Prag Bosimi Synthetics Limited (PBSL) has been named in the Top 10 Defaulters’ List by the Reserve Bank of India (RBI). It is the only textile company to figure in the list, with an outstanding of Rs 3,558 crore, credited by IDBI Bank.
The list that was published by a watchdog news media Newslaundry revealed that the public sector company PBSL is still operational.
As per PBSL’s website, it is the largest joint sector company and the only industrial venture of public–private initiative in the entire North East India, promoted by the Government of Assam through Assam Industrial Development Corporation Limited (AIDC) and H B Vyas Group. It is also the only polyester yarn project in the entire North East. Hemant B Vyas is the private promoter of the Company, having more than 50 years of experience in textile/polyester industry. He has also worked with Reliance Commercial Corporation and Dilkush Dyeing & Printing Works.
As per the company’s annual report (2013-15), out of its total shares, 46.91 per cent was under the promoter’s holding (Indian promoters, relatives and associates) and 37.36 per cent were in the hands of the general public in Indian. In August 2012, the company had restarted polymer production after a gap of nearly 10 years at an initial investment of Rs 150 crore.
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H K Sharma, who is an IAS officer and a senior officer of the Assam Government, is the Chairman of the company. He has been nominated by the Assam Industrial Development Corporation (AIDC), a wholly owned Company of Government of Assam, which is a Joint Sector Partner of Company.
The company, incorporated on July 31, 1987, has been working to “provide raw material to the power looms and handlooms at competitive prices”, which it claims would eventually generate employment for the people in Assam, and thereby be a major contributor for socio-economic development of Assam. It also has several subsidiaries — Prag Bosimi Texurising Private Limited, Prag Bosimi Packaging Private Limited And Prag Jyoti Textile Park Private Limited.