PSIEC had no role to play in the auction of industrial land

10th August 2021 at 10:00 PM

Govt Clarifies the situation on land of 31 acres located in Mohali

Chandigarh: 10 ਅਗਸਤ 2021: (Gurjit Billa//Punjab Screen)::

Reiterating that the auction of industrial land plot measuring 31 acres located in Phase VIII, Mohali had been auctioned by Assets Reconstruction Company of India Ltd (ARCIL), which is an agency duly registered with the Reserve Bank of India (RBI) under the provisions of SARFAESI Act, 2002, the Industries department spokesperson on Tuesday clarified that state government had no role to play in the process. 

PSIEC had no role to play in the conduct of said auction, the spokesperson said adding ARCIL had taken over the possession of the property as per law after JCT Electronics, the allottee of the plot, had been liquidated as per order of Hon’ble Courts after defaulting in making repayment of loans extended by various financial institutions/ banks. 

Responding to media reports published in a section of media today, the spokesperson further pointed out that subsequently in the online public auction conducted by ARCIL under the provisions of the SARFAESI Act in an open transparent manner, the plot was auctioned at the price of Rs. 90.56 crore in February 2020. Thereafter, PSIEC had submitted claim of unearned increase in pursuance of the provisions of the lease deed executed with JCT Electronics amounting to Rs. 45.28 crores i.e. 50% of the sale value. PSIEC had obtained advice of Senior Advocate in this matter before submitting the claim with ARCIL.

A tripartite agreement was executed between PSIEC, ARCIL and M/s GRG Developers& Promoters LLP, in order to safeguard the financial interests of the Government/ PSIEC, which had bound the auction purchaser to clear the dues of PSIEC in a timely manner. 

It was further clarified that PSIEC has not even issued NOC for effecting transfer of property in favor of auction purchaser. In fact to protect its interests, PSIEC had categorically conveyed to ARCIL and auction purchaser that NOC for transfer will be provided only after the matter is decided by the Finance Department, Govt. of Punjab. Neither PSIEC has issued NOC for transfer nor possession of the property has been given to the auction purchaser.

Now the said advice of Finance Department, Govt. of Punjab has been received in this matter. In compliance, Government at the level of Industries & Commerce Minister, Punjab has ordered the termination of the above mentioned Tripartite Agreement. It was further informed that the matter is sub-judice and is listed for hearing in the Hon’ble Punjab & Haryana High Court on 24.08.2021.

Repair of roads in Focal Point: PSIEC will bear entire expenses

Fri, Jan 10, 2014 at 5:11 PM
PSIEC Chairman Shakti Sharma assured industrialists
Focal Point Welfare Association Facilitated and Honored Shakti Sharma 

Ludhiana: 9 Jan 2014: (Rector Kathuria//Punjab Screen): 
Sh. Shakti Sharma said that remaining main roads of Focal Point, Ludhiana which are in bad condition and need heavy repairs will be constructed on RCC pattern. PSIEC will bear entire expenses on construction of these concrete roads. He informed that PSIEC had already spent Rs. 18 Crores for constructions of RCC roads in Focal Point, Ludhiana.
Sh. Sharma further said that power distribution system requiring immediate repair of electric poles and wires for bringing required improvement in supply of power to industrial units will be taken up with the Chairman Punjab State Power Corporation Limited on priority basis. He assured the Industrialists that all Departmental Heads of State Govt. will be requested for releasing adequate funds under their schemes for bringing all round development and uplift of infrastructure of Focal Point, Ludhiana. All out Efforts will be made to fix time frame for different works.
The key members of Focal Point Welfare Association brought to the kind notice of Sh. Sharma regarding the precarious condition of main roads, power supply and infrastructure of Focal Point, Ludhiana. This meeting was attended by Sh. Manjit Singh Khalsa Chairman & Sh. Kulwinder Singh Benipal President Focal Point Welfare Association Ludhiana, Sh. Ajit Singla, Sh, Rajesh Lakra, Sh. Amrik Singh Marshal, Sh. Raju Garg, Sh. Amrit Jain, Sh. Brij Mohan and other prominent industrialists.

These industrial leaders expressed confidence that Sh. Sharma would handle the affairs of PSIEC in a smooth, effective and transparent manner.
(Kulwinder Singh Benipal)
PRESIDENT