Hyderabad: The AP government has rejected the proposal of an expert committee on the distribution of assets and liabilities of Nizam Sugars. It said as per the total assets of the company as per its balance sheet should be Rs 314.22 crore, against which only Rs 79.92 crore was apportioned between the two states. The balance of Rs 234.49 crore was shown as demerger adjustment which it faulted.
The AP government has appointed a joint managing director for the firm. It said the Sheela Bhide committee had proposed dividing the company on the population ratio.
Hence the proposed demerger plan recommended by the expert committee in respect of the Nizam Sugars is not acceptable to AP government. AP Principal Secretary SR (State Reorganization) in a letter to TS government on 22nd September 2017 said that to ensure the equitable apportionment of assets and liabilities of Nizam Sugars the department has to appoint the Director of Sugar& cane Commissioner as the joint MD of Nizam Sugars from AP state government. Intimating this to the TS government the same for inviting the joint MD of Nizam Sugars of AP for early completion of the demerger process of Nizam Sugars.
