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Bail denied to IPCL land scam accused Friday, December 7, 2001
SOURCE - TIMES NEWS NETWORK
AHMEDABAD: An accused in the IPCL land scam, Jayanti Panchal, withdrew his bail application from the Gujarat high court, as his plea was rejected. Justice NG Nandi, while hearing the plea, refused to grant him bail.
Appearing on CBI's behalf, standing counsel MR Shah opposed the plea on the grounds of the gravity of offence and the pendency of investigation. Additional public prosecutor Samir Dave appeared for the State.
Gandhinagar CBI had registered a complaint on April 19, for a crime committed at Vadodara in 1998-99, against KG Ramanthan chairman and managing director of IPCL, director (finance) N Chander, Jayanti Panchal, NM Bijlani of NRD Associates, IPCL officials and others.
Investigation revealed that the accused hatched a conspiracy in the matter of purchase of 15 hectares of land for emergency township at IPCL, Gandhar Complex, Bharuch, which caused huge loss to IPCL and corresponding gain to private parties.
While correspondence was going on between IPCL and the GIDC an amount of Rs 30 lakhs was deposited by IPCL with GIDC as earnest money for the purchase. During pendency, the accused initiated a proposal to acquire land from private parties directly instead of through government agencies.
NRD Associates had issued tender notice calling for offers of land and unauthorisedly processed the purchase proposal and finalised procurement of 35 acres from MP Traders though only 20 acres was the requirement.
Revenue records put the average cost of land at Rs 60,000 per acre, but the land was purchased by the IPCL at Rs 6.25 lakh per acre.
Moreover, while entering the agreement with MP Traders, the land cost was split in to basic cost and cost towards locational advantage to evade stamp duty. The procedure was not followed and serious objections raised by the Tender Evaluation Committee were overruled.
Investigations by the CBI also revealed that the MP Traders had bought the land from farmers during January-April 1999, for Rs 9.02 lakh and the same was sold to the IPCL in July 1999, for Rs 2. 18 crore. Thus huge losses were caused to the IPCL and corresponding gains were made by MP Traders and other suspects.
News Source : The Times of India [India's best Newspaper]