IFFCO pays Rs 88 cr as arrear revenue to Orissa Govt.
Monday, September 03, 2007
IFFCO pays Rs 88 cr as arrear revenue to Orissa Govt.

Bhubaneswar: Indian Farmers Fertiliser Cooperative Limited (IFFCO) paid Rs 88 crore to the State Government, to compensate the escapement of registration fee and stamp duty to the tune of Rs 280.80 crore by the IFFCO authorities.

State Revenue Secretary Venugopal Sharma took steps to realise the money from the company after the matter was brought to light by the accountant general (AG) of Orissa.

The AG, while checking the records of sub-registrar of Kujang tehsil in Jagatsinghpur district, stumbled upon a huge escapement of registration fee and stamp duty in a deal between OSWAL and IFFCO. 

OSWAL Chemical and Fertiliser Limited (OCFL) transferred the Paradip plant to IFFCO in September 2005.

Accordingly, both OCFL and IFFCO, along with the State-owned landholder IDCO, entered into a tripartite deed, which was registered in 2006 on payment of only Rs 3 crore. While OCFL handed over 1,000 acres of land and plant and machineries to IFFCO and settled for a Rs 2, 159.89 crore but the State received the paltry sum of Rs 3 crore towards its registration fee. The accountant general auditors raised serious objections and asked the Revenue Department to collect the remaining amount, which was estimated at Rs 280.80 crore.

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