Punjab State Industrial Development Corporation (PSIDC) has decided to request the Finance Department to release the budgetary provisions.

Chandigarh: To streamline its financial liabilities, Punjab State Industrial Development Corporation (PSIDC) has decided to request the Finance Department to release the budgetary provisions. Today, the meeting of Board of Directors of PSIDC was held at Head Office, Chandigarh, under the Chairmanship of  Krishan Kumar Bawa.

During the meeting which was attended by Managing Director Sibin C, IAS and Directors Shivender Uppal, Rajesh Gharu, Baljinder Singh Jandhu, Special Invitees Loveleen Kapoor, Shamsher Kaur and General Manager S.K.Singla and Company Secretary Rajni Jindal.

Bawa said that the decision has been taken to seek budget from Finance Department for making payment to the Bondholders and also request the Punjab Government to make a provision in the budget for timely payment of outstanding liability to the Bondholders and for upliftment of industries in the State.

In the meeting, it was noted that PSIDC for the year 2020-21 upto 31.11.2020, had made One Time Settlement (OTS) with the Bondholders whereby the liability was settled at Rs 16.17 crore resulting in saving of Rs 9.79 crore. Besides this the Corporation had made a recovery from Loans/Equity and Disinvestment of PACL amounting to 56.04 crore.