Hyderabad: The bifurcation of the state has turned out to be a blessing in disguise for several debt-ridden public and private sector firms. The state government has completely waived off the loans and arrears that these firms had failed to repay for decades. As many as 179 such firms have benefited. Their loans and arrears had added up to Rs1,300 crore.
As distribution of such loans and arrears would be problematic for both the states, the state government, therefore, has decided to waive them off and close the accounts. Sources said, the Accountant-General has given nod for the waiver.
Interestingly, some foreign firms had secured loans decades ago, and none of the officials know how such loans were granted back then.
The verification of account books, dating back to the 1960s and 1970s revealed that about 113 firms had secured loans of less than Rs 10 lakh from the state government, while another 66 firms had loans of more than Rs 10 lakh. Surprisingly, four of the firms are from Pakistan and one each from Sri Lanka and Burma. Officials believe that the government of the day may have made some investments in those firms, and the firms may have secured the loans for offering some citizen services.
Other public sector firms, which won’t have to pay the debts include APIIC, APSRTC, AP Medical Infrastructure Development Corporation, AP Police Housing Corporation, AP SC Finance Corporation etc.
