Chairman of Punjab State Industrial Development Corporation (PSIDC) Krishan Kumar Bawa on Thursday chaired a meeting of the Board of Directors at Udyog Bhawan here.During the meeting, Chairman KK Bawa informed to the Board that PSIDC has made One Time Settlement (OTS) during 2021-22 (upto 30.11.2021) with the Bond holders whereby the liability was settled at Rs.13.96 crore resulting in saving of Rs.8.73 crore (approx.) as interest. The Corporation has also made a recovery from Loans/Equity during the year 2021-22 (upto 30.11.2021) amounting to 9.29 crore including an amount of Rs. 3.19 crore which has been recovered under the OTS Policy for equity 2018, he added.
Mr Bawa further informed to Board members that Punjab Government, under the dynamic leadership of Punjab Chief Minister Charanjit Singh Channi has announced OTS Policy-2021 for rehabilitation & revival of the Industries in the state of Punjab by offering a unique opportunity to entrepreneurs of promoted and loanee companies of PSIDC and Punjab Financial Corporation (PFC).He emphasised that this initiative of Government of Punjab will help in resolving long pending litigation and settlement between the corporations and the private investors besides creating a more business-friendly environment in the state of Punjab.Managing Director, Sh. Sibin C, IAS and Directors Sh. Shivrinder Uppal, Sh. Rajesh Gharu, Sh, Baljinder Singh Jandu, Special Invitees Paramvir Singh, IAS, AMD, PSIEC, Monika Sareen, Under Secy Industries & Commerce, S.K.Ahuja, Accounts cum Legal Advisor and Ms. Sukriti Saini, Company Secretary were among the senior officers, who attended the meeting.