Trusts come to rescue of cash-strapped JIT, present Rs 100 cr

Trusts come to rescue of cash-strapped JIT, present Rs 100 cr

Tribune Information Service

Rajpura, February 11

Forward of the upcoming bypoll for the Jalandhar parliamentary seat, the state authorities has transferred funds value crores from varied enchancment trusts to bail out the Jalandhar Enchancment Belief (JIT), which had a debt of over Rs 100 crore. The belief’s stadium and even workplace had been pledged to the financial institution.

Ballot gimmick

For the previous virtually 10 months, the govt. did little for Jalandhar, however all of the sudden it has transferred funds from different trusts to Jalandhar. It’s only a ballot gimmick. Partap Bajwa, LOP

For growth

The previous governments paid no heed and took a number of loans. Our loans from different trusts usually are not as a result of upcoming bypoll however to make sure growth. JIT Chairman

Political observers say that the upcoming elections necessitated this transfer as JIT was cash-strapped to hold out growth tasks. Rajpura residents allege that whereas many roads want pressing restore and different works are pending, transferring Rs 3 crore of the entire 6 crore from the Rajpura Belief defies logic.

The Jalandhar bypoll, dates of that are but to be introduced, was necessitated by the demise of Congress chief Santokh Singh Chaudhary final month.

Contemplating that the AAP misplaced its first Lok Sabha by-election from CM Bhagwant Mann’s Sangrur simply three months after it was elected to energy, the Jalandhar bypoll is being seen as a status battle for the ruling get together.

Whereas the JIT had taken a mortgage of Rs 150 crore, it had dues near Rs 167 crore owing to the delay in cost. About two months in the past, the federal government managed to avail a mortgage of Rs 50 crore every from the Ludhiana and Amritsar Trusts. A one-time settlement plan was labored out with the financial institution whereby Rs 112 crore was determined as the ultimate cost quantity.

Of the Rs 12 crore paid not too long ago, solely Rs 2 crore had been paid from its personal coffers whereas the remaining

Rs 5 crore got here from the Ludhiana Belief, Rs 3 crore from Rajpura Belief and

Rs 2 crore from the Kartarpur Belief.

Taking a dig, Chief of the Opposition Partap Singh Bajwa stated that the state authorities is a complete fraud authorities which solely is aware of ‘occasion administration’. He stated the federal government had performed nothing for the previous 10 years and it is just a ballot gimmick.

“The JIT has freed a number of properties, together with Guru Gobind Singh Stadium, from the financial institution mortgage it had taken in 2017 to develop a residential scheme. Our loans are to make sure all spherical growth of the district,” stated Jagtar S Sanghera, JIT Chairman.

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