Meeting of board of directors of PSIDC held to review progress of different schemes

Meeting of board of directors of PSIDC held to review progress of different schemes


The meeting of Board of Directors of PSIDC was today held at its Head Office, Chandigarh, under the Chairmanship of Sh. Krishan Kumar Bawa.

During the meeting which was attended by Senior Vice-Chairman, Sh. Vinay Mahajan, Vice-Chairman, Sh. Vazeer Singh Lally, Managing Director, Sh. Sibin C, IAS and Directors Sh. Shivrinder Uppal, Sh. Rajesh Gharu, Sh. Baljinder Singh Jandu, Accounts cum Legal Advisor Sh. S.K.Ahuja and Company Secretary Ms. Sukriti Saini, Bawa said that PSIDC has made One Time Settlement (OTS) during 2020-21 with the Bond holders whereby the liability was settled at Rs.12.05 crore resulting in saving of Rs.7.54 crore (approx.) as interest. The Corporation has also made a recovery from Loans/Equity during the year 2020-21 amounting to 4.76 crore including an amount of Rs. 0.50 crore which has been recovered under the OTS Policy for equity 2018.

Mr. Bawa further informed to the Board members that request has been made to the Chief Minister, Punjab through a letter requesting to give approval for implementation of One-Time Settlement (OTS) Policy which will serve as the opportunity for entrepreneurs of promoted and loanee companies for settlement of their dues with the Corporation.

After Board meeting, Mr. Bawa along with other Directors of the Corporation visited to the office of Sh. Hussan Lal, Principal Secretary to Govt. of Punjab, Department of Industries & Commerce, where they had brief discussion on the growth and development of Industries in the state of Punjab.