Saturday, 12 August 2006

Govt fails on its promise: to merge APIDC with APIIC

By Syed Akbar
Hyderabad, Aug 12: The assurance of the State government that it had kept in abeyance the controversial GO (No. 5) on restructuring of public sector units notwithstanding, officials of the Industries and Commerce Department have initiated the procedure for the merger of the Andhra Pradesh Industrial Development Corporation (APIDC) with the Andhra Pradesh Industrial Infrastructure Corporation Limited (APIIC).
The deadline set for the merger is December 31, 2006. Though the government's announcement that it had kept the GO in abeyance was made in July, the Industries and Commerce Department circulated a letter to APIDC, AP State Financial Corporation, APIIC and the Commissioner of Industries on August 7 seeking immediate steps for the merger.
The APIDC has been directed to take legal advice on cancelling the loan sanctions in cases in which disbursement has not commenced. However, it will continue disbursement in partly disbursed cases before its merger with the APIIC.
APIIC has been given the free hand to select employees of the APIDC after the merger in a position lower than that held in the APIDC. The loan portfolio of APIDC will be got valued and transferred to APSFC.
The Opposition parties, particularly the Telugu Desam and the CPM, have been demanding that the government withdraw the GO No. 5. Unless clear instructions are issued to officials and the GO withdrawn, officials will continue with their job of preparing estimates for merger or closure of PSUs, CPM State secretary BV Raghavulu observed.

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