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Fails to revise rent since 2007, Rs 76 lacs recoverable from lessees
SSIDC a sinking ship
3/30/2015 11:21:23 PM

Avinash Azad

Early Times Report

Jammu, Mar 30: Contrary to purposes for its establishment, Jammu and Kashmir Small Scale Industries Development Corporation Limited (SSIDC) proves boondoggled, as the company has not revised the rent of leased-out land to entrepreneurs since 2007. Moreover an amount over rupees 70 lacs is also recoverable.
Revealing the lethargy of the company, Comptroller Auditor General (CAG) of India pointed-out that company has not revised rent for last eight years, which caused huge loss on public exchequer.
CAG said that Rs 77.53 lacs were recoverable as rent from lessees as on 31 March 2014. "As on March 2014, an amount of Rs 77.53 lacs was outstanding against 321 unit holders of six industrial estates including Gangyal, Kathua, Udhampur, Birpur, Zainakote and Zakura on account of ground rent. Of this, Rs 54.39 lacs continued to remain outstanding for more than three years from 148 unit holders. The percentage of recovery against rent due ranged between 46 and 53 during 2009-14", CAG report read.
The report read, 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. "No such action had been taken by thecompany against 213 defaulting unit holders despite Rs 64.90 lacs being outstanding against them for more than one year.
Moreover, interest receivable on the arrear rent had also not been recovered by the company", CAG maintained.
It further said that rent had not been revised after the year 2007 though required to be done after every five years resulting huge loss to the Company during the years 2012-13 and 2013-14.
However, the CAG also mentioned in its report that the management of the company stated on July 2014 that most of the rentals outstanding belonged to sick, closed and migrant units and every possible efforts was being made to recover rentals from them.
"The company had, however, not furnished detailed list of sick and closed units. Moreover, Rs 77.53 lacs continued to be outstanding against the defaulting entrepreneurs", CAG said. It pertinent to mention here that the company for incorporated in November 1975 under Companies Act 1956, and is engaged in aiding, assisting and promoting Small Scale Industries (SSI) in state.
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