Appeal Lt Governor for coming to rescue of beleaguered unitholders
Srinagar, Oct 20: Industrialists who have acquired land at IGC Lassipora but could not complete setup of their units due to situational constraints and COVID19 Pandemic seek revalidation of provisional registration.
Industrial Association Lassipora (IAL), according to a statement, has appealed to Lt Governor Manoj Sinha for his intervention for coming to the rescue of the beleaguered unitholders.
Some of these unitholders have completed construction of industrial sheds, have installed machinery, acquired power and other clearances, but could not come into production mode due to certain constraints before their provisional registration expired, IAL said.
“As these unitholders have invested their precious time and money, therefore, due consideration needs to be given to their cases and they must be granted revalidation,” said the statement.
Given industrialisation is the priority of the LG administration, therefore, he should look personally into the issue.
“Our request to honourable Lieutenant Governor of UT of Jammu and Kashmir is that there should be a further extension of revalidation of such expired provisional registrations of these industrial unitholders for not less than a year,” said the president of IAL in the statement.
“With more than 140 pending applications for extension of revalidations within industrial area Lassipora is itself a big loss for our growth and prosperity. These industrial unit holders have invested huge sums in setting up their units by taking appropriate effective steps, and some are paying bank interests as well.”
Initially, the provisional registration for setting up a new industrial unit issued by the concerned district industries centre (DIC) is valid for two years. To maintain provisional registration, one must continue to demonstrate the effective steps taken like obtaining all NOCs etc required in the pre-production stage.
However, due to continued lockdowns and unwanted closures over a decade most of the entrepreneurs both existing and aspiring suffered financial crisis and couldn’t complete their construction on time, which led them towards the expiry of their provisional registration certificate issued by the district industries centre, it said.
The previous extension of validity of provisionally expired industrial units for varying periods of up to 6-9 months by the Chief Secretary in the 46th meeting of Apex Project Clearance Committee (APCC) of the J&K State Industrial Development Corporation Ltd (SIDCO) in the year July 2020 did not seem to be sufficient for those who wanted to seek financial assistance from financial institutions. Since it takes time to get a bank loan approved and complete all other formalities, including construction and installation of machinery, it was almost an unachievable task for maximum industrial unitholders to start their operations within such a short duration of time, read the statement.
