Himachal Cabinet Enhances Borrowing Limit Of HP Power Corporation

Dharmshala: The Himachal cabinet on Tuesday approved the borrowing limit of HP Power Corporation Ltd, decided to revert back the management of Shimla town forest with the municipal corporation, gave its nod for the Governors address for the budget session and authorized conduct of auctions for toll barriers.

Presided over by chief minister Prem Kumar Dhumal that met at Dharmshala today, the cabinet approved amendment in articles of association of HP Power Corporation Limited and fixed the maximum number of Directors at nine.

The corporation was authorized to avail loan from Asian Development Bank in excess of the paid up capital and free reserves of the company, to the extent of Rs 3,500 crore for execution of various hydro electric projects allotted to it.

The cabinet decided to restore possession rights of the Shimla Town forest area with the Municipal Corporation for its preservation, conservation and maintenance. Earlier it was being managed by the forest department.

To implement provisions of Energy Conservation Act, 2001 and to utilize State Energy Conservation Fund the cabinet decided to frame HP State Energy Conservation Fund Rules, 2011.

Excise and Taxation department was authorized to auction toll barriers for collection of tolls under the H.P. Tolls Act, 1975 for the year 2011-12..

The cabinet agreed to lease out land at Bilaspur and Mashobra for setting up of Rural Self Employment Training Institutes (RSETI) by UCO Bank, on a token lease payment of Re.1/- per month for 33 years.

Cabinet approved an Amendment in HP Fiscal Responsibility and Budget Management (Amendment) Bill, 2011.

Approval to HP Panchayati Raj (Extension to the Scheduled Areas) Rules, 2011 was granted.

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