Inking Of SPTF Ageement By June

Kolkata: The formal inking of the first round of loan pact under the Special Purpose Tea Fund (SPTF) is hoped to be done latest by June 27. It might be noted that Legal documents such as loan agreement and mortgage deed have been prepared in consultation with the Tea Board's solicitors. Also, the terms and conditions for the retainership of the advisers to SPTF, namely, SBI Capital Markets and Pegasus A sum of Rs 30 crore, got from the Union Government as initial contribution, has been kept as fixed deposit with State Bank of India. Meanwhile, a directive has been issued under the Tea Market Control Order to all registered brokers to issue their consent letters to the borrowers for deduction of the loan dues at the point of sale via auctions. A meeting of the Apex Monitoring Committee is to be held shortly for considering some important policy issues relating to SPTF. The manual is available for sale to the tea gardens.