Principal Secretary, Finance Department, Navin Kumar Chaudhary, on Wednesday convened a meeting of officials of Jammu and Kashmir State Power Development Corporation (PDC) to discuss the financial restructuring of the corporation.
According to an official spokesperson, the meeting was attended by Commissioner Secretary PDD, Hirdesh Kumar, Director General, Perspective and Manpower Planning, Planning Development and Monitoring Department, Shahzad Bilal, Director Budget, Finance Department, ImtiyazHussain, Director Finance, PDD, Director Finance JKSPDC and other concerned officials.
On the occasion, various issues were discussed threadbare regarding the financial restructuring of PDC which includes liquidating the power purchase liability of the PDD and infusion of fresh state equity into the PDC, according the spokesperson.
The valuation of token value assets of Rs 1 transferred by the PDD to PDC at the time of its incorporation, which had a value of Rs 916.54 crore, and treating the same as the state equity was also discussed in the meeting. Payment of surcharge receivable on outstanding power purchase liability from PDD also came up in the discussion. The Principal Secretary Finance gave various on spot directions and asked the officials to implement them at an earliest.