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

Tech firm, telcos prepare to enter 5G era

As the government is set to roll out the 5G spectrum auction, the network providers are also equipping 5th generation network-ready LTE technology.  According to the government, the technology would have an impact of more than $1 trillion on the Indian economy. It is also expected to transform educati

On a personal note: Rabbi Shergill

Punjabi singer, songwriter, and guitarist, Rabbi Shergill rose to fame in 2004 with his chartbuster song ‘Bullah Ki Jaana’ from his debut album ‘Rabbi’. Inspired by rock and Punjabi folk music, he uses Punjabi language to create acoustic rock-based ballads. His poetic and social

NALCO registers Rs 589 crore operating profit in Q3 of 2018-19 FY

National Aluminium Company Limited (NALCO), country’s leading manufacturer and exporter of alumina and aluminium, has posted an operating profit of Rs 589 crore in Q3 of 2018-19 FY, registering 80 percent growth over the same period of last year.   Net profit of the company

Many electronic companies still have no take-back system: Report

In 2016, 44.7 million tonnes of e-waste was generated globally which is expected to increase to 52.2 million tonnes in 2021. As of 2016, it was found out that India is the second and fifth highest generator (in Asia and globally respectively) of e-waste with 2 million tonnes. The mounting pile of e-waste h

India’s per capita power consumption likely to grow by two fold, says power minister

Union power minister RK Singh has said the per capita current power consumption of 1,200 units is expected to grow 2-3 times at par with the international consumption after every Indian gets access to electricity. Singh said the power sector is witnessing an increased demand which is further expect

Net profit of Rs 616 crore posted by SAIL in Q3 of 2018-19

SAIL has posted a profit (profit after tax) of Rs 616 crore in Q3 of 2018-19 FY. SAIL has managed to better its performance over the previous quarter as well by more than 11 percent when it stood at Rs 554 crore. The turnover for Q3 FY’19 improved by three percent over corresponding period of

Current Issue

Current Issue

Video

CM Nitish’s convoy attacked in Buxar

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter