By Our Reporter
SHILLONG, July 24: The Committee on Public Undertakings of the Meghalaya Legislative Assembly has reiterated the need for the timely repayment of loans by industrial units to protect the financial stability of the Meghalaya Industrial Development Corporation Ltd. (MIDC Ltd.) and to ensure continued industrial growth in the state.
The panel has also stressed the importance of accountability in the utilisation of public funds and committed to the regular monitoring of financed projects.
This was highlighted during a spot inspection conducted by the committee on Wednesday across multiple industrial units supported by MIDC Ltd. in the Byrnihat Industrial Area of Ri-Bhoi district.
The inspection, which was carried out on Thursday, was led by Committee Chairman Brening A. Sangma, and included members Marthon Sangma, Heavingstone Kharpran, Dr. Celestine Lyngdoh, Banteidor Lyngdoh and Pius Marwein.
The primary objective of the visit was to assess the status of loan repayments by industrial units that have availed themselves of financial assistance from MIDC Ltd.
During the inspection, the committee reviewed both defaulting and partially compliant units and urged them to regularise repayments without further delay.
Among the units inspected, M/s CMJ Breweries Pvt. Ltd. was commended for being consistent and up-to-date with its loan obligations.
However, concerns were raised over M/s Greystone Strips Pvt. Ltd. and M/s Greystone Smetters Pvt. Ltd., both of which had earlier defaulted and have made only partial repayments.
The Committee noted that dues remain unsettled and stated that the company’s Managing Director would be approached for further clarification.
At the Byrnihat Hotel-cum-Shopping Complex, construction work has come to a standstill due to the absence of an electricity supply, thereby preventing the unit from becoming operational.
The committee, while acknowledging that this has affected the project’s revenue generation and the repayment capacity, has assured that the issue of power supply would be taken up with the concerned authorities for redressal.
