PSU Watch logo

| Centre unlikely to cut fuel taxes |   | TRAI not in favor of floor price for tariffs |   | Fuel demand picks up in July, petrol at pre-COVID level|   | South Western Railway transports 14mn tonnes freight |   | IRCTC to run 'Bharat Darshan' special train from August 29 from Madurai |  

National Textile Corporation fined Rs 140 crores. Here’s why

Confirming the news, District Collector Shivaji Jondhale said that a notice in this regard was sent to NTC on July 3
Mumbai: A fine of Rs 140 crores (Rs 1.4 billion) has been levied on National Textile Corporation (NTC) for the redevelopment of a mill land in Mumbai’s Byculla without requisite permissions payment of lease rent and redevelopment charges. The penalty was levied by Mumbai’s district collector’s (city) office. Confirming the news, District Collector Shivaji Jondhale said that a notice in this regard was sent to NTC on July 3. According to the official, the corporation had seven mills in Mumbai.

Why was NTC fined?

When mill redevelopment started in the 90s, the plot was divided into three parts — two of which went to the Brihanmumbai Municipal Corporation (BMC) for development of a garden and the other one went to the Maharashtra Housing and Area Development Authority (MHADA) for constructing a residential building meant for mill workers. The third part was sold to a private developer. The penalty imposed by the DC pertains to the plot handed to the MHADA.

NTC handed over the land to MHADA after lease expired

Jondhale said, “The government land they (NTC) had given to MHADA was a leased one (New Kaiser Mills plot, admeasuring over 30,000 sq m). But it handed over the land to MHADA after the lease expired. It was a government land. So, it means that they handed over the government land to the government itself.” “They have not paid the lease rent and redevelopment charges. They should have sought redevelopment permission from the Maharashtra government,” he added.