slstock wrote:1) " paid 120 million as interest for the capital."
What does this mean? CSEC paid interest of 120 Million? ( Is there a loan ? )
I understood it like that.
It says the cost was 536 m and 'interest expensed to date' is 120 million. I thought they got a loan for 536 million and paid interest for it .
Or else they spend another 120 million after acquisition.? Not clear.
2) I don;t know what this ACT says exactly ( great if you can explain) under what basis this ACT just takes over land and whether they can do it to anyone . anywhere anytime. If so my god. I guess some old timers might remember the past ;-) ( am not that old)
UNFORTUNATELY, I have to say Yes.
See the rest of the gazette .
They have to proposed a project and demarcate lands. That's all.
If they issued a notice under 'section 2' they can occupy the lands and start demolishing or construction even before the completion of acquisition process.
You can go to courts , most of the times to waste more money and your lifetime.
If you have 'connections' that is the best way to deal with, either to stop it or get a good compensation in shorter time. If your place is in a middle of a development project it is very difficult to change the plans. (drawings)
BTW, this particular case is very strange. I do not know how they created the background (reasoning) for the acquisition. Still they can.
I remember how President Premadasa acquired No. 321 Galle Rd, Kollupitiya.
( Now Asha phillip is at the 2nd floor)
The place was the residence of famous Ayur Dr. William Alwis. It was an old type big house with nice big garden stretching from Galle Rd to Duplication rd , and all of sudden the Govt. needed it for an 'important development project'.
They acquired it and kept few months and then offered to a friendly Private party. They demolished the house and built 'Lakshmans Building' in that location.
» CCS.N0000 ( Ceylon Cold Stores)
» Sri Lanka plans to allow tourists from August, no mandatory quarantine
» When Will It Be Safe To Invest In The Stock Market Again?
» Dividend Announcements
» MAINTENANCE NOTICE / නඩත්තු දැනුම්දීම
» ඩොලර් මිලියනයක මුදල් සම්මානයක් සහ “ෆීල්ඩ්ස් පදක්කම” පිළිගැනීම ප්රතික්ෂේප කළ ගණිතඥයා
» SEYB.N0000 (Seylan Bank PLC)
» Here's what blind prophet Baba Vanga predicted for 2016 and beyond: It's not good
» The Korean Way !
» In the Meantime Within Our Shores!
» What is Known as Dementia?
» SRI LANKA TELECOM PLC (SLTL.N0000)
» THE LANKA HOSPITALS CORPORATION PLC (LHCL.N0000)
» Equinox ( වසන්ත විෂුවය ) !
» COMB.N0000 (Commercial Bank of Ceylon PLC)
» REXP.N0000 (Richard Pieris Exports PLC)
» RICH.N0000 (Richard Pieris and Company PLC)
» Do You Have Computer Vision Syndrome?
» LAXAPANA BATTERIES PLC (LITE.N0000)
» What a Bank Run ?
» 104 Technical trading experiments by HUNTER
» GLAS.N0000 (Piramal Glass Ceylon PLC)
» Cboe Volatility Index
» AHPL.N0000
» TJL.N0000 (Tee Jey Lanka PLC.)
» CTBL.N0000 ( CEYLON TEA BROKERS PLC)
» COMMERCIAL DEVELOPMENT COMPANY PLC (COMD. N.0000))
» Bitcoin and Cryptocurrency
» CSD.N0000 (Seylan Developments PLC)
» PLC.N0000 (People's Leasing and Finance PLC)
» Bakery Products ?
» NTB.N0000 (Nations Trust Bank PLC)
» Going South
» When Seagulls Follow the Trawler
» Re-activating
» අපි තමයි හොඳටම කරේ !
» මේ අර් බුධය කිසිසේත්ම මා විසින් නිර්මාණය කල එකක් නොවේ
» SAMP.N0000 (Sampath Bank PLC)
» APLA.N0000 (ACL Plastics PLC)
» AVOID FALLING INTO ALLURING WEEKEND FAMILY PACKAGES.
» Banks, Finance & Insurance Sector Chart
» VPEL.N0000 (Vallibel Power Erathna PLC)
» DEADLY COCKTAIL OF ISLAND MENTALITY AND PARANOID PERSONALITY DISORDER MIX.
» WATA - Watawala
» KFP.N0000(Keels Food Products PLC)
» Capital Trust Broker in difficulty?
» IS PIRATING INTELLECTUAL PROPERTY A BOON OR BANE?
» What Industry Would You Choose to Focus?
» Should I Stick Around, or Should I Follow Others' Lead?