‘Entrepreneurs to hold symbolic protest in industrial estates on Saturday’

Srinagar: Accusing the government for watching the “harassment and intimidation” of entrepreneurs by J&K Bank as “mute spectators”, the Federation of Chambers of Industries Kashmir (FCIK) has regretted the “deafening silence” of the government over the “excesses” and has decided to observe a symbolic one-hour peaceful protest inside industrial estates across Kashmir Valley on Saturday.
In a marathon meeting under the chairmanship of senior-most member of FCIK Ghulam Mohammad Tramboo which, among others, was participated by the presidents and members from industrial associations of Lassipora, Khunmoh, Anchidora, Anantnag, Baghi Ali Mardan Khan, Rangreth, Sanat Nagar, Shalteng, Zainakote, Sopore, Baramullah, Handwara, Kupwara, Ganderbal, Zakura, Silk Park Zakura, Vessu Qazigund, Gagren, Shopian, Pulwama, Bijbehara, Wuyan besides from unorganised sector in all 10 districts of Kashmir, the issue of J&K Bank “excesses” was discussed threadbare for seeking the government intervention in the matter, the FCIK said in a statement issued here.
“The members unanimously rejected the contention that government of J&K had no role in the matter and that the bank was free to follow its SOPs under draconian SARFEASI act after completely putting a blind eye to immense sufferings and perpetual losses of the entrepreneurs in the wake of turbulent conditions and natural calamities over more than three decades,” the statement said.
Reminding the government of its own policy for revival and rehabilitation of sick industry under Government order 47-Ind of 1999 later subsumed in all subsequent industrial policies, the members regretted that the situation would not have reached to the present imbroglio had the government seriously acted upon the policy. “The Government of India while acknowledging the importance of such revival and rehabilitation of sick industry and on the recommendations of PM’s Task Force on MSMEs had approved 100 crores for a corpus to facilitate the then state government in the year 2009,” the members informed, adding that FCIK president was one of the members of said Task Force.
The members regretted that the “lackadaisical” approach of the successive governments coupled with changes made in industrial policies intermittently had left the entrepreneurs in lurch and contributed only to the continued increase in distress and sickness. The members regretted that the government had left the local enterprises dependent on government orders workless after it decided to procure goods from GeM portal ignoring the fact that the local enterprises had no muscularity to compete with their counterparts from developed states for obvious reasons.
“Besides a large chunk of money withheld for long durations by departments on account of supplies and services made by MSMEs had fast paced their sickness,” the members said, adding that the available mechanism to deal with the issue of delayed payments with no positive results had lost its efficacy.
“Whereas the banks were under an obligation from Hon’ble Supreme Court of India, GOI and the RBI to find out reasons for the failure of entrepreneurs before initiating any harsh action against them, the J&K Bank had flouted all such directions,” the members regretted, adding that merely after two days of the statement of Union Finance Minister on the floor of House for dealing these matters with humanity and sensitivity in mind, J&K Bank dislodged a 95-year old lady along with other members of the family because the account of the borrower had been downgraded as NPA only five months back.
“The bank broke its own record when it took possession of an industrial unit in IGC Lassipora within two months of downgrading of its account,” the members said and termed it unacceptable to the industrial fraternity.
While condemning the “excess” by the bank, the members observed that the UT government cannot remain spectator to the continued “onslaught” of J&K Bank more so by virtue of its capacity as largest shareholder of the bank having full hold on the board. “Unfortunately, the majority of the board members were not privy to the ground realities that existed when J&K Bank, under the garb of monopoly would force entrepreneurs to mortgage their ancestral residential houses and property for obtaining a business loan,” the members observed, adding but the government knew the facts and cannot shy away of its intervention.
The FCIK solicited immediate intervention in stopping the undesired drive by J&K Bank and discuss the issue on table for a viable resolution. It was unanimously decided in the meeting that valley based entrepreneurs shall observe a symbolic peaceful protest for one hour inside all industrial estates of Kashmir valley on Saturday with the aim to condemn J&K Bank’s “excesses”, show solidarity with the affected entrepreneurs and wake up the concerned government authorities from their “slumber”.

  Kashmir 370

KR Desk