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| Rather vows to restore past glory of SFC | | | Early Times Report
SRINAGAR, Aug 13: Reaffirming that the Jammu and Kashmir State Financial Corporation (SFC) will be restored to its past glory, the Minister for Finance and Ladakh Affairs, Abdul Rahim Rather, who is also Chairman of the Corporation, today said that Planning Commission has assured to provide a fund support of Rs 136 crore to the Corporation on the recommendations of the Prime Minister's Task Force Report and Dr. Rangarajan Report.
Speaking at the 50th Annual General meeting of the Shareholders of the SFC, Rather said with the financial assistance of Rs 70 crore from the State Government, the Corporation has settled loan liabilities of Rs 95 crore to SIDBI besides bond liability of Rs 37.64 crore.
He said that the corporation, which had not only lost total net worth but had even acquired negative net worth of about Rs 158 crore, after implementation of revival plan since December 2009, has been able to sanction term loan of Rs 41.60 crore to different entrepreneurs besides affecting a recovery of Rs 52.35 crore during last three years.
He said supporting further the plan of the state government to strengthen the institutional mechanism, IDBI has waived off Rs 7.20 crore unpaid dividend and also offered conversion of balance of Rs 7.21 crore into equity as a non-fund-support.
Rather said that the corporation has cleared the major block of back log of accounting and the audited accounts for year 2010-11 are planned to be placed before the general body in next three months and that of year 2011-12 by January 2013. |
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