Punjab Financial Corporation: Chandigarh
PUNJAB FINANCIAL CORPORATION: CHANDIGARH
(MANAGEMENT INFORMATION & STATISTICAL SECTION)
OFFICE ORDER
No. 01/2013
DATED: 11.01.2013
Reg:- OTS Policy for adjustment of small loan cases upto Rs.1.00 lac
The Board of Directors of the Corporation in its meeting held on
27.12.2012 has considered the Memorandum No.BD/772/2012 dated
12.09.2012 and resolved that the proposal contained therein be and is
hereby approved. It was further resolved that the Managing Director is
henceforth authorized to settle such small loan cases, at his own level.
All concerned may note.
Sd/-
(AJAY GUPTA)
DEPUTY GENERAL MANAGER
PUNJAB FINANCIAL CORPORATION: CHANDIGARH
(MANAGEMENT INFORMATION & STATISTICAL SECTION)
OFFICE ORDER
No. 02/2013
DATED: 11.01.2013
Reg :- Re-imbursement claim received from State Govt. in Semfex &
TADA cases
The Board of Directors of the Corporation in its meeting held on
27.12.2012 has resolved as under:-
Considered the Memorandum No.BD/791/2012 dated 20.12.2012
and resolved that the recommendations/proposal, as contained
therein, beand is hereby approved.”
i)After adjusting the claim received from the State Govt. in TADA cases,the balance outstanding amount lying in the Memorandum account ofthese cases be reversed.
ii)In 134 Semfex cases where the borrower has paid the
Settlementamount and after crediting the claim received from the State Govt. thebalance outstanding amount lying in the Memorandum account inthese cases be reversed.
iii)45 no. Semfex cases where the borrower has not responded to anyOTS policy but the interest claim received from the State Govt. hasbeen credited in their account, no further interest is to be charged inthese cases till any decision for settling their loan account is taken bythe Corporation.
iv) 2 no. Semfex cases where the borrower has approached
theCorporation for settlement of their loan account under OTS
policy2009 and not deposited the Principal amount so far but after
creditingthe interest claim now received from the State Govt.
these 2 no.borrowers may be allowed to settle their account as per
OTS Policy2009.
All concerned may note.
Sd/-
(AJAY GUPTA)
DEPUTY GENERAL MANAGER
PUNJAB FINANCIAL CORPORATION: CHANDIGARH
(MANAGEMENT INFORMATION & STATISTICAL SECTION)
OFFICE ORDER
No. 03/2013
DATED: 14.01.2013
Reg:- OTS Policy for units situated at Goindwal Sahib.
The Board of Directors of the Corporation in its meeting held on
27.12.2012 has considered the Memorandum No.BD/796/2012 dated
27.12.2012 and resolved that the last date of repayment in respect of
OTS cases of Goindwal Sahib settled in the Settlement Committee
held on 21/05/2012 and 17/07/2012, which at present is 21/02/2013
be and hereby extended upto 20/02/2014 alongwith applicable rate of
interest i.e. 12.5% to be paid in quarterly installments.
All concerned may note.
Sd/-
(AJAY GUPTA)
DEPUTY GENERAL MANAGER
PUNJAB FINANCIAL CORPORATION: CHANDIGARH
(MANAGEMENT INFORMATION & STATISTICAL SECTION)
OFFICE ORDER
No. 04/2013
DATED: 14.01.2013
Reg:- Dispoal of Collateral Security
The Board of Directors of the Corporation in its meeting held on
27.12.2012 has considered the Memorandum No.BD/780/2012 dated
20.12.2012 and resolved that the suggestions contained therein be
and hereby are approved.
All concerned may note.
Sd/-
(AJAY GUPTA)
DEPUTY GENERAL MANAGER
PUNJAB FINANCIAL CORPORATION: CHANDIGARH
(MANAGEMENT INFORMATION & STATISTICAL SECTION)
OFFICE ORDER
No. 05/2013
DATED: 21/01/2013
Reg:- One Time Settlement Policy (OTS) – 2009
The Board of Directors of the Corporation in its meeting held on
27.12.2012 has considered the Memorandum No.BD/790/2012 dated
19.12.2012 alongwith its enclosures and after detailed deliberations,
while discussing the OTS for borrowers of Border Districts, the Board
also felt that some reasonable One Time Settlement Policy be also
offered for the borrowers of other Districts of the State and after due
deliberations, it was decided to extend OTS-2009 Policy which was
notified vide notification dated 2.3.2009 and 10.12.2009 for the
borrowers of the other districts of the State to be valid upto
31.03.2013.
Besides two industrial units financed by the Corporation under
Semfex scheme, whose interest claim has also been received by the
Corporation, from the State Govt., be also covered under the OTS
2009 policy as applicable to the Transport Semfex cases.
All concerned may note.
Sd/-
(AJAY GUPTA)
DEPUTY GENERAL MANAGER
PUNJAB FINANCIAL CORPORATION: CHANDIGARH
(MANAGEMENT INFORMATION & STATISTICAL SECTION)
OFFICE ORDER
No. 06/2013
DATED: 21.01.2013
Reg:- OTS Policy for units located in the Border Districts
The Board of Directors of the Corporation in its meeting held on27.12.2012
has considered the Memorandum No.BD/790/2012 dated19.12.2012
alongwith its enclosures and after detailed deliberations, it wasresolved to
approve the proposal for One Time Settlement Policy for the unitsof Border
Districts valid upto 27.03.2013.
All concerned may note.
Sd/-
(AJAY GUPTA)
DEPUTY GENERAL MANAGER
PUNJAB FINANCIAL CORPORATION: CHANDIGARH
(MANAGEMENT INFORMATION & STATISTICAL SECTION)
OFFICE ORDER
No. 07/2013
DATED: 21.01.2013
Reg:- Accounting Policy concerning sale of Acquired Property -
Purchaser’s Account.
The Board of Directors in its meeting held on 27.12.2012 considered the
Memorandum No.BD/795/2012 dated 24.12.2012 and resolved as under:-
That in cases where the property was sold on deferred payment basis and
the possession was delivered on part payment, the purchaser account be
nullified after the property is resumed on account of default and resold to
another party to the debit/credit of the profit & loss account to the extent of
balance principal outstanding in purchaser account after adjusting the further
sale amount. The outstanding interest in the Memorandum account of the
purchaser be also reversed at that stage and any legal proceedings initiated by
the Corporation against such purchasers under Section 32(G) or civil suit, etc.
be withdrawn, as the account of such purchasers stands closed/nullified.
It was further resolved that the purchaser accounts in default which have
been resumed but are unsold, be kept alive till their further sale and consequent
upon the sale, these accounts will also be treated in the same manner as
detailed above.
It was further resolved by the Board that in cases where the Corporation has
filed FIR for misappropriation of sold properties and these FIRs are still pending,
the accounts of such cases be not adjusted in line with above decision and their
accounts be kept alive.
It was further resolved that the case where the properties have been sold but
the possession has not been delivered to the purchaser in view of the change in
sale policy, in case of non payment of the sale amount, the entire amount paid
by the purchaser be forfeited after nullifying the sale and be adjusted in
borrower’s account in terms of mortgage deed. It was also resolved that 6
number cases as per enclosed list wherein the Corporation has sold units and
recovered entire sale proceeds but certain expenses debited to these accounts
subsequently, could not recovered, the same be and are, hereby waived.
All concerned may note.
Sd/-
(S.S.BAINS)
MANAGING DIRECTOR
PUNJAB FINANCIAL CORPORATION: CHANDIGARH
(MANAGEMENT INFORMATION & STATISTICAL SECTION)
OFFICE ORDER
No. 08/2013
DATED: 30.01.2013
Reg:- Conveyance charges for valuers
The Board of Directors of the Corporation in its meeting held on
27.12.2012 has considered the Memorandum No.BD/779/2012 dated
18.12.2012 and resolved that the revised conveyance charges for the
Valuersare as under:
a) For using their own car - Rs.5.50 per Km.
(as already approved by the BOD)
b) For using public conveyance/ - As being paid to the officersTaxi
with valid receipt of the Corporation.(including all taxes)
All concerned may note.
Sd/-
(S.S. BAINS)
MANAGING DIRECTOR
PUNJAB FINANCIAL CORPORATION: CHANDIGARH
(MANAGEMENT INFORMATION & STATISTICAL SECTION)
OFFICE ORDER
No. 09/2013
DATED: 04.04.2013
Reg:- OTS Policy for units situated in Goindwal Sahib.
The Board of Directors of the Corporation in its meeting held on
25th March, 2013 has considered the Memorandum No.BD/803/2012 dated
08.02.2013 and resolved that the OTS Policy for units situated in the
Goindwal Sahib as notified by the State Govt. is and hereby extended upto
15th of May, 2013.
All concerned may note.
Sd/-
( AJAY GUPTA )
DEPUTY GENERAL MANAGER
PUNJAB FINANCIAL CORPORATION: CHANDIGARH
(MANAGEMENT INFORMATION & STATISTICAL SECTION)
OFFICE ORDER
No. 10/2013
DATED: 04.04.2013
Reg:- OTS Policy for units located in the Border Districts and
OTS in remaining districts of the State.
The Board of Directors of the Corporation in its meeting held on
25th March, 2013 has considered the Memorandum No.BD/814/2013 dated
25.03.2013 and resolved that the last date for applying under two OTS
Policies of the Corporation i.e. one for Border Districts, which was valid upto
27.03.2013 and another one i.e. OTS Policy – 2009 for the remaining
districts of the State, which was valid upto 31.03.2013 is hereby extended
upto 15th of May, 2013.
All concerned may note.
Sd/-
( AJAY GUPTA )
DEPUTY GENERAL MANAGER
PUNJAB FINANCIAL CORPORATION: CHANDIGARH
(MANAGEMENT INFORMATION & STATISTICAL SECTION)
OFFICE ORDER
No. 11/2013
DATED: 26/04/20`3
Reg:- Empanelment as Recovery Agents
- Recovery of loan cases where the Corporation has initiated
proceedings Under Section 32(G) of the SFCs Act.
The Board of Directors of the Corporation in its meeting held on 25th March,
2013 had considered the Memorandum No.BD/798/2013 dated 21.03.2013 and
resolved that the 9 nos. short listed Recovery Agents be sent an offer to work as
Recovery Agents for the Corporation for recovery from the cases where the
Corporation had initiated action under section 32(G) of the SFCs Act with a
remuneration of 6% of the actual recovery effected by them and further the same
shall be inclusive of all expenses. It was further resolved that the Recovery Agents,
who send their acceptance to the said offer within 15 days shall be empanelled.
The list of 5 short listed Recovery Agents, who have given their acceptance within
stipulated period are as under:-
Sr. No Name of the Recovery Agency
1. M/s Sarfaesi Solutions, 33, Edward Lane, G.T.B. Nagar, Kingsway
Camp, New Delhi – 110 009.
2. M/s Khushboo NPA Recoveries & Financials Activities Pvt. Ltd.,
SCO 394, Second Floor, Sector 20, Panchkula.
3. M/s Kuber Financial Services, 2466/4, Telian Street, Near Chhoti
Baradari,Patiala – 147 001
4. M/s PGA Professionals Ltd., SCO 2461, Sector 22-C, Chandigarh –
160 022.
5. M/s Tricon Group, 46/4, 1st Floor, Opp. UCO Bank, G.T. Road,
MOGA.
The details regarding job/functions for and on behalf of the Corporation on
the terms and conditions for empanelment of Recovery Agents are enclosed as per
Annexure. The power to allot the work relating to their respective cases shall vest in
the Heads of Division of M&FU Sections and the respective M&FU Section officers
shall coordinate with the Recovery Agents in respect of their cases.
All concerned may note.
Sd/-
(AJAY GUPTA)
DEPUTY GENERAL MANAGER
Annexure
Recovery of loan cases where the Corporation has initiated proceedings Under Section 32(G) of the SFCs Act.
SCOPE OF WORK
- Agency will assist in tracing the borrower, their latest assets as an Agent
of the Corporation, in full compliance with the procedure laid down under
the Rules.
- Agency will locate the assets other than the mortgager assets owned by
the borrowers/guarantors and collecting evidence to enable Corporation
to attach their assets.
- Agency will assist the Corporation in sending notice to the borrowers and
follow up collections in the shape of recovery.
- Agency will assist the Corporation in carrying out discrepancies &
negotiations for assessing at settlement with borrowers as per prevailing
policy/rules.
- Agency will assist the Special Authority / District Collector’s’ staff in
locating the borrowers his successors and guarantors in tracing the
addresses whereabouts and location of the assets owned by the
borrowers/guarantors.
- Agency will also assist in getting PAN No., date of birth, telephone
number of borrowers/guarantors.
- Agency will assist in any other investigation/recovery related job may be
entrusted, from time to time.
TERMS & CONDITIONS FOR RECOVERY AGENCY
- Agency will not engage any Sub-Agent for recovery.
- The list of NPA/32-G accounts will be allotted to Agency by the
Corporation in due course. Agency will use the information in utmost
confidence.
- Agency will be requested to contact the borrower and pursue him/her to
come to the Corporation for a settlement in the account with the
parameters of the Corporation’s existing policy. Agency are not
supposed to take resort to any coercive and unlawful means for effecting
recovery, so that the Corporation does not face any unwarranted litigation
and Corporation’s reputation is not impaired in any event. The
Corporation will not be in any way responsible or liable for any
illegal/unauthorized act committed by Agency in course of undertaking the
recovery work.
- Agency will have to submit monthly progress report to the Corporation, in
respect of recoveries made in the accounts allotted to them.
- If any criminal and / or legal action is taken against the Agency by any
person for Agency any action, Agency will be liable to defend their self
without looking for any relief from the Corporation and in case
Corporation is involved in such litigation due to any action of yourself,
Agency will be liable to reimburse the Corporation all the expenses
incurred and Corporation would be at liberty to deduct the same from the
fees payable to Agency.
- Agency will neither enter into any compromise with the borrower /
guarantor nor shall give anything in writing to the borrowers on behalf of
the Corporation.
- Agency will not accept any cash directly from the borrower /guarantor / 3rd
parties towards liquidation of loan or otherwise. The borrower / guarantor
is required to make deposits for liquidation of loan directly in the
Corporation’s Bank A/c.
- Agency will not part / disclose any confidential information pertaining to
the Corporation or the borrower / guarantor in respect of the account to
which Agency may have access during the course of engagement with
the Corporation.
- The Corporation reserves the right to discontinue Agency services as
Recovery Agent at any point of time, under due intimation to Agency.
- Agency shall allow any person authorized by the Corporation to access
documents, record of transaction and the necessary information given as
stored or processed by them, within a reasonable time.
- Please note that this is not any appointment of any kind in the
Corporation. This engagement will not give Agency any right to claim
continuation of Agency services as Recovery Agent on termination of
Agency engagement for any reason. Agency engagement is purely
outsourcing for recovery of Corporation’s dues from borrowers.
- In case of any breach of the above terms & conditions or any adverse
features on Agency part being observed by the Corporation at any time
during the currency of this arrangement and if the Corporation wants to
terminate the contact/arrangement at any point of time for any other
reason at the sole discretion of the Corporation, the Corporation will have
the right to terminate this arrangement/contract and Corporation’s
decision in this regard will be final and binding on Agency.
- The amount of recovery made in the entrusted cases shall be deposited
with the Corporation and no amount of recovery shall be kept by Agency
on behalf of the Corporation.
- Agency shall be governed by the rules and regulations of the Corporation
in force or to be framed from time to time.
- While performing duties under this agreement Agency should act in a
professional manner and take utmost care to ensure that no damage is
caused to the assets and Corporation is not exposed to any claims from
borrowers/guarantors/third parties.
- Agency will indemnify the Corporation against the cost, damages,
expenses, loss which may be incurred/suffered by the Corporation on
account of any action/inaction on Agency part while performing the
functions/job assigned to them. Agency shall keep the Corporation
harmless and indemnified if any of the assets are lost or damaged due to
action/inaction on Agency part or which will result in diminishing the
realizable value of the assets or which exposed the Corporation to claim
from the borrower/guarantor or any other party. Agency would be
required to execute an Indemnity Bond in this regard as per format
prescribed by the Corporation.
- Agency should not use Corporation’s logo or Corporation’s letterhead for
promoting Agency business interests.
- Agency will strictly adhere to and comply with the RBI guidelines/code for
Recovery Agents and will be entirely responsible for any consequences/
litigation due to non compliance of the said guidelines.
PUNJAB FINANCIAL CORPORATION: CHANDIGARH
(MANAGEMENT INFORMATION & STATISTICAL SECTION)
OFFICE ORDER
No. 12/2013
DATED: 11.07.2013
Reg:- Empanelment as Recovery Agents
- Recovery of loan cases where the Corporation has initiated
proceedings Under Section 32(G) of the SFCs Act.
In continuation with office order No.11/2013 dated 26/04/2013 the following two additional recovery agents out of the 9 short listed candidates have been empanelled for recovery of loan cases where the Corporation has initiated proceedings Under Section 32(g) of the SFCs Act, following their acceptance to the terms & conditions: -
Sr. No. Name of the Recovery Agency
1. M/s B & B Associates, Ludhiana.
2. Smt. Sukhdeep Kaur Josan, AdvocateDistt. Shri Mukatsar Sahib
The details regarding job/functions for and on behalf of theCorporation on the terms and conditions for empanelment of RecoveryAgents are enclosed as per Annexure. The power to allot the work relatingto their respective cases shall vest in the Heads of Division of M&FUSections and the respective M&FU Section officers shall coordinate with theRecovery Agents in respect of their cases.The complete list of all the recovery agents empanelled, so far, isenclosed as per Annexure.
All concerned may note.
Sd/-
(AJAY GUPTA)
DEPUTY GENERAL MANAGER
Annexure - I
Recovery of loan cases where the Corporation has initiatedproceedings Under Section 32(G) of the SFCs Act.
SCOPE OF WORK
- Agency will assist in tracing the borrower, their latest assets as an Agentof the Corporation, in full compliance with the procedure laid down underthe Rules.