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| BOD agrees to raise share capital to Rs. 500 cr | | SFC affects Rs. 35 cr recoveries | | Early Times Report
JAMMU, Apr 19: State Financial Corporation (SFC) has recovered Rs. 35 crore during the last 2 years notwithstanding the long spell of unrest in 2010.
This was revealed at the 224th meeting of Board of Directors of the Corporation held here today with Finance Minister A. R. Rather in chair. Meeting gave its nod to the ambitious business plan chalked out by the SFC, under which loans to the tune of Rs. 100 crore would be provided to entrepreneurs during the current financial year.
For the revival of the corporation Rs. 45 crore will be provided by the State Government as financial support for which the Chief Minister has given assurance in a recent meeting. The Corporation will receive financial support of Rs. 150 crore from Central Government for its revival and other sick units as recommended by C. Rangrajan in its report. The Board also agreed to raise its share capital to Rs. 500 crore from existing Rs. 100 crore.
Board was informed that recapitalization proposal of the corporation is in an advanced stage which will give considerable fillip to its business plan. Threadbare discussion was held on other administrative issues of the Corporation. The Board of Directors appreciated the excellent performance of the Corporation management and its staff for improving work culture and realization of recoveries inspite of trying circumstances.
In view of the shortage of staff, the Board agreed to the extension of services in favour of a couple of officers who have excelled during the past three months and contributed towards the revival of the corporation in a big way.
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