Recommendation of sick firms to be finalised this fiscal year
KATHMANDU, APR 29:
The sick industries recommendation committee is all set to complete the recommendation process by the fiscal year end. “Though the technical committee has delayed the recommendation process, it will be completed within this fiscal year end,” said an official at the Ministry of Industry.
The recommendation process was supposed to end by mid-January 2013, but due to some reasons the process was delayed and will be completed by the end of fiscal year 2012-13.
“We have already prepared a list of five sick industries and the technical committee is going through several rounds of meetings before it finally approaches the council of ministers,” said the official, adding that it will end the process by the current fiscal year. “We will complete the recommendation of all the 37 applicants.”
The technical committee formed for the recommendation process has selected Everest Floriculture, Basulinga Sugar Mill, Nepal Boards, Birat Leather and Birat Shoes for further recommendation. It has also assigned representatives from Institute of Chartered Accountants of Nepal to coordinate with the team of technical experts to observe and select sick industries for recommendation.
Industrial Promotion Division had received 37 applications seeking the facility among which the committee had recommended names of 17 industries. Wood and wire industries, Everest Floriculture, Nepal Board, Birat Shoes, Birat Leather, Bishesh Textile, Sumi Pharma, Fleur Himalayan, Basulinga Sugar Mill and Sirish Herbal were among those recommended for further selection process.
There are 20 industries that remain to be inspected and evaluated. The technical team of experts formed under the Ministry of Industry is evaluating the selected industries under the new Terms of Reference (ToR).
The Cabinet had approved the new ToR to ease recommendation process of sick industries but ministry is still confused regarding the recommendation process. Technical committee had recommended names of Nepal Boards, Birat Leather and Birat Shoes before Cabinet had approved new ToR.
Source: THT
