PDD fails to release payments worth Rs 200 cr
JAMMU, May 24: Bari Brahmana Industries Association (BBIA) has urged the Governor to save many industrial units from the closure as PDD has failed to release their payments worth crores.
An urgent meeting of the BBIA was held today under the chairmanship of Lalit Mahajan, president BBIA in presence of Ajay Langer, general secretary, Vivek Singhal secretary, Viraaj Malhotra treasurer, BBIA to discuss the acute financial crisis being faced by the local SSI units due to non- release of payments of Rs 200 crores by PDD for the supply of materials under the Saubhagya Scheme and Additional Infra Scheme by the SSI units directly to PDD and through J&K SICOP, resulting huge financial losses due to accumulated bank interests on the money borrowed from the banks as working capital.
Mahajan said it has resulted into serious financial crunch as the unit holders are not in a position to pay the wages/power bills/GST payments/bank interest and other Govt dues and we fear that the accounts of the unit holders may be converted into NPA by the banks resulting unit holders have no option but to close down their units in near future.
It is pertinent to mention here that in spite of repeated requests and reminders to the Principal Secretary, Power Development Department since last one and a half months, nothing has been done for the release of payment by the department which shows the casual approach of the department for the release payments of timely supply of goods by the SSI units of the State PDD by working day and night and now it is unjustified on the part of the department to withhold the payments of the materials supplied for the best known to the department in spite of the facts that the payment already received by the department from Govt of India under the said scheme.
He said it is highly unjustified on the part of the PDD for the withholding the payment of the SSI units without any valid reasons.
BBIA appealed to the Governor and his Advisor to intervene into the matter and issue necessary orders for the immediate release of pending payments of unit holders.