PANJIM: Goa Industrial Development Corporation (IDC) has decided to appoint company secretaries to seek their advice in cases related to transfer and sub-lease of plots.
The decision was taken after the Central Government Audit on the Estate Management Audit of IDC, raised various objections to a number of transfer and sub-lease cases dealt by the Scrutiny and Screening Committee as per the IDC Allotment Regulations 2014 and IDC Transfer and Sublease Regulation 2014.
Speaking to Herald, IDC general manager (Engineering) Prakash Gurav said the board has decided to avail the services of two company secretaries – Sudarshan Shintre and Dharmaraj Bhonsle – to advise the board on such cases.
“In the recent past, several multinational companies have established units in the State. Their share holding process being a little different and complicated, the board decided to appoint company secretaries to deal with it. The scrutiny committee of IDC is not in a position to handle such cases,” Gurav said.
He said IDC does not have sufficient manpower with necessary expertise in the field of company affairs as per the Companies Act.
The company secretaries will examine the cases in the field of law and company affairs like change in share holding pattern, change of name, sub-leases from holding company to subsidiary company, subleases between sister companies or associate firms, etc. “They will assess the cases individually as per the Transfer and Sub-lease Regulation 2014 and make necessary recommendation to IDC,” Gurav stated.
Asked what were the objections raised by the Central Government Audit, Gurav, said the main issue highlighted was on losses the board suffers on account of release and transport of water to the industries.
