CM Kiran Kumar's panel to review Emaar, Vanpic mess
Tags:
Hyderabad: In a decision that will have far reaching consequences, Chief Minister N. Kiran Kumar Reddy has asked officials to find a way out of the present impasse in controversial projects such as Emaar, Vanpic, Ramky Pharma and Raheja Mindspace.
All these projects have been put on hold and the promoters are being stopped from creating third party interests by way of selling property ever since the CBI launched a probe into their allotments by the YSR regime.
A majority of the projects, except Raheja Mindspace, figure in Jagan’s illegal investments cases.
Official sources said the CM on Wednesday decided to constitute a high level committee under the chairmanship of chief secretary Dr P.K. Mohanty with senior bureaucrats from finance, law, industries and the AP Industrial Infrastructure Corporation as members, to review the projects.
The mandate for the committee is to come up with solutions on how to move forward without compromising on the state’s interests as well as not hampering the ongoing CBI cases, sources pointed out. The civil litigation will be addressed and the criminal cases will be taken to their logical conclusion, sources added.
Raheja has already restored APIIC equity worth Rs 450 crore and paid the dividends. Similarly, the Emaar PJSC, Dubai, to which the state actually awarded the project, has made an unconditional offer to restore the original concession agreement.
It agreed to make up revenue losses, if any, arising out of deviations in the original agreement and take back the project from its subsidiary Emaar MGF, sources said.
Post new comment