21.10.22 KPSC Daily Current Affairs

Karnataka govt to permit sale of sick industries
The government has decided to allow takeover or sale of sick industries in the state if the unit used 51% of its allotted land, ran for two years or more, and cleared all government dues before going sick.
Currently, neither sale nor takeover of sick industries is permitted till their lease-to-sale period of 10 years (earlier it was 99 years) is over. As a result, owners of thousands of sick industries were in a fix as they had no right over the property.
The state has also decided to reduce the amount to be deposited by industrialists from the existing 40% to 25% of the total land cost at the time of issuance of preliminary notification.
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