Mp Corporation Acquires 800 Defaulting Units

Corporation managing director Sudarshan Singhal said in Indore yesterday that 550 of the acquired units had been sold off and about Rs 100 crore had recovered by the Corporation.

He said the corporation had acquired power under the State Financial Corporation Act to seize the assets of the defaulters, which would also include attaching other properties belonging to them against the recovery. Singhal said the MPFC had made a recovery of outstanding dues to the tune of Rs 400 crore, of which Rs 200 crore fell in the above category.

The Corporation had recovered Rs 90 crore last year which was the highest amount recovered in the last four years, he said.

 

He stated that the accumulated losses of the Corporation had reached Rs 51 crore during the last 40 years and a restructuring package was being negotiated with the Union government to enable MPFC to go public. Singhal said the transport finance portfolio had been given to private companies to ensure speedy and timely recoveries of loans.

The operation of MPFC had been computerised to enable the industrialists to have up-to-date balance of their loan accounts, he added.