Sub  : Concession to sick Industries-Delegation of powers in respect of..

     
        With the Departmental Circular No. 327 issued under No. PR- 3/14702 dt. 23-3-1979, we have notified the guide lines on the basis of which, the Zonal Chief Engineers have been empowered to grant concession to sick industrial units.

      Vide Board Resolution No. 1722 dt. 10-5-1979, the Board considered the question of interest to be levied on the net amount payable and approved that the following item be added to the guide lines already notified. The guide line is as follows:

       "Instead of the present penal interest rate of 18%/24% interest will be charged only at 18%/Annum on the amount of arrears as recalculated after giving concessions to sick units."

        All concerned officers may take a note of the above addition to the guide lines, and if any cases of sick industries have already been settled on the basis of the guide lines issued vide circular No. 327, the same may be reviewed afresh in the light of the decision of the Board vide B..R.No. 1722 dt. 10-5-1979 quoted above.