COSIA appeals Maharashtra Govt to introduce OTS scheme for non corporate MSMEs

Nagpur, April 19 (KNN) The Chamber of Small Industries Association (COSIA) has urged the state government of Maharashtra to formulate a one-time settlement (OTS) policy for non corporate MSMEs.

Highlighting the need for an OTS scheme, the chamber pressed on how non corporate MSMEs that are stressed or became sick are finding it difficult to settle their financial and statutory obligations as they cannot approach NCLT since it is meant only for corporate units.

COSIA raised this demand during a meeting with Maharashtra Minister of Industry Subhash Desai stating that the state government should come out with some enactment on giving concessions or OTS scheme which will help this stressed non corporate MSMEs. 

It will support it in settling their outstanding dues with concession and starting afresh or that MSME can be taken over by other entity.

In this regard a MoU has been submitted by CA Julfesh Shah, Chairman, COSIA ,Vidarbha to the Minister. 

The Nagpur based chamber has further demanded incentives for installing solar power for captive use as Maharashtra is facing acute shortage of power generation. 

The MoU focused on significance of incentives to be given for installation of solar power in factory for captive use which will help government’s solar power promotion. (KNN Bureau)