Singur Effect: WBIDC To Face Auditor Test

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Singur: While all eyes were on Singur on Wednesday when chief minister Mamata Banerjee began handing over the land record documents to the original owners, the authorities of the West Bengal Industrial Development Corporation (WBIDC) were a tad uncomfortable and apprehended tough questions from the auditors.

The reason: auditors might point out that the expenditure of more than Rs 170 crore that WBIDC incurred for acquiring more than 997 acres land for the small car project, developing it and protecting it in legal battles in the Supreme Court and High Court, has now to be treated as a loss in the books.
All these years, it was shown as an “asset”, which will be impossible from this year as the “asset” is going back to the original owners of the land.

“We are aware of the issue but I am not authorised to make any comment on it,” P Kamalakanth, executive director of WBIDC, told HT on Tuesday.
Sources in the corporation told HT, WBIDC has spent Rs 120 crore as compensation to the farmers who have given their land for the project, Rs 30 crore for setting up of drainage and canal system inside the site and Rs 12 crore for fencing surrounding it.

The agency has also spent around Rs 15 crore for legal battles and additional compensation to an industrial unit at the project site.

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