Brings in measures to have complete oversight over functioning of the organisation
Srinagar: Taking serious note of irregularities in functioning of the JK Housing Corporation, the administration in a significant decision has come up with a number of measures aimed to streamline the organization.
According to the spokesperson, the decision comes in the backdrop of a default on Rs. 40.63 Crore loan by the JK Housing Corporation to HUDCO, wherein the administration stood as the guarantor. It has been decided to have the case examined in detail so as to bring to the fore, terms and conditions under which such a guarantee was given at that point in time and fix responsibility accordingly.
Pertinently, the default on a portion of loan to HUDCO by the Corporation, has led HUDCO to blacklist the administration and a consequence of which HUDCO will not fund any other project in JK till the matter is settled.
Considering that the Government has 70% holding in the capital of the organization, steps are being taken to secure control over the Corporation to ensure that it is run in a fiscally prudent manner maintaining high standards of propriety.
With an aim to have complete oversight of the administration over the functioning of the organization and to run the organization in a professional manner, it has been decided to bring in necessary amendments to Article of Association (AoA) or By-Laws of the Cooperative.
Further, HUDCO will be approached for one time settlement of dues, while exploring the possibility of an appropriate moratorium, preferably without bringing any liability to the administration.
Besides, the entire matter will be thoroughly investigated by the Anti Corruption Bureau (ACB) to pinpoint any criminal misconduct which may have been committed in the said case.
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