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.
 

Comments

 

Other News

Sci-Tech Empowered Committee set up for COVID-19

To take speedy decisions on research and development for Sars-Cov-2 virus and COVID-19, the government has constituted a Science and Technology Empowered Committee. The committee, set up on March 19 and chaired by Niti Aayog member, professor Vinod Paul and professor K Vijay Raghavan, princi

Covid-19 and real estate: This could be last straw that broke camel’s back

Covid-19 may turn out to be the last straw that broke the camel’s back so far as the real estate sector is concerned. It broke out at a time when pundits were estimating the GDP to be hovering around 2.5% with unprecedent levels of unemployment. This itself was a good indicator that the real estate s

India ramps efforts as COVID-19 cases rise

As COVID -19 cases continue to rise amid a 21-day lockdown, the centre and the states are proactively taking measures to provide aid to the underprivileged and the needy during this unprecedented situation.         By Sunday morning, India had registered 27

Diplomacy in the time of Covid-19

In the thick of battle with the deadly coronavirus, India on March announced a 21-day lockdown till April 14 in its bid to control the spread of virus which has so far led to 10 people’s death and over 600 others falling sick across the country. As per experts, India, which is in the second stage of

Life hacks for Lockdown blues

As the nation battles the Coronavirus outbreak, a billion-plus population is confined at home in the 21-day lockdown, and this is leading to mental health concerns. “It is a tough time and we need to be stable to get thorough. People must rationalise their irrational thoughts without

Doctors, others continue to face vigilantism

Scare following the outbreak of Covid-19 has led some people to turn to vigilantism, harassing people at the frontline of fighting the disease and keeping the country running amid the lockdown. Earlier this week, the medical associations had made representations before home minister Amit Sha



Archives

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter