Relief package for sick units in J&K
JAMMU, Dec 4 — A relief package has been formulated for the rehabilitation of industrial units financed by State Industrial Development Corporation. Giving broad features of the package evolved by the IDBI and SIDBI at a meeting here yesterday, the Chief Minister, Dr Farooq Abdullah, said the Centre has constituted an inter-ministerial committee at the request of the state government for rehabilitation of the sick industrial units and tourism related ventures which have suffered due to militancy.

Mufti favours mid-term poll
JAMMU, Dec 4 — Former Union Home Minister and senior Congress leader Mufti Mohammad Sayeed has favoured the holding of mid-term elections in the country because the BJP-led government in the Centre had failed to tackle the disturbing security scenario in India, particularly in Jammu and Kashmir, where insurgency was being revived.

J-K panel formed for Khalsa march
JAMMU, Dec 4 — A state-level committee under the chairmanship of the Chief Minister, Dr Farooq Abdullah, has been constituted to supervise the arrangements for the proposed Khalsa march being organised from Jammu to Anandpur Sahib from December 15 in connection with the 300th birth anniversary of the Khalsa.

Relief package for sick units in J&K
From M.L. Kak
Tribune News Service

JAMMU, Dec 4 — A relief package has been formulated for the rehabilitation of industrial units financed by State Industrial Development Corporation (SIDCO).

Giving broad features of the package evolved by the IDBI and SIDBI at a meeting here yesterday, the Chief Minister, Dr Farooq Abdullah, said the Centre has constituted an inter-ministerial committee at the request of the state government for rehabilitation of the sick industrial units and tourism related ventures which have suffered due to militancy. The committee was deliberating on the issue, he said adding that the revival of viable sick units was imperative as their contribution in generating employment and promoting overall economic development cannot be undermined.

The relief package covering the borrowers of SIDCO will go a long way in rehabilitating potentially viable and unviable units, the Chief Minister said and hoped that other financial institutions and commercial banks, including Jammu and Kashmir Bank would also consider similar concessions for their borrowers.

Dr Abdullah lauded the efforts of the Industries Department in working out the modalities of package with the IDBI and the SIDBI.

The Minister for Industries and Commerce, Mr Bodh Raj Bali, Chief Secretary, Mr Ashok Jaitly, Additional Chief Secretary, Industries, Mr Mohammad Shafi Pandit, Managing Director, SIDCO, Mr Mohammad Saleem Beig and Director Industries, Dr R.K. Kotru were present at the meeting.

The package for potentially viable units financed by SIDCO envisages waiver of unadjusted penal and compound interest, re-scheduling of term loan liabilities and accumulated interest so as to bring them to the status of performing assets and waiver on port interest liability to be granted on the merits of each case. Full interest waiver along with re-scheduling of the term loans not exceeding two years in selected cases, wherever larger reliefs are considered necessary keeping in view the period of closure, occupation of the premises by armed/para-military forces, corrosion in net worth, extent of default, capacity utilisation etc provided the borrowers enter into one-time-settlement with SIDCO.

As per the package, remaining interest liability to be converted into a term loan without interest or at interest not exceeding 10 per cent, on the merits of each case, taking into account financial viability. In respect of the SSI sector, additional loans at concessional rate of interest shall be provided to the borrowers for modernisation and installation of additional machinery. This would help the borrowers to restore the damaged assets and take care of technology obsolescence.

In respect of the borrowers under the category of unviable units, those who would like to settle accounts as a one-time-settlement, it has been decided to waive all interest liabilities subject to the condition that they repay outstanding principal amount in quarterly instalments within a period of one year. In such cases the phased settlement on the lines given by the SFC in respect of the units financed by them shall also be extended.

Vajpayee to visit J&K
Tribune News Service

KOIL (Awantipora), Dec 4 — Jammu and Kashmir Chief Minister Farooq Abdullah today expressed hope that the Prime Minister, Mr Atal Behari Vajpayee’s scheduled three-day visit to the state beginning tomorrow would help the state overcome its financial crunch.

Talking to reporters here Mr Dr Abdullah said, Vajpayee was scheduled to visit all three regions, Kashmir, Jammu and Ladakh, of the state. The Chief Minister said the state was expecting Rs 1200 crore as assistance from the Centre.

The Chief Minister was here to hand over three structures constructed by the Jammu and Kashmir Projects Construction Corporation here to the Indian Air Force. The structures have been constructed at a cost of Rs 1.40 lakh.

The Chief Minister lauded the services of the IAF in facilitating the operation of civilian flights from here for the past six months. He asked the JKPCC to take over the work on the construction of the bridge between Awantipora and the Koil Air Force base and shift the road to a new alignment outside the security area.

The Chief Minister also expressed the hope that the security agencies would continue to contribute to the restoration of peace in the valley.

Mufti favours mid-term poll
Tribune News Service

JAMMU, Dec 4 — Former Union Home Minister and senior Congress leader Mufti Mohammad Sayeed has favoured the holding of mid-term elections in the country because the BJP-led government in the Centre had failed to tackle the disturbing security scenario in India, particularly in Jammu and Kashmir, where insurgency was being revived.

The Mufti felt that for the Congress the time was opportune for holding a mid-term poll because the voters in the four states where the Assembly elections had been held recently had clearly demonstrated their aversion for caste and communal politics.

Referring to the situation in Jammu and Kashmir he told newsmen here today that the people's alienation had touched a new high during the past two years. He said that the BJP-led Government in the Centre had never treated Kashmir as a national issue. The government should have taken all political parties into confidence so that a broad-based strategy was evolved for tackling the problem of insurgency and people's alienation.

He renewed his plea that the Centre should hold unconditional talks with militants and other separatist leaders. He said "the gun is no solution to the problem" in Jammu and Kashmir. The turmoil could be resolved only through a dialogue.

The Congress leader berated the National Conference government, saying that corruption, favouritism and nepotism were rampant in the state.

He alleged that in the appointment several thousand candidates on an ad hoc basis for Class IV posts, the government had resorted to several irregular practices, with the result candidates with merit had been dropped.

The Mufti alleged large-scale misappropriation of funds in the rural development sector.

He wanted the government to hold panchayat and civic bodies elections.

J-K panel formed for Khalsa march
Tribune News Service

JAMMU, Dec 4 — A state-level committee under the chairmanship of the Chief Minister, Dr Farooq Abdullah, has been constituted to supervise the arrangements for the proposed Khalsa march being organised from Jammu to Anandpur Sahib from December 15 in connection with the 300th birth anniversary of the Khalsa.

Disclosing this to newsmen here today, the Chairman of the Gurdwara Parbandhak Board, Mr Sudershan Singh Wazir, said the board under the patronage of Mahant Manjit Singh would make suitable arrangements for the participants in the march. He appealed to Dr Abdullah and the Prime Minister to make available the funds required.