4. In view of the above, all the State/Divisional Directors are directed to collect the correct and uptodate information regarding the original and market value of the individual properties mortgaged by the institutions and to upload the same in the website suitably on receipt of password for access to the data base in the website from the Director, IT. As the matter is time bound, it must be ensured that the entire exercise is completed on or before 30th Nov.,10 and compliance report is furnished in the matter. For any lapses in the matter, responsibility will be fixed on the Director concerned.
CHIEF EXECUTIVE OFFICER
To
All State/Divisional Directors of the KVIC
Copy to:
All Zonal Dy. C.E.Os.- with a request to ensure the strict compliance of the circular by the State/Divisional Directors.
Copy for information to:
1) All Industry/Programme Directors at C.O. Mumbai
2) The Director (Publicity)- with instruction to publish the same in the
ensuing issue in a prominent page.
3) Director (I. T)- to place in the web-site of the KVIC.
Copy forwarded for kind information to:
1)All Members of the Commission.
2)Financial Adviser
3)Secretary to Chairperson
CHIEF EXECUTIVE OFFICER
Directorate of Legal Affairs
Khadi & Village Industries Commission,
3 - Irla Road, Vile Parle (West),
MUMBAI - 400 056.
Telefax : +91 022 671 35 38
No. LA/Legal Circular/EM/2010-11 Date: 07/09/10
C I R C U L A R
Sub:Revaluation of the immovable properties mortgaged with the Commission- reg.
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Attention is drawn to the circular bearing No. FIN/ GENL/ CIR/ 98-99 dated 20th May, 1998 issued by the Financial Adviser on the captioned subject.
2.As per the said circular the borrower institutions are permitted to undertake revaluation of their immovable properties after five years of its original valuation. The revaluation is required to be done only through Govt. Approved Valuers.
3.The above provision of revaluation of the immovable properties by the institutions was introduced to enable the institutions to enhance its security value and thereby to make them capable of availing more financial assistance to strengthen their activities.
4.Inspite of the above, it is observed that most of the institutions have not come forward to revalue its immovable properties and to enhance the value of its securities. In many cases, it is also seen that the value of mortgage created by institutions are not sufficient to cover the present outstanding loan with them because the mortgage value is shown at the original value of the property.
Contd…2..
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5.In view of the above, all the Incharges of the field offices are directed to suitably advice/instruct the institutions functioning under their jurisdiction to revalue its immovable properties mortgaged with the Commission as per the provisions and in the manner provided under circular dt. 20th May, 1998 issued by the Financial Adviser. It should be ensured that the said exercise is completed by the institutions on or before 30th Nov.,10 and the compliance report is furnished to the Central Office through the Zonal Dy.C.E.Os.
CHIEF EXECUTIVE OFFICER
To
All State/Divisional Directors of the KVIC
Copy to:
All Zonal Dy. C.E.Os.- with a request to ensure the strict compliance of the circular by the State/Divisional Directors and the institutions
Copy for information to:
1) All Industry/Programme Directors at C.O. Mumbai
2)The Director (Publicity)- with instruction to publish the same in the
ensuing issue in a prominent page.
3) Director (I. T)- to place in the web-site of the KVIC.
Copy forwarded for kind information to:
4)All Members of the Commission.
5)Financial Adviser
6)Secretary to Chairperson
CHIEF EXECUTIVE OFFICER