Madhya Pradesh land prices to go up from July-11

Come July and land prices will go up for industrial use in Madhya Pradesh. Almost all Audyogik Kendra Vikas Nigams (AKVNs) subsidiaries of State Industrial Development Corporation (SIDC) have obtained government nod for raising prices.

“Bhopal and Gwalior AKVNs will raise land rates from July 1 in Manideep (Bhopal), Govindpura, Satlapur, Pilukhedi, Banmore (Gwalior), Nandantola, Chainpura and Jaderua (Morena) and Pratapura industrial areas. The rates will be different at different industrial areas, however prices are likely to go up from 10-50 per cent from the existing land rates,” a government source informed Business Standard.

Lands in industrial areas in the state are available at throw-away prices vis-à-vis land in commercial areas in adjoining towns.

According to a senior official in department of industries, the state government has not reviewed land rates for years as a result of which, middlemen make money from transfer deal of lands in industrial areas.

Industrial areas like Pithampur, Dewas and Mandideep areas are out of space and investors are either pulling out of their projects ore shifting base to other states like Himachal Pradesh for expansion.

"We will be able to have at least some funds for AKVNs and investors will have more options," said the official.

If sources are to be believed, land prices are likely to go up by 100 per cent or more in some industrial areas.

At present, land is available at as low as Rs 8 per sq feet in industrial areas like Govindpura and Rs 35 per sq feet in Mandideep and Satlapur as against Rs 400-1000 per sq feet in nearby towns.

Since land acquisition Act 2008 does not bar the land holder to transfer land and reclaim better prices, AKVNs have no teeth to demand the land back from the holder. At a nominal transfer fee, any land holder in industrial area can transfer his land at commercial rates. This way middlemen and real-estate players make money.

The government has yet not made it clear what will happen to those investors who want to set up micro, small and medium scale industries (MSMEs). “Certain provisions will be made in this regard. MSMEs will get land at cheaper prices,” PK Dash, principal secretary of department of industries had told Business Standard earlier.

Reportedly MSMEs have no space in prime industrial areas like Dewas, Pithampur and Mandideep. Similarly new large and medium scale industries and existing industries could not execute their expansion plans for years.

The EnDoc: UK Bribery Act may put additional pressure on some...

The EnDoc: UK Bribery Act may put additional pressure on some...: "Indian companies doing business in the UK will have to watch out the next time they take a bureaucrat out for a long liquid lunch or try to..."

UK Bribery Act may put additional pressure on some Indian companies

Indian companies doing business in the UK will have to watch out the next time they take a bureaucrat out for a long liquid lunch or try to soften up a hard-nosed regulatory official. Someone could be watching them.

The UK Bribery Act, 2010, a draconian legislation that will come into force from next week, may put additional pressure on some of the companies, already grappling with corruption scandals, say experts. Indian business houses that run some of their activities in the UK will be exposed to potential criminal liability where bribes are paid by employees, agents and subsidiaries even if the relevant conduct happens in some other part of the world. Lawyers say that many Indian companies with business links in UK are consulting them to find ways to comply with the new law that becomes operational from July 1.

The Act introduces four new offences - offering, promising or giving of a bribe (which need not be in cash); requesting, agreeing to receive, or accepting a bribe, either in the UK or abroad, in public as well as private sectors; bribery of a foreign public official in order to obtain or retain business; and, inability of companies to prevent a bribe being paid by those who perform services for or on behalf of the organisation.

New device ‘can improve success rate for knee surgery’

Scientists have developed a new device which they claim can improve the success rate for surgery on a knee injury.

The rupture of the anterior cruciate ligament (ACL) in the knee are common in sportspersons. Until now, it has been treated with screws that bind the damaged ligament to the bone but this method often fails as the screw slips out of place.

Now, a team at the University of Aberdeen in Scotland has developed the device, known as GraftBolt, which could fix the problem -- by squeezing the bone and ligament together and it is less likely to slip free.

The scientists say it increases the reliability of ACL reconstruction and reduces the need for follow-up procedures, ’The Scotsman’ reported.

Dr Bin Wang, who led the team, said: “GraftBolt aims to improve the patient’s quality of life by successfully repairing their injury first time and improving the quality of bonding of the graft to the bone.”