PSIEC steers clear of Mohali plot auction row

Chandigarh, August 10

Even as the Punjab Government has ordered termination of the tripartite agreement related to the auction of 31 acres of prime land of liquidated JCT Electronics in Mohali, PSIEC has distanced itself from the plot’s sale.

A government spokesperson said a tripartite agreement was executed between Punjab Small Industries and Export Corporation (PSIEC), Assets Reconstruction Company of India Ltd (ARCIL) and GRG Developers & Promoters LLP, which bound the auction purchaser to clear the dues of the corporation in a timely manner.

PSIEC had not even issued the NOC for effecting transfer of property in favour of auction purchaser, till the matter was decided by the Finance Department, the spokesperson said. — TNS