PSIEC directors spar over land auction

Chandigarh, March 30

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At least four Directors, including the Vice-Chairman of Punjab Small Industries and Export Corporation (PSIEC), have registered their protest over alleged misrepresentation of the proceedings of the previous meeting related to sale of 31 acres of land of liquidated JCT Electronics in Mohali.

The Directors also walked out of the meeting of the Board of Directors on March 26. The matter pertains to the role of the PSIEC for not staking Rs 161-crore claim as the unearned profit to be paid on the sale of 31 acres of prime land of liquidated JCT Electronics in Mohali. It instead agreed to claim Rs 45.28 crore as 50 per cent of the sale value. The land had been sold to a private realtor for Rs 90.56 crore. In a letter to PSIEC MD Mahesh Singal, the PSIEC Vice-Chairman said the directors never authorised the MD to execute consequential procedural and legal formalities for the realisation of the dues of PSIEC as proposed in the agenda. — TNS