Govt to take greater ownership of JKSFC: Dr Drabu


Re-affirming his commitment for the entrepreneurship development across the State, Minister for Finance, Labour & Employment, Dr Haseeb Drabu, today said that the Government is mulling to take a greater shareholding of Jammu and Kashmir State Financial Corporation by ‘Stock Buyback’ process.

Chairing a board meeting, Dr Drabu said that in order to revive the Corporation, the Government is mulling to change the institutional ownership and give new life to it.

 “We have to revive the corporation for the greater good the entrepreneurs of the State and infuse a new life into it,” Dr Drabu told the meeting.

Dr Drabu said that in the world of cut-throat competition, technological-economic constraints, market problem and financial uncertainties, it has become quite imperative to look for innovative ways of conceiving appropriate solutions in order to achieve monetary security and success in ventures.

He said that in order to boost economic development and providing financial independence, it is necessary to help create opportunity areas for ventures in industrial, transport and service sectors of the state economy and then actively assist in their promotion.

The Minister who is also the Chairman of the Corporation said that to revive the Corporation on a sustained basis for the development of Micro, Small & Medium Enterprises (MSME) and allied sectors in the State of J&K, the Government is providing hassle-free credit at a competitive cost to prospective entrepreneurs.

 “Government will facilitate and catalyze employment of idle resources across the State,” Dr Drabu said.

Earlier, the Managing Director of the Corporation, Muhammad Farooq Thoker gave a detailed presentation about the functioning of Corporation. He said, “Our efforts are result oriented and are directed towards maximizing client satisfaction with optimal results transforming the State into an organized vibrant economy.”

The meeting was attended by Commissioner Secretary to Government, Finance Department, Navin Kumar Choudhary, Managing Director, JKSFC, Muhammad Farooq Thoker, Board of Directors including Director, S. K. Bhat, Senior President, J&K Bank, T.S. Bali, Divisional Manager, Life Insurance Corporation of India, Moksha Kazmi, Additional Advocate General, J&K High Court, Vikram Garg, Chartered Accountant, Zahoor Ahmad Bhat, Gulam Geelani Ahanger, both elected by Private Shareholders.

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