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| MD SFC strikes again, factory owned by ex-NC minister sealed | | Corporation adopts tough stance against defaulters | | ASIF IQBAL NAIK
EARLY TIMES REPORT
JAMMU, Dec 11: Taking a tough stance against defaulters of the corporation, the Managing Director, State Financial Corporation (SFC) Rajesh Kumar Shavan has ordered to seal one more unit.
The unit namely M/S JK Premium Cement Works Pvt Ltd SIDCO Industrial Complex Bari Brahmana was sealed for having a default worth crores. The sealed unit is jointly owned by a former Minister and National Conference (NC) MLA from Devsar. According to details, the proprietor was served notices several times but he failed to liquidate the loan on one or the other pretext. He approached for settlement of case but didn't pay the entire amount.
The borrower interestingly was ex-minister in the erstwhile state and had two more partners including Peerzada Ghulam Ahmed Shah of Qazigund while Harbhajan Singh and Manmohan Sharma from Jammu.
The trio had taken Rs 31 lakhs from Corporation in 1997 which swelled upto Rs 4.67 crore. It is pertinent to mention here that it is the second business concern which has been taken over by SFC within fortnight. Senior officials in J&K SFC informed the Early Times, that in order to recover the money from defaulters, the SFC has initiated stringent measures, adding that the Corporation took over the property of M/s JK Premium Cements Works Pvt Ltd, SIDCO, Industrial Complex, Bari Brahmana after MD, SFC Rajesh Kumar Shavan’s clear cut instructions of acting tough against defaulters. The Corporation, despite giving several chances to the borrower to clear the defaulted amount, further provided concessions in the shape of settlement packages for realization of the entire balance, but the borrower failed to fulfill the conditions governing the approved settlement packages of the Corporation.
The Corporation was left with no alternative but to initiate legal action against the borrower under Section ‘29’ of SFC Act, 1951 for realizing the entire balance outstanding of Rs 4.67 crore.
The Corporation eventually ended up getting back the possession of the property of the unit. Since, Shavan took over the charge as MD SFC, the Corporation is scaling new heights of achievements in all its segments particularly in the recovery front of the Corporation which has significantly improved and made a record recovery of the year during the current month to the tune of Rs 2.14 crore. A number of seizure cases of defaulting units are in pipeline and the properties shall be put to open auction.
Meanwhile, in order to boost the lending spectrum of the Corporation, the SFC has lowered all the interest rates and also opened additional branch offices in the field. |
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