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Saturday, Sep 07, 2002

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Mills get time to make up hank yarn shortfall

G. Gurumurthy


TEXTILE mills, which expressed difficulty in fulfilling the statutory hank yarn obligation, have been given relief by the office of the Textile Commissioner, which has allowed a short deferment of time to the mills for fulfilling the shortfall in the statutory hank yarn obligation due for the last concluded quarter, i.e. April-June 2002.

The mills could now fulfil their shortfall of hank yarn obligation meant for the April-June 2002 quarter in the immediate next quarter, i.e, for July-September 2002 quarter either by their own hank yarn packing or against the excess hank yarn packing from `transferee' mills.

The short relaxation was offered to the mills during a special meeting convened by the Textile Commissioner on September 5 when the representatives from the spinning mills had sought deferment in fulfilment of shortfall in the hank yarn obligation for the April-June quarter, according to sources in the Southern India Mills Association (SIMA) which took up the issue with the Textile Commissioner.

The mills were maintaining that they could not bridge the shortfall in the hank yarn obligation as the premium rate charged by the units producing hank yarn in excess of their own obligation and willing to transfer their production to others remained steep during the April-June 2002 quarter. They sought time-extension for fulfilling the shortfall, at least up to 6 months.

SIMA sources told Business Line that even while allowing the time relaxation, the Textile Commissioner had allowed the mills to submit Annexure-II for the said transfer of obligation on or before December 2, some two months after the expiry of the July-September 2002 quarter.

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