Punjab entrepreneurs for halting auction by PFC

Amritsar, Mar 23: The decision of the Punjab Financial Corporation (PFC) to auction 99-odd industrial units, which had defaulted on loan payments, has caused concern amongst entrepreneurs, who have appealed to the state government to defer the auction.

''One Time Settlement scheme should be announced to help the defaulting units to settle their loans with PFC,'' Amritsar Pritner and Processors Association's President N K Jain said while addressing a meeting of industrialists here today.

The PFC decision would sound the death knell of the industry, he said while stressing that loan settlement would help the sick units to come out of the red.

The PFC had on March 15 displayed a list of about 99 companies tobe auctioned on April two.

Mr Jain appealed to Chief Minister Prakash Singh Badal to halt the auction and announce a settlement scheme. If farmers could be given aid at the time of crisis, so could the industry, he added.

UNI