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Manipur govt pays grant to MPAPL to foster conventional industrialization
Correspondent IMPHAL, JUNE 4:
Published on 5 Jun. 2011 12:33 AM IST
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The debt riddled Manipur Pulp and Allied Products Ltd (MPAPL), Jiribam heaved a sigh of relief when Manipur government agreed to provide a fund of Rs.3.47,90,703 as grant to clear the liabilities of Manipur Industrial Development Corporation (MANIDCO).
The government undertaking industrial unit was in default of Rs.17,06,15,089 which was availed as loan from the MANIDCO in different stages. The amount included principal and interest which MANIDCO provided to the MPAPL, formerly known as Bamboo Chipping Plant (BCP).
It was set up as subsidiary unit of MANIDCO in 1987 and incorporated on October 1988 under the Companies Act, 1956. In an effort to revive the unit, MPAPL negotiated with MANIDCO and reduced the amount of payment to Rs.3,39,37,414 under one time settlement (OTS) of SIDBI (Small Industries Development Bank of India). MPAPL has no provision of fund to clear the liabilities due to problems to file EES, 2011. In view of this, Manipur government agreed to provide the amount.
Rs.3,47,90,703 fund is required to clear the path for MPAPL to avail Easy Exit Scheme (EES) 2011 from Union ministry of corporate affairs including fund for payment of liabilities of MANIDCO and payment of salary to retained staff, audit fees etc.
MAPL requires Rs.3,47,90,703 which includes Rs.3,29,37,414 as liabilities of MANIDCO under one time settlement, Rs.9,03,166 as liabilities of power and electricity and meeting auditor’s fees which include Rs.1,50,000 for internal audit fee for the financial years from 2003-04 to 2010-11, Rs.2,00,000 statutory audit for the financial years from 1998-99 to 2010-11 and Rs.6,00,123 as retained staff salary and other benefits.

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