Tags:
Journalism of Courage
Chandigarh, Oct 28 : Various boards and corporations in Punjab may lose around Rs 60 crore due to the loans and investments made in Punwire.According to official sources, they stand to lose the money when Punwire is wound up since these loans happen to be unsecured ones. Moreover, the post-dated cheques issued by Punwire to some of these boards have bounced. With the appointment of a provisional liquidator, chances of the boards getting the money back appear slim.
Eight boards and corporations figure in the list of investments in Punjab. The Punjab State Industrial Export Corporation had loaned Rs 6.25 crore to Punwire, while the Punjab Scheduled Caste and Scheduled Tribe Land Development Finance Corporation (PSCSTLDFC) had granted a loan of Rs 6.17 crore. The share of Punjab State Industries Development Corporation is Rs 5 crore, while Punjab Energy Development Authority had given away Rs 4 crore as loan.
The Punjab Water Supply and Sewerage Board had chipped in with Rs 3 crore, while the R&D Centre, Ludhiana gave away Rs 1 crore. The Chandigarh State Cooperative Bank too is among those who had put in its money in Punwire, and has a share of Rs 5 crore. However, the lion’s share goes to the Punjab State Cooperative Bank which granted Punwire a loan of Rs 28.8 crore.
Most corporations seem to be aware that they will lose the money invested. However, the PSCSTLDFC has a decree for the full amount of money invested. But so far it has not been able to recover the money. The Water Supply and Sewage Board had been given post dated cheques by Punwire, which bounced. The Board has since then filed a case against the Punwire directors in the court. The Chandigarh State Cooperative Bank too has filed a case for recovery of their money.
