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| | | SSIDCO fails to realize rent from 321 units Early Times Report Arun Singh
Jammu, May 28: The Jammu and Kashmir Small Scale Industries Development Corporation Limited, has miserably failed in its asset management as it could not realize Rs 77.53 lakh of ground rent from the 312 units' holders of six Industrial Estates for last 3 years. Sources told Early Times that after creating infrastructural facilities in various Industrial Estates maintained by the Company, plots area leased out to the entrepreneurs by Apex body of the State Government. The allottees, as per the terms of lease deeds, deposit rent with the Company in the first fortnight of every financial year and in case of default they are liable to pay interest @ 16 per cent per annum on the defaulted. They further said that at least an amount of Rs 77.53 lakh is outstanding against 321 unit holders of six Industrial Estates including Gangyal, Kathua, Udhampur, Birpur, Zainakote and Zakura on account of ground rent as on March 2014. "Of this, Rs 54.39 lakh continued to remain outstanding for more than three years from 148 unit holders. The percentage of recovery against rent due ranged between 46 and 52 during 2009-14. As per agreement, the company, in the event of default in payment of rent, had a right to re-enter the leased premises by giving 30 days' notice if the default continued for a further period of one year," they informed. But shockingly no such action was taken by the company against 213 defaulting unit holders despite Rs 64.90 lakh being outstanding against them for more than one year. Moreover, interest receivable on the arrear rent had also not been worked out nor recorded by the Company. However, the management has been attributed the reason to non recovery of rent to the sick, closed and migrant units but it failed to take any appropriate action to recover rentals from them till date. Moreover, the company failed to furnish detailed list of sick and closed units. Besides, Jammu and Kashmir Small Scale Industries Development Corporation Limited failed to revise the rates of ground rent since 2007. As per the terms and conditions of lease deed agreement, the ground rent of plots leased out was to be enhanced ground rent to the Company. Sources informed that the rent for 2272 kanals land (998) plots of six IEs allotted upto April 2007 was due for enhancement @ 20 per cent in April 2012 but the rent had not been enhanced as of Marhc 2014 resulting in loss of Rs 27.26 lakh to Company during the years 2012-13 and 2013-14. |
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