Maharashtra Cabinet approves establishing action of Asset Reconstruction Company

Maharashtra Cabinet approves establishing action of Asset Reconstruction Company

A Chief Minister’s office (CMO) in a statement said that the ARC will protect the public interest in terms of government land, share capital, loans and loan guarantees.

Sanjay JogUpdated: Wednesday, September 21, 2022, 09:09 PM IST
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ANI

In a major policy decision, the Maharashtra Cabinet chaired by Eknath Shinde on Wednesday approved the establishment of an Asset Reconstruction Company (ARC) along the lines of the Central Government in the state. A Chief Minister’s office (CMO) in a statement said that the ARC will protect the public interest in terms of government land, share capital, loans and loan guarantees. 

‘’At present, the state government provides land, a share capital, grants, and loan guarantees to various institutions. If the properties fall into distress for various reasons, the government's role in their reconstruction is limited. Alternatively, the government and the public by and large suffers. Establishment of State Asset Reconstruction Company will enable restructuring of such sick and closed enterprises,’’ said the CMO.

The cabinet has fixed the ARC’s share capital at Rs 111 crore and it will be headed by the finance department’s additional chief secretary while the secretary of financial reforms will be the managing director. The joint director of the public enterprises will be the director and the principal secretary of cooperation, textiles and industry will be the ex-officio director.

Vacancies of Class 3 clerks to be filled through MPSC

The cabinet also approved filling the vacant posts of Class 3 clerks in the state through the Maharashtra Public Service Commission. At present, the process of filling up the vacant posts of Group A and B officers in the state is done through the MPSC. Considering the MPSC’s efficiency, it was decided that like Mumbai, the vacant posts of clerks across the state would be filled through the MPSC itself.

Police recruitment process to be speedy and transparent

The CM Eknath Shinde and DCM Devendra Fadnavis directed the administration to expeditiously and transparently complete the recruitment of 75,000 police personnel in the state. 

At present 7231 posts have been approved and the process of recruitment of posts is underway. At the time of recruitment, a physical test will be conducted before the written test. For this 20 grounds are being made ready for these tests. These tests will be conducted in the presence of cameras. 

Inheritance rights of sweepers

The cabinet also approved the setting up of a cabinet sub-committee decision to improve the implementation of the inheritance rights of the scavengers. In order to raise the standard of living of these workers, instructions were given to all concerned to implement the right of inheritance as per the recommendation of the Lad Committee. It was decided today to appoint a cabinet sub-committee to study the recommendations of this committee and make a decision.

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