Thursday, 24 September 2026

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BusinessTamil Nadu

PMK asks TN government scrap Cuddalore SIPCOT, NLC land acquisition

PMK leader Anbumani Ramadoss has urged the Tamil Nadu government to abandon its plans to acquire additional land for a new SIPCOT industrial complex and the expansion of NLC mines in Cuddalore district, warning of a major protest if the proposals are pursued.In a statement, Ramadoss said the government had issued a fresh notification to acquire 164.20 acres in Thiagavalli and Kayalpattu villages, in addition to 1,097 acres already notified for the proposed SIPCOT complex, even as area residents had been continuously protesting against the earlier acquisition order.Much of the land had previously been purchased from farmers at low prices by two large private companies, and local people were demanding its return, he said, adding that the governmentâ€TMs attempt to acquire it now was unacceptable.According to Ramadoss, the new industrial complex would cover 1,283 acres. When added to the existing 2,625-acre SIPCOT estate in Cuddalore, the district would have industrial estates spread across 3,908 acres. Such large-scale industrialisation would not represent development but would expose the district to further environmental damage, he said.He also opposed the proposed acquisition of residential plots for the expansion of NLCâ€TMs Mine-I.The government had announced plans to acquire 68 plots covering 12.60 acres in Gangaikondan village and 77 plots covering 3.21 acres in Vanathirayapuram.More than 100 families could be rendered homeless if the acquisition proceeded, the PMK chief claimed.He also alleged that untreated waste discharged by chemical industries in the existing SIPCOT complex had already polluted Cuddaloreâ€TMs soil, groundwater and air. He claimed that hazardous substances, including carcinogenic dioxins, had been detected in the region and that NLCâ€TMs mining activities were affecting people across the district.He said the agricultural lands proposed for acquisition were fertile and could generate annual income of up to Rs 10 lakh. However, the guideline value in some areas had been fixed at only Rs 3.31 lakh an acre. Even the enhanced compensation offered by the government would be far below the prevailing market value, he alleged.Questioning why the government had abandoned the Parandur airport project but continued acquiring land in Cuddalore, Anbumani demanded the withdrawal of notifications covering 1,277 acres for SIPCOT and NLC projects. The PMK would mobilise affected residents and launch a major agitation if the government failed to act, he warned.

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BusinessWest Bengal

Bengal govt focuses on credit management reforms in cooperative banks to tackle bad loans

Kolkata, Sep 12 (IANS) The BJP-led West Bengal government has initiated a series of reforms in the credit management system of cooperative banks across the state to address the longstanding problem of bad loans and recover dues from wilful defaulters. State Cooperation Minister Ashok Kirtaniya has personally reviewed the financial health of several cooperative banks and directed departmental officials to prepare a comprehensive strategy aimed at strengthening credit discipline and improving loan recovery mechanisms. The Minister has directed the departmental bureaucrats to frame a blueprint for a comprehensive strategy to address the chronic issue of wilful defaulters. According to sources in the cooperative department, the proposed blueprint for urban cooperative banks will focus on three key areas. The first is the introduction of a robust due diligence mechanism to properly assess the creditworthiness of loan applicants and identify potential risks before loans are sanctioned. The second component involves identifying wilful defaulters and initiating recovery proceedings, including the attachment of properties where necessary. The third seeks to fix accountability for lapses in loan sanctioning and disbursal, with action proposed against credit officers found to have deliberately ignored borrowers' lack of creditworthiness. Minister Ashok Kirtaniya said property attachment proceedings would be carried out irrespective of the political affiliations of defaulters. He also warned that responsibility for unrecovered loans would be examined and that, if required, recoveries could be made from the pensions of retired officials or the salaries of serving officers found responsible for irregularities. “If the money is not recovered, the responsibility of the credit officers concerned will also be investigated. If necessary, the money may be deducted from the pension of retired officers and the salaries of working officers,” the Minister said. Department officials alleged that during the previous Trinamool Congress regime, due diligence norms in cooperative banks were often ignored, with loan sanctions influenced by recommendations from local ruling party leaders. They claimed that while some credit officers were complicit, many also faced pressure to approve loans without adequate scrutiny. The proposed reforms are expected to strengthen financial discipline in cooperative banks, curb the accumulation of bad loans, and improve accountability in the credit approval process. --IANS src/skp

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