Chapter IV Chapter IV

All property, funds and other assets vesting in the Corporation shall be held and applied by it, subject to the provisions and for the purposes of this Act. Notwithstanding anything contained herein, these regulations shall not affect and/or have bearing over any directions issued to the Corporation by the Government in terms of Section 16 of the Goa Industrial Development Act, 1965. (i) Any allottee which undergoes in a change in constitution or change in shareholding structure within limits under sub-clauses (ii), (iii) and (iv) below, shall have to inform the Corporation within a year of effecting such change or along with certificate issued by the Company Secretary detailing the nature of such changes. The Corporation will make necessary changes in its record on payment of the processing fees specified under clause 21. However in the event any of such changes in the constitution or shareholding structure result in breaching the limits stipulated under (ii) and (iii), the lease hold rights over the plots will be deemed as transferred and the Corporation will process the case in accordance with these regulations. Existing allottees which have undergone change in constitution or change in shareholding structure within limits under sub-clauses (ii), (iii) & (iv) shall inform the Corporation within a year of notifying of these regulations. (ii) Change in constitution in case of a proprietary or a partnership firm (including limited liability partnership firm) which does not result in the original/existing proprietor or partner and their relatives diluting their share of ownership in such firm below 51%. (iii) Change in shareholding structure in case of a private limited company which does not result in the original/existing promoter shareholders diluting their share of ownership in such firm below 26%. (iv) Change in constitution or shareholding structure of a firm or a company only amongst the relatives, which does not result in transfer of ownership. Explanation:— Original shareholding of the Promoters for purposes of sub-clause (iii) above shall be the shareholding as on the date of starting the commercial operations.

(1) The Corporation shall have and maintain its own fund, to which shall be credited— (a) all monies received by the Corporation by way of grants, subventions, loans, advances or otherwise; (b) all fees, costs and charges received by the Corporation under this Act; (c) all monies received by the Corporation from the disposal of lands, buildings and other properties movable and immovable, and other transactions; (d) all monies received by the Corporation by way of rents and profits, or in any other manner or from any other source including the proceeds of any loan authorised by Section 20. (2) The Corporation may keep in current or in deposit account with the State Bank of India or any other Bank approved by the State Government in this behalf such sum of money out of its fund as may be prescribed and any money in excess of the said sum shall be invested in such manner as may be approved by the State Government. (3) Such accounts shall be operated upon by such officers of the Corporation as may be authorised by it by regulations made in this behalf. The Board of the Corporation with prior approval of the State Government shall be entitled for taking appropriate measures for removal of difficulties if any, that may arise at any stage in the performance of its lawful functions, so as to give full effect to the Regulations. (i) Public Limited Companies which undergoes continues changes in shareholding structures will be exempted from informing the Corporation unless any such changes result in change in management control of such companies and in the event of such change in management control, the lease hold rights over the plot will be deemed as transferred and the Corporation will process the case in accordance with these regulations.

The State Government may, after due appropriation made by the State Legislature by any law in this behalf, make such grants, subventions, loans and advances and capital contribution to the Corporation as it may deem necessary for the performances of the functions of the Corporation under this Act; and all grants, subventions, loans and advances and capital contribution made shall be on such terms and conditions as the State Government may after consulting the Corporation determine. (i) Every request seeking permission to set up more than one industrial unit in a shed shall be considered on merits and placed before the Board of the Corporation for consideration and decision. (ii) Processing fees prescribed under clause 21 would be applicable.

The Corporation may, subject to such conditions as may be prescribed in this behalf, borrow money in the open market or otherwise with a view to providing itself with adequate resources. (a) Upon receipt of an application the Board of the Corporation or any official authorized to that effect and extent, may decide in respect of permitting an allottee to mortgage the lease hold rights over the plot allotted, over the machinery installed/to be installed and the factory building constructed on the said plot, to any Financial Institution for raising funds for setting up the project. (b) Pursuant to the decision referred to under clause 20 (a) above a letter conveying no objection shall be issued to the Financial Institution for financing the allottee for setting up the project, to have the First, Second or pari passu charge over the lease hold rights of the plot allotted, over the machinery installed/to be installed and the building constructed on the said plot provided the allottee regularly remits the annual lease rent fixed. (c) On behalf of the Corporation the letter to the financial institutions will be issued by the Managing Director or any other officer authorized by the Corporation within a period of 15 days from the receipt of the application and/or from the date of payment of any outstanding dues by the allottee whichever is later. (d) Processing fees prescribed under clause 21 would be applicable. (e) In case of any unforeseen circum-stances if the movable or immovable assets of the allottee are attached by the Financial Institution for recovery of dues and the said assets are put to auction then the financial institution shall also recover the outstanding dues if any of the Corporation by the allottee and remit the same to the Corporation. (f) No transfer shall be eventuated unless and until the outstanding dues of the Corporation are deposited with the Corporation either by the financial institution or the bidder parties. It would be incumbent upon the bidder parties and/or financial institutions to check the outstanding dues of the Corporation if any, against the said assets before bidding so as to avoid further complication to get the plot transferred in their names. (g) Auction of the allottees assets attached by the Financial Institution shall be only for use under category permitted by the Corporation to be set up by the prospective bidders.

The Corporation may accept deposits on such conditions as it deems fit from persons, authorities or institutions to whom allotment or sale of land, buildings or sheds is made or is likely to be made in furtherance of the objects of this Act. For processing the applications in all the above categories a processing fee of Rs. 5,000/- shall be charged. Processing fees shall also be applicable to the application of the allottees who have taken the plots/land etc. under auction.

(1) The Corporation shall make provision for such reserve and other specially denominated funds as the State Government may, from time to time, direct. (2) The management of the funds referred to in sub-section (1), the sums to be transferred from time to time to the credit thereof and the application of money comprised therein, shall be determined by the Corporation. (3) None of the funds referred to in sub-section (1) shall be utilised for any purpose other than that for which it was constituted, without the previous approval of the State Government. The Corporation reserves its right to revise the Payment, Fees, Charges, Taxes, Deposits etc. as stipulated and the allottee shall be bound to pay the Payment, Fees, Charges, Taxes, Deposits etc. on demand by the Corporation.

(1) The Corporation shall have the authority to spend such sums as it thinks fit for the purposes authorised under this Act from out of the general fund of the Corporation referred to in section 18 or from the reserve and other funds referred to in section 22 as the case may be. (2) Without prejudice to the generality of the power conferred by sub-section (1), the Corporation may contribute such sums as it thinks fit towards expenditure incurred or to be incurred by any local authority or statutory public undertaking in the performance, in relation to any of the statutory functions of such authority or undertaking, including expenditure incurred in the acquisition of land. Applications submitted and/or pending prior to the 18th day of June, 2012, shall be processed and dealt with under these regulations. However in such cases, the transfer fees charged by the Corporation as per the present regulations shall be in accordance with the premium plot rate prevailing as on the day of the application received by the Corporation.

(1) The Corporation shall, by such date in each year as may be prescribed, prepare and submit to the State Government for approval an annual financial statement and the programme of work for the succeeding financial year. (2) The annual financial statement shall show the estimated receipts and expenditure during the succeeding financial year in such form and detail as may be prescribed. (3) The Corporation shall be competent to make variations in the programme of work in the course of the year provided that all such variations and reappropriations out of the sanctioned budget are brought to the notice of the State Government by a supplementary financial statement. (4) A copy each of the annual financial statement and the programme of work and the supplementary financial statement, if any, shall be placed before the Legislative Assembly as soon as may be after their receipt by the State Government. Any transfer or sub-lease effected between 18th day of June, 2012 and the date of the notification of these regulations, shall be processed and dealt with under these regulations. However in such cases, the transfer fees charged by the Corporation as per the regulations shall be in accordance with the premium plot rate prevailing as on the date of notification of these regulations.

(1) The Corporation shall maintain books of account and other books in relation to its business and transaction in such form, and in such manner, as may be prescribed. (2) The accounts of the Corporation shall be audited by an auditor appointed by the State Government, in the prescribed manner. (3) As soon as the accounts of the Corporation are audited the Corporation shall send a copy thereof with a copy of the report of the auditor thereon to the State Government. (4) The State Government shall cause the accounts of the Corporation together with the audit report thereon forwarded to it under sub-section (3) to be laid annually before the Legislative Assembly. Any applicant affected by the decision of the Corporation or its refusal, shall approach the Grievance Redressal Authority appointed by the Board of Directors of the Corporation. In an event the Grievance Redressal Authority is satisfied that the grievance is genuine, he may recommend a remedial measure to the Board of the Corporation for a final decision. The decision of the Board of the Corporation shall be final and binding. Pending such appointment the Managing Director of the Corporation shall be the Grievance Redressal Authority.

Notwithstanding anything contained in section 25 the State Government may order that there shall be concurrent audit of the accounts of the Corporation by such persons as it thinks fit. The State Government may also direct a special audit to be made by such person as it thinks fit of the accounts of the Corporation relating to any particular transaction or class or series of transaction or to a particular period. (2) When an order is made under sub-section (1), the Corporation shall present or cause to be presented for audit such accounts and shall furnish the person appointed under sub-section (1) such information as the said person may require for the purpose of audit. (i) The Goa Industrial Development Corporation Transfer and Sub-Lease Regulations, 2013, is hereby repealed. (ii) The repeal of the Goa Industrial Development Corporation Transfer and Sub-Lease Regulations, 2013, under sub-clause (i) shall not— (a) Revive anything not in force or existing at the time at which the repeal takes effect, or; (b) Affect the previous operation of the repealed regulations or anything duly done or suffered thereunder, or; (c) Affect any right, privilege, obligation or liability acquired, accrued or incurred under the repealed regulations, or; (d) Affect any fees, interest, penalty as are due or may become due or any forfeiture or violation committed under the provisions of the repealed regulations. (iii) Notwithstanding anything contained herein, these regulations shall not affect the mutually agreed terms and conditions of the lease deed or other documents executed in between the Corporation and the allottee, prior to these regulations coming into force and the same shall be effective and binding.