Disposal of Land Rule - RIICO
Disposal of Land Rule - RIICO
Disposal of Land Rule - RIICO
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(i) If transfer <strong>of</strong> plot/land or interest/holding in the firm is in favour <strong>of</strong> blood relations. The<br />
spouses shall also be treated at par with blood relatives.<br />
(ii) If the transfer <strong>of</strong> the land/plot is being affected due to sale <strong>of</strong> land/plot by Financial<br />
Institutions, <strong>RIICO</strong>, RFC, Banks, DRT or the competent Courts under the relevant Act,<br />
after taking over the assets <strong>of</strong> the unit.<br />
(iii)If the transfer <strong>of</strong> the land / plot is being affected in pursuance <strong>of</strong> rehabilitation scheme<br />
sanctioned/ approved by BIFR/AAIFR/Financial Institutions.<br />
(iv) If the plot is being transferred to a new firm wherein the transferor proprietor/partner(s)<br />
and / or their blood relations are holding controlling shares in the new transferee firm.<br />
(v) If an allottee proprietorship firm/partnership firm wants to carry out the business in<br />
changed name and / or style (converting into proprietorship firm/ partnership Firm/<br />
Company as the case may be) provided the original proprietor/partners and / or their<br />
blood relations hold major share holding in the new set-up.<br />
(vi) If an allottee private limited / public limited company continues to carry out the<br />
business in its name irrespective <strong>of</strong> making changes in their board <strong>of</strong> director or carry<br />
out the business in the name <strong>of</strong> the company permitted by re-placing the name <strong>of</strong><br />
existing company.<br />
(vii) If the transfer <strong>of</strong> the allotted plot from one company to another company is being<br />
affected on account <strong>of</strong> the situation that the two companies ( allottee/lessee company<br />
and transferee company) are getting amalgamated under the relevant law and in both<br />
these companies there are common directors having minimum 75% share holding in<br />
each <strong>of</strong> the amalgamating company. ( inserted as per approval <strong>of</strong> the IDC vide item 28 <strong>of</strong> its<br />
meeting held on 30.7.2010.)<br />
18(d) Explanations and Notes:<br />
(i) Existing partners / promoters means partners / promoters existing at the time <strong>of</strong> plot<br />
allotment.<br />
(ii) Blood relations means husband, wife, sons, daughters, brothers, sisters, father,<br />
mother, grand father & grand son <strong>of</strong> the allottee.<br />
(iii) Transfer <strong>of</strong> the plot under the rule will be subject to the condition that the<br />
Corporation will not be responsible to provide any infrastructure facilities viz. road,<br />
water, power, drainage, street lights etc. It will be the exclusive responsibility <strong>of</strong> the<br />
transferor/transferee to arrange the required infrastructure facilities at their own<br />
level and cost. An undertaking to this effect shall be taken from the transferor /<br />
transferee at the time <strong>of</strong> issuing permissions for transfer under the rule.<br />
(iv) Transfer <strong>of</strong> plot / land under these rules will be permitted for the same purpose for<br />
which the plot / land had been allotted.<br />
(v) Computation <strong>of</strong> transfer premium would be done as per the rate prevailing on the<br />
date <strong>of</strong> payment made by the allottee.<br />
(vi) All provisions as have been mentioned in this rule will be applicable on all pending<br />
cases. However the cases wherein transfer premium has already deposited shall not<br />
be reopened.<br />
(vii) Transfer <strong>of</strong> plot by concessional category candidate to same category (as defined in<br />
<strong>Rule</strong> 3) or transfer <strong>of</strong> plot after five years from the date <strong>of</strong> commencement <strong>of</strong><br />
commercial production to general category shall be allowed (under rule 18 above),<br />
without recovering rebate granted on allotment, otherwise the amount <strong>of</strong> concession<br />
allowed at the time <strong>of</strong> allotment shall also be recovered with interest from the date<br />
<strong>of</strong> allotment to the date <strong>of</strong> payment. The period <strong>of</strong> possession remained with<br />
financial institution or the unit remains closed after production shall be treated in