FICO demands waiver of Rs.474 from PSIEC

Ludhiana, August 28, 2018: FICO delegation under the chairmanship of Gurmeet Singh Kular president alongwith Vipan Mittal senior vice president FICO met DPS Kharbanda, MD, PSIEC Limited and discussed regarding PSIEC Enhancement Case of Focal Point Phase VIII
The delegation demanded that the waiver of the enhancement cost of Rs.474 imposed on Focal Point Phase VIII Ludhiana.
The delegation explained that almost 5 years back PSIEC issued a notice of Rs.249 per square yard to allottees of Focal Point Phase VIII, which was finally settled at Rs.24 per square yard. Now, PSIEC have issued a notice and demanded Rs.474 per square yard from the allottees, whereas PSIEC have already taken 100% anticipatory enhancement. Rs.474 per square yard enhancement has now almost become Rs.700 (addition of interest and surcharges). After the implementation of the GST and Demonetization, the industry has already been crushed. The delegation demanded that the government of Punjab should compensate the enhancement cost. It was further stated that facilities published at the time of allotment to the allottees were not given so if calculated the payable will be from PSIEC to the allottes.
Kharbanda heard the grievances of the delegation in a sympathetic manner and assured that the case will be forwarded to the concerned Legal and Finance Committee of PSIEC and the suitable solution will be provided. He added that it is the need of the hour, to revive the industry of Punjab, and Government of Punjab will do the needful.
Vijay Mehtani, Surinderpal Singh and Bikramjit Singh President Focal Point Phase VIII 24 Acre Mangli and Ravinder Saini were included the delegation.