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TS, AP in a tussle over sharing of debt burden
The ongoing tug of war between AP and Telangana states on the bifurcation of as many as 40 corporations under the AP Reorganisation act may not end in near future. Now the AP and Telangana State governments have now locked horns over clearing nearly Rs 1,500 crore debts incurred by Rajiv Swagruha Corporation when the State remained united.
RAJIV SWAGRUHA CORPN
Hyderabad: The ongoing tug of war between AP and Telangana states on the bifurcation of as many as 40 corporations under the AP Reorganisation act may not end in near future. Now the AP and Telangana State governments have now locked horns over clearing nearly Rs 1,500 crore debts incurred by Rajiv Swagruha Corporation when the State remained united.
Even as the AP Reorganisation Act said that the liabilities and assets should be divided on the basis of population, the AP government has not agreed to contribute its share to help clear the debts owed by the Rajiv Swagruha Corporation. The officials of the Telangana State Housing Department said that the Telangana State government has nothing to do with the debts borrowed by the Corporation when the State remained united.
The Rajiv Swagruha scheme was launched by the late Chief Minister Y S Rajasekhara Reddy to provide affordable housing to people belonging to middle class. The Corporation borrowed Rs 1,000 crore loans from the scheduled banks by mortgaging valuable lands. As the housing project received lukewarm response, the Corporation could not repay the loans.
Since many valuable assets were in the city, TS government said, as per the AP Reorganisation Act, all of them belonged to the TS government. But the government was not responsible for the debts incurred by the Corporation when the State was united.
Contradicting the TS government’s argument, the AP government said under 10th Schedule of the Reorganisation Act, all the assets and liabilities should be divided between the two states. The TS government should clear all debts if it claimed the ownership of all assets in Hyderabad, the sources said.
By:Patan Afzal Babu
