ONE TIME SETTLEMENT POLICY WOULD REJUVENATE THE INDUSTRY SECTOR IN PUNJAB: SUNDER SHAM ARORA

CHANDIGARH, FEBRUARY 12, 2019: The multifaceted One Time Settlement Policy 2018 would provide enabling environment to rejuvenate industrial sector in the state. It was said by Mr. Sunder Sham Arora Industries & Commerce Minister, Punjab during his meeting with the industrialists.
Mr. Arora said that this policy will help in releasing the blocked industrial investments and assets to put the same into productive use so as to revive the existing industries in Punjab. This will also help in reducing the litigation of these Corporations and generate revenues for their development activities.
Mr. Arora Said that Government of Punjab has announced a liberal OTS Policy 2018 for loanee companies of Punjab State Industrial Development Corporation Limited (PSIDC) and Punjab Financial Corporation (PFC) on 06.12.2018 which is valid for 90 days i.e. up to 05.03.2019. PSIDC & PFC have already received proposals worth Rs. 44 Crore under the OTS Policy-2018.
Mr. Arora further said that PFC borrowers have evinced great interest in State Government’s generous One time Settlement Policy, deadline for which ends on 5th March, 2019. He said that PSIDC and PFC expect positive results under the One Time Settlement scheme.
On the occasion, Additional Chief Secretary Industries and commerce Mrs. Vini Mahajan and MD/PFCS D.P.S. Kharbanda were also present.