Speaking at the 47th Annual General Meeting of shareholders of the corporation at Jammu, the Minister said steps have been taken to improve the organizational and managerial capability of the Corporation and all issues related to liquidation of its past liabilities are also being consistently followed-up with the State Industrial Development Bank of India (SIDBI) and other Central authorities, “ with the result, the SIDBI has agreed in principal to waive off the interest liability in full and also to waive off 40% of the outstanding principal loan amount”, Rather said adding that this substantial debt relief from SIDBI is expected to further reduce the debt liability of the Corporation by about Rs. 55 crore.
Besides shareholders, the meeting was also attended by the Economic Advisor to Government, Jalil Ahmed Khan, Commissioner/ Secretary Finance, Sudanshu Pandey and Managing Director, SFC, A.K. Makroo.
Rather said that the comprehensive revival plan for the Corporation has been put into operation which will enable it to function again as an important catalyst in the promotion of Industry and allied sectors of State’s economy. Rather announced that in addition to Rs. 71.47 crore fund support from the State Government to the Corporation so far, it is being contemplated to provide some more funds to the SFC to enable it to discharge its bond liabilities which are becoming due during the course of the year. He said suggestions put forth by the shareholders for revitalizing the corporation would be duly considered.
Meanwhile, under the renewed initiatives, the Corporation has achieved a recovery of Rs. 21 crore during the financial year 2009-2010. The State Government has also approved a fund support of Rs. 21 crore for the Corporation.
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