Shillong: A surprise inspection by the Meghalaya Legislative Assembly’s Committee on Public Undertakings at the Byrnihat Industrial Area has brought to light significant lapses in loan repayments by several companies that received financial assistance from the Meghalaya Industrial Development Corporation Ltd. The startling discovery raises serious questions about the oversight of public funds channeled into private enterprises.
The six-member committee, spearheaded by Brening A. Sangma, meticulously examined various industrial units on Friday, focusing keenly on those supported by MIDC Ltd. Their findings revealed a worrying trend of inconsistent and incomplete repayments, a situation that could severely cripple the corporation’s capacity to bankroll future industrial projects vital for the state’s economic growth.
Among the audited firms, only CMJ Breweries Pvt. Ltd. was found to be diligently adhering to its repayment schedule. In stark contrast, companies like Greystone Strips Pvt. Ltd. and Greystone Smetters Pvt. Ltd., previously flagged as defaulters, have only made partial payments despite having benefited from public funding. The committee underscored the urgent need for direct engagement with the managing director of these companies to address the outstanding dues.
A critical infrastructural roadblock was also unearthed at the Byrnihat Hotel Cum Shopping Complex. The project’s completion has been stalled due to a persistent lack of electricity supply, creating a ripple effect that prevents the complex from generating revenue and subsequently honouring its loan obligations to the state corporation. This power predicament serves as a stark reminder of broader infrastructural deficiencies that could impede industrial development across the region. Committee members have vowed to escalate this crucial power supply issue to the relevant government departments, recognising that such fundamental utilities are indispensable for business operations and, by extension, for loan recovery.
The legislative panel, comprising Marthon Sangma, Heavingstone Kharpran, Celestine Lyngdoh, Banteidor Lyngdoh, and Pius Marwein, collectively underscored the imperative for more stringent monitoring of how public funds are utilised. Officials stressed that consistent loan repayments are paramount for maintaining MIDC Ltd.’s financial robustness and its continued ability to foster new industrial ventures, given its pivotal role in the state’s economic development strategy.
The committee’s observations paint a mixed picture: while some businesses are effectively leveraging public funding, others are grappling with operational hurdles that prevent them from fulfilling their financial commitments. This disparate performance begs questions about current project evaluation methodologies and the efficacy of ongoing support mechanisms for funded enterprises. Moving forward, the committee has pledged enhanced oversight and regular monitoring to ensure the responsible deployment of public resources. This inspection forms a crucial part of a broader drive to bolster accountability within state-funded industrial development programs and safeguard taxpayer investments in the growth of the private sector.