Establishment and incorporation

(1) For the purpose of securing and assisting in the rapid and orderly establishment and organisation of industries in industrial areas and industrial estates in Goa there shall be established by the State Government by notification in the Official Gazette a Corporation by the name of the Goa Industrial Development Corporation. (2) The said Corporation shall be a body corporate with perpetual succession and a common seal, and may sue and be sued in its corporate name, and shall be competent to acquire, hold and dispose of property both movable and immovable, and to contract, and do all things necessary for the purposes of this Act. (a) The terms “Corporation”, “Industrial Estates/Areas”, “Managing Director”, “Allottee”, “Government”, “Industrial Undertaking”, “Institutions”, “Service Industry”, “Utilities”, “Commercial activity”, “Commercial Operations or Date of Commercial Operations”, “Relative” shall have the meaning as defined under the Goa Industrial Development Corporation Allotment Regulations as in force. (b) “Formal Transfer” shall mean and include all acts as specified under Schedule IA and Schedule II. (c) “Non Formal Transfer” shall mean and include an act whereby an allottee conveys the lease hold rights over the plot allotted to him by the Corporation to any third party. In this clause “third party” shall mean and include an Individual, a company, a partnership firm or a limited liability partnership, Hindu undivided family, a society, a trust or associations or body of individuals, whether incorporated or not, or any other bonafide entity other than the allottee. (d) “Sub-Lease” shall mean an act by which an allottee leases the built up area constructed over the plot allotted to him by the Corporation to any third party. (e) “Plot without building construction” shall mean a barren plot with or without a compound wall and/or a security cabin constructed thereon. (f) “Plot with Partial building Construction” shall mean a plot where the cost of the building constructed on it (other than the cost of a compound wall and/or a security cabin) as per the approved plans shall not be less than the threshold value of Rs. 300/- per sq. mts. of the gross plot area duly certified by a Certified Valuer. However the Board may increase the above threshold value once a year, if it so desires with prior approval of the Government. (g) “Plot with Substantial Building Construction” shall mean a plot where building construction has been completed as per the approved plans and the Occupancy Certificate is obtained for part or whole of the building. (h) “Holding Company” shall mean a holding company as defined under the Companies Act in force. (i) “Subsidiary Company” means a subsidiary company as defined under the Companies Act in force. (j) “Associate/Sister Companies” for the purpose of these Regulations are companies which are owned by the same parent company or where the same Group of Shareholders or their relatives controls a minimum of 26% stake. Such shareholding could be direct holding or indirect holding through a holding company. (k) “Associate/Sister firms” for the purpose of these Regulations are such proprietorship firms which are owned by the same proprietor or such partnership firms (including limited liability partnerships firm) in which the same group of partners or their relatives control a minimum of 26% stake. (l) “Plot Rate” shall mean and include the prevailing premium rate per sq.mt. as on the date of receipt of the application by the Corporation.