FCIK Seeks CS’s Intervention In Restraining Jammu and Kashmir Financial institution

SRINAGAR: The Federation of Chambers of Industries Kashmir (FCIK) has urgently requested Chief Secretary Atal Duloo’s intervention, stating, “We search to curb the perceived oppressive and draconian measures taken by Jammu and Kashmir Financial institution authorities in opposition to defaulting companies, together with MSMEs, and restore the belief and confidence of the enterprise neighborhood.”

In sturdy condemnation, FCIK voiced their disapproval, stating, “We condemn the choice of the Financial institution authorities to make use of third-party brokers for mortgage restoration and the seizure of property offered as collateral by enterprise enterprises. Such actions might result in potential misunderstandings and harm the industrialisation programme.”

In a communication to Chief Secretary Atal Duloo, FCIK emphasised the necessity for collaborative efforts to handle the challenges confronted by the distressed enterprise neighborhood.

“A decision to the difficulty of confused and non-performing accounts should be prioritized via deliberations involving financial institution authorities, the UT authorities, and stakeholders. Till then, we name for the restraint of the Financial institution from additional actions in opposition to defaulting items,” they mentioned.

The Chief Secretary was apprised of a regarding incident, with FCIK saying, “An agent of J&Okay Financial institution from Mohali, Punjab, sealed an industrial unit, M/s Pureweave Designs Non-public Restricted, at Rangreth industrial complicated and the related workplace complicated in Nawpora, Srinagar. The agent, M/s GATS Reconstruction Firm Mohali, is considering taking possession of further properties, together with the entrepreneur’s residential home.”

“Such actions ship flawed alerts and create anxiousness inside the enterprise neighborhood. The incident has sparked a contemporary debate on the dispossession of property belonging to the enterprise neighborhood. Entrepreneurs are unsure whether or not the Financial institution sought prior consent for these measures from the UT authorities, appearing as the bulk shareholders of the Financial institution,” FCIK added.

Highlighting previous occurrences, FCIK mentioned, “The symbolic possession of M/s Mehfooz Agro Industries in Lassipora and the eviction of a 96-year-old girl from her residence occurred shortly after the accounts turned non-performing. The Financial institution’s actions, together with repressive measures, intimidation, and public defamation of entrepreneurs over the previous two years, have been equally condemned by the folks and enterprise chambers.”