Kochi: The Kerala government is now focusing on the Kerala State Road Transport Corporation (KSRTC) shopping complexes as the Kerala Transport Development Finance Corporation Limited (KTDFC) seeks a solution to recover outstanding investor dues. To generate the necessary funds for repaying KTDFC investors, the government is exploring options like the sale or mortgage of its two shopping complexes. The Finance Department has issued directives to the corporation in this regard. An affidavit pertaining to this matter was presented to the High Court by the Under Secretary of the Finance Department.
KSRTC currently has shopping complexes in Thiruvananthapuram, Kozhikode, Angamaly, and Thiruvalla. The government has proposed transferring ownership of these four shopping complexes and associated land to KTDFC. The lion’s share of the funds raised by KTDFC were extended as loans to KSRTC, and all four shopping complexes were constructed by KTDFC.
The Motor Vehicle Department has announced the suspension of vehicle registration certificates and driving licence distribution immediately as it has to pay an outstanding debt of Rs 2.84 crore to the postal department. The government’s disclosure of the state’s severe financial crisis prompted criticism from the High Court. The High Court questioned whether the state would need to declare a financial emergency given its precarious financial condition.
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