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Kindly
refer to the bankers meeting held on 22nd October,1998 under
the the Chairmanship of Adviser to Prime Minister on Finance
& Economic Affairs.
With
a view to implement the recommendations of the Prime Minister's
Special Committee on Industrial Re-structuring and Revival
of Economy as also to sick industrial units to Co-ordination
Committee comprising of the following has been constituted:
1. Mr.
Shoukat Mirza CHAIRMAN
2. Senator
Ilyas Ahmed Bilour Member
3. Mian
Muhammad Usman Member
4. Hamayun
Eiahi Member
5. Waqar
Manoo Member
6 Shaukat
Tarin Member
President
HBL
7 Zubair Soomro Member
President,
U.B.L. M
8. Mr.
Rashid. M. Chaudhary Member
President,
A.B.L.
9. Muhammad Bilal Shaikh Member
Chairman,
N.D.F.C.
10 Mr
Kasim Parekh Member
Chief
Executive Metropolitan
Bank
Ltd.
11 Mr S. Ali Raza, Member
Country
Maneger Bank of
America
12. Mr Khalid Mahmud Salim, Member/Secretary
Executive Director, State Bank
of Pakistan
(The Chairman may co-opt any other member at his discretion)
The
above Comm1ttee will develop various options and modalities
to settle cases of defaulters/sick-industrial units subject
to the following:
a) Such of the defauters who have already deposited at least
10% of
the
settled amount under the SBP Incentive Scheme introduced vide
BPRD
Circular letter No.19 dated the 5th June,1997 but did not
pay
the
balance amount will be allowed to pay 50% of the agreed amount
by
31st December,1998 and the remaining 50% by 31st, March, 1999.
b)The defaulters in the sum of Re 10 million and below, who
had not
earlier
availed of the above Scheme shall be given nn opportunity
to
avail of tbe SBP Scheme.
c) Review the Sick Units revived through earlier committees
set up by
SBP
in June 1997 under the defunct Incentive Scheme and monitor
implementation.
d) Prepare list of sick units in the following order
i) Units which in the Committee's judgment can be revived.
ii) Units which in the Committee's judgment are not revivable.
e) Determination Sectoral prioritization of sick units for
undertaking revival measures
f) Identify causes of sickness of units and recommended measures
for
revival.
g) Develop and implement revival modaulities/plans for the
above
purpose
h) On the basis of above findings while all revivable cases
of
industrial units be finalised in consultation with concerned
chief executive of the Bank/DFIs and sent to respective Banks/DFIs
for approval and implementation cases of non-revivable units
be returned for effecting recovery through judicial Process
lf not already undertaken
i) In cases of consortium financing the chief executive of
lead
Bank/DFI wil1 be associated Where, however the committee deems
appropriate it may consult other consortium members.
J) The Committee shall complete its task by 31st December
1998.
You are requested to extend full co-operation and assistance
to the Co-ordination Committee to accomplish the above task.
Please acknowledge receipt
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