INDUSTRIES DEPT REFUTES REPORTS OF FAVOURTISM BY PSIEC AS UNFOUNDED AND UNTRUE

Chandigarh, August 17: Terming the reports in a section of media alleging of undue favor as completely unfounded and not based on facts, spokesperson of the Department of Industries & Commerce, Govt. of Punjab clarified that no undue favor has been given to M/s Gulmohar Township India Pvt. Ltd. and no financial loss has been caused to Punjab Small Industries & Export Corporation (PSIEC).

He clarified that Punjab State Industrial Development Corporation (PSIDC) had sold Plot No 1, Phase IX, Mohali, measuring 25 acres as a freehold property in the year 1984, and sale deed was executed in 1987 between PSIDC and M/s Punjab Anand Labs Inds. Ltd. Thereafter, as per orders of the Court and following due process of law, the said plot was transferred in the name of M/s Signify Innovations India Ltd.

M/s Signify Innovations India Ltd. applied to PSIDC for obtaining a No Objection Certificate (NOC) to sell the freehold property in favor of M/s Gulmohar Township India Pvt. Ltd in November 2020. PSIDC as per procedure had issued NOC to M/s Signify Innovations India Ltd. for registration of sale of freehold plot in favor of M/s Gulmohar Township India Pvt. Ltd.

Subsequently, the sale deed of the plot was registered between M/s Gulmohar Township India Pvt. Ltd. & M/s Signify Innovations India Ltd. in the office of Sub-registrar, Mohali on 25.02.2021.

In the meantime, work of Estate Management of PSIDC plots was transferred to PSIEC in the month of March 2021. M/s Gulmohar Township India Pvt. Ltd. had applied to PSIEC on 02.03.2021 for placing on record change of ownership. After fulfilling applicable pre-requisites and payment of fee, PSIEC placed on record and gave approval for change of ownership of freehold property to M/s Gulmohar Township India Pvt. Ltd. as per policy decision of the Board of Directors of PSIEC dated 30.12.2010.

M/s Gulmohar Township India Pvt. Ltd. applied to PSIEC for bifurcation/ fragmentation of 25-acre plot into 125 parts/ plots as per the standard policy of PSIEC applicable in entire Punjab.

Accordingly, PSIEC allowed fragmentation of that said plot to M/s Gulmohar Township India Pvt. Ltd. on 24.03.2021 strictly in accordance with the laid down policy framed by its Board of Directors which is consistently being followed since 08.02.2005 in different focal points in the State of Punjab.

The permission for fragmentation has been given after fulfilling applicable pre-requisites and payment of requisite fee and no undue favour has been given to the applicant.