India, March 4 -- Chandigarh

The Punjab cabinet on Monday approved two one-time settlement schemes for industrialists to waive compounding and penal interests so that they could clear their long-pending dues for industrial plots in focal points.

The decision in this regard was taken in the cabinet meeting chaired by chief minister Bhagwant Mann.

A spokesperson of the chief minister's office said the OTS schemes will facilitate industrialists to settle industrial disputes related to enhanced land costs and delayed principal payments thereby ensuring that long-standing grievances of industrialists are resolved in a fair and transparent manner.

A total of 1,145 industrialists across Punjab will benefit from this scheme, allowing them to ...