Sick PSUs appraisal carried out

The interests of the employees are kept in view while formulating revival/restructuring plans which include provision of VRS, settlement of employee related dues, statutory dues, etc.

GN Bureau | March 22, 2017


#sick PSUs   #Department of Heavy Industry   #CPSE  
 
The Department of Heavy Industry (DHI) has been undertaking appraisal of the status of each CPSE on case to case basis and the ones having profitability potential are supported to improve their performance while the chronically sick and loss making companies are closed down with attractive compensation to the employees, the Lok Sabha was informed.
 
Anant G Geete, minister of heavy industry and public enterprises, said that Central Public Sector Enterprises (CPSEs) function under the administrative control of various Ministries/Departments. The concerned administrative ministry/department is responsible for revival/rejuvenation of sick CPSEs/Units including those located in Naini, Allahabad which have been closed down.
 
Department of Public Enterprises (DPE) deals with policy issues applicable to CPSEs.
The minister said that the interests of the employees are kept in view by the administrative Ministry/Department while formulating revival/restructuring plans which include provision of VRS, settlement of employee related dues, statutory dues, etc. The guidelines issued by DPE for time bound closure of CPSEs on September 7, 2016, provides for payment of VRS at 2007 notional pay scale.
 
The Counselling, Retraining & Redeployment (CRR) Scheme of the government provides opportunities of self/wage employment to the employees or their dependents separated under Voluntary Retirement Scheme (VRS)/ Voluntary Separation Scheme (VSS) or retrenched due to closure/restructuring of the CPSEs. The Scheme aims at providing short duration skill development/ entrepreneurship development training programmes to equip the beneficiaries for self/ wage employment.
 
He said that the DPE does not maintain the data centrally on the dues of the workers in these units.
 
Regarding strategic disinvestment of CPSEs, the government has given in principle approval for strategic disinvestment/ merger of CPSEs:
 
(i) 100% disinvestment of Bridge & Roof Co. Ltd., Scooters India Ltd. (Lucknow), and Bharat Pumps & Compressors Ltd. (Naini, Allahabad)
(ii) Disinvestment of 100% shareholding of the concerned CPSE in Hindustan Newsprints Ltd. to strategic buyer through two stage auction process.
(iii)Units of Cement Corporation of India Ltd. to be disinvested where it is legally permissible to strategic buyer through two stage auction process.
(iv)Merger of Engineering Projects (India) Ltd. with similarly placed CPSEs.
 

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