Closed Industrial Units to Go Under E-Auction Through PUDA Website

SPOKESMAN NEWS SERVICE: CHANDIGARH, NOVEMBER 22: The Industries and Commerce Minister, Punjab, Mr. Sunder Sham Arora has said that the industrial sector in the state would be bolstered by reviving the sick or closed units. He has also divulged that the closed units would go under e-auction through PUDA website.

Disclosing more, the minister said that the Punjab State Industrial Development Corporation Ltd. (PSIDC) and Punjab Financial Corporation (PFC) had financed industry in the State of Punjab by way of loans. Some of its financed companies 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.

With a view to revive the industry through new promoters, generation of employment and recovery of loans, both the Corporations intend to e- auction the properties through PUDA’s website. 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 Punjab Nitrates Ltd., M/s Recherche Spice & Oils Ltd., Cellulosix (P) Ltd., M/s Punjab Phyto Chemicals Ltd. etc.

Mr. Arora also added that the main aim of the new industrial policy is to strengthen the economy of Punjab and the state government is fully committed to evolve every step necessary for ensuring the same.