TN CM Palaniswami tells FM to take urgent steps to revive sugar industry
By Thehindubusinessline 26-Oct-2019
- Tamil Nadu Chief Minister Edappadi K. Palaniswami has urged Union Finance Minister Nirmala Sitharaman to take urgent steps to revive the Tamil Nadu sugar industry, and protect the livelihood of nearly 4 lakh farmers.
- Palaniswami urged orders for restructuring of loans availed from banks/financial Institutions by sugar industry and SDF loans got by private and cooperative mills.
- The banks and financial institutions may be instructed to finalise the debt restructuring package soon, he said in a letter to Sitharaman.
- Until steps are finalised to revive the sugar sector, banks / financial Institutions may kindly be advised not to take any harsh measures under the Insolvency and Bankruptcy Code or the SARFAESI Act or refer cases to the DRTs.
- The Centre may sanction additional sugar release to mills in Tamil Nadu, as a special measure so as to improve the financial liquidity of the mills.
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