Summary:
It also agreed to stand guarantor to the National Scheduled Castes Finance and Development Corporation (NSFDC), which is seeking ?70 crore in loan defaults from these corporations, senior officials said. With elections in mind, it would be difficult to say no to financing this year,” said a senior official of the State Finance Department. Instead, the State Finance Department submitted a proposal for restructuring the corporations, including Mahatma Phule Backward Class Development Corporation Ltd.
and Leather Industries Development Corporation of Maharashtra Ltd.
(LIDCOM), and appointed M/s KPMG as consultant. The State government has approved demands of the loss-making corporations to increase contribution in the form of share capital by an additional ?900 crore. “As a result we have shut the doors on all the caste-based corporations, leaving them struggling to manage some 30 social schemes..