PATNA: In a robust proof of its turnaround, the Bihar Police Building Construction Corporation, which had been incurring losses since its inception in 1974, has decided to pay interim dividend to the state government.
The dividend payment was approved on Wednesday by the corporation’s board of directors after the state corporation, which had been in the red for years till the Nitish Kumar government initiated a move for its revival, reported profits in three consecutive fiscals.
“The corporation created a history of sorts by earning net profit of Rs 294.85 lakhs in 2008-09 and Rs 953.77 lakhs in 2009-10. Our half-yearly audit in 2010-11 shows a net profit of Rs 410.02 lakhs,” corporation CMD A K Gupta said and added the interim dividend, as per the provisions of Indian Companies Act, 1956, would be to the tune of 10% of the paid-up capital of the corporation.
The audit, pending for the last ten years in the corporation, has been updated. The audit reports were approved at the meeting of the board of directors comprising, besides Gupta, IG (provision) K S Dwivedi, PHED chief engineer Surendra Kumar and home (police) department’s deputy director Diwakar Prasad Mandal.
In another important decision, the board of directors accorded approval to the implementation of sixth pay commission recommendations for the corporation’s employees with effect from January 1, 2011.
Gupta said work is in process for the construction of prestigious Bihar Police Academy (BPA) building at Rajgir by the corporation. A team of experts from designer consultants CP Kukreja Associates and another team from The Energy & Resources Institute, both New Delhi-based, were at Rajgir recently for an on-the-spot inspection. “Their inputs on the architecture and eco-friendliness of the proposed building are expected any moment now,” the CMD said.
The corporation has the BPA project registered with GRIHA (Green Rating for Integrated Habitat Assessment) which is the national rating agency for green buildings under the Union ministry of new and renewable energy. “We are targeting a 4-star certification from GRIHA, which will be equivalent to Gold Rating,” Gupta said.
Read more: ‘Sick’ corp to pay dividend to govt – The Times of India http://timesofindia.indiatimes.com/city/patna/Sick-corp-to-pay-dividend-to-govt/articleshow/7147313.cms#ixzz18xv3ETXl