FICCI flays move to apply Land Acqusition Act retrospectively
New Delhi: Industry body FICCI Monday opposed moves on application of the proposed Land Acquisition Act on retrospective basis, cautioning it would trigger a number of litigations and create an uncertain business environment.
"We would like to submit that if this law is implemented on retrospective basis, it would lead to a number of litigations and create a lot of uncertainty in the business environment," FICCI said in a representation to Agriculture Minister Sharad Pawar heading a GoM on Land Acquisition Bill.
Any law implemented on retrospective basis reduces investors' confidence in the system and "I don?t think that at this juncture we can afford to do that," said FICCI president R V Kanoria, seeking implementation "only on prospective basis".
FICCI's appeal came on a day when the GoM on Land Acquisition Bill remained divided over the issue of retrospective acquisitions and the consent required from land owners with Pawar saying two-three more meetings are required to finalise the Bill.