Unique Last Time Opportunity For Promoted & Loanee Companies To Settle Dues : Sunder Sham Arora

Would Go A Long Way In Releasing Blocked Industrial Investment Leading To Revival Of Existing Industries, Says Minister

5 Dariya News

Chandigarh 01-Mar-2019

“The Government of Punjab is offering a unique opportunity for the last time to entrepreneurs of promoted and loanee companies for settlement of their dues with Punjab State Industrial Development Corporation Ltd. (PSIDC) and Punjab Financial Corporation (PFC) through this One Time Settlement (OTS) Policy–2018. The Policy is open upto 5th March, 2019 and will not be extended further.” This was disclosed here today by the Industries and Commerce Minister, Punjab, Mr. Sunder Sham Arora.Mr. Arora Said that PSIDC has received 3 proposals amounting to Rs.3609.25 lacs under the OTS Policy for Equity and 6 proposals amounting to Rs.1703.55 lacs under OTS Policy for Loans. PFC has received 42 proposals amounting to Rs.709.42 lacs under their Policy for Loans.The Minister said that this policy will help in releasing the blocked Industrial investment and assets to put the same into productive use so as to revive the existing industries in Punjab.  This will also help in reducing the litigation of these Corporations and generate revenues for their development activities.Mr. Arora also elaborated that some of the companies financed by PSIDC & PFC have become sick and are lying closed. The Corporations have taken over the assets of these companies u/s 29 of SFCs Act, 1951/SARFAESI Act, 2002. Both the Corporations intend to e- auction the properties through PUDA’s website in case the defaulting units, even if they have shown interest, do not avail of the opportunity to settle the dues under the OTS Policy. A few of the likely companies to be e-auctioned are M/s Estex Woollen Mills Ltd.,  M/s Kissan Dudh Udyog Ltd., M/s Recherche Spice & Oils Ltd., M/s Cellulosix (P) Ltd., M/s Punjab Phyto Chemicals Ltd, M/s Krishna Engineering Works Ltd., M/s Fortune Drugs Ltd. and by PFC are M/s Neetu Color Lab (P) Ltd., M/s Classic Fabrics Ltd. and M/s Modern Agro Nuts