara, who were also the promoters of Vadodara based pharma company Sterling Biotech and were involved in over Rs 11000 crore bank loan defraud scam.

Rupani has also ordered the authorities in Gujarat Maritime Board to take back the 85 hectare land given to the company for the port development purpose. The government had through the board entered into a concession agreement with Sterling Ports ltd in Mid 2014 for the development of Dahej Port as a world class all weather port. The company which was to invest over Rs 2000 crore for the purpose in the first phase, had in fact failed to provide Rs 37 crore bank guarantee to board and the rent of the land leased to it for development of the port.

Meanwhile, a statement issued by the state government this evening said that Rupani has shown a strict attitude towards Sandesara, who has fled from the country after taking loan from various banks and financial institutes by canceling all the agreements for development allotted to Sterling Port Ltd to develop Bharuch''s Dahej Port as all-weather berthing port. He has ordered Gujarat Maritime board to take immediate steps to recover the remaining dues of Sterling Port Ltd. The Board had entered into a concessional agreement in December 2008 with Sterling Biotech for development of all-weather berthing at Dahej and an intent letter was allotted in January 2009.

With it, Maritime Board had allocated 84.95 hectare of government land on lease at Dahej in June-2010 to the company for its leveling and fencing. The board approved for the construction of the port in March-2011. A new company, Sterling Port Ltd, was formed by Sterling Biotech Ltd and by its members of the consortium for the development of the Dahej Port. The concession agreement was signed between these new company and the Gujarat Maritime Board in June -2014.

According to the agreement, the company was to investment of Rs 2500 crores in the first phase to undertake development of Dahej Port and for it the company was to give one and a half percentage amount of construction and Rs 5.00 Crore as performance guarantee to Gujarat Maritime Board. But after the agreement the company had not undertaken any concrete action for the development of the port and Sterling Port Ltd even failed to pay Rs 37.50 crore bank guarantee and stipulated fixed rent for 84.95 hector land to Gujarat Maritime Board.

The state government has accepted the recommendations during an emergency meeting of the board convened on the instruction of the CM, to cancel the concession agreement and to forfeit all the guaranteed amounts.

AIBEA decides to go ahead with Nov 19 bank strike, discussions with IBA & Managements fail
Twitter very slow in India: Elon Musk
Amazon plans to lay off 10,000 people in coming days: NYT
Tripura to get tea auction centre
India indebted to former PM Manmohan Singh for economic reforms: Gadkari
Russia becomes India's top oil supplier in Oct
British PM Rishi Sunak committed to FTA with India, says Downing Street
India to press for collective efforts to deal with spillovers of actions by rich nations at G20: FM
Musk says Twitter verification being 'revamped'
Quality & Export define India and its Economy : Piyush Goyal
India Pak T20 match blockbuster creates new viewership record
Pakistan taken off from FATF's grey list; Myanmar in black list
Internet Freedom in India improves after 4 years of decline: Freedom House
India targeting Rs 35,000-crore exports of defence products by 2025: Rajnath
Rupee ends at 82.35 against USD
Sitharaman meets Japanese counterpart, discusses Indo-Pacific economic cooperation
Dhoni launches Droni, a Made-In-India camera drone
Ecosac launches biodegradable consumer products ‘Ecopath’
India, UK carrying out intensive discussions on FTA: MEA
World Bank slashes India's FY23 GDP growth forecast to 6.5 pc
KERALA NEWS
Top police official held in gang rape case
 Kozhikode: Police on Sunday arrested a Circle Inspector (station house officer) attached in Beypore  
Rain likely to occur many places in Kerala
Two killed as car plunged into well
Kerala CM greet Oommen Chandy on his 79th birthday
INTERNATIONAL NEWS
64 arrested in London on Charles III coronation day
 London: At least 64 people were arrested in UK's capital during the coronation of Charles III on May
Bangladesh police arrest six persons for selling fraud US visa stamps
Erdogan announces extension of grain deal by 120 days
Musk hints at new chief for Twitter
NATIONAL NEWS
Quo Vadis, Manipur?
 Imphal - Hardly any state in India has undergone in the last decade the chaos, lawlessness and suffe
27-year-old Hyderabad woman among victims of Texas mall shooting
One held in Swati Maliwal case: Delhi Police
PM to deliver opening address at 'No Money for Terror' event
Untitled Page
Rashtra Deepika LTD
Chairman : Dr. Francis Cleetus | MD : Benny Mundanatt | Chief Editor : George Kudilil
Copyright © 2021 , RDL. All rights reserved , To access reprinting rights please contact [email protected]
Tel: +91 481 2566706,2566707,2566708   Privacy policy | Terms of use
Copyright @ 2021 , Rashtra Deepika Ltd.