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Wednesday, Oct 09, 2002

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Cabinet Secy told to clean up STC accounts

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THE Cabinet Secretary has been called upon to adjudicate and settle the issue of outstanding receivables and payments of State Trading Corporation (STC) in a bid to clean up the accounts of the public sector undertaking (PSU) before inviting price bids for selling 65 per cent of the Government's stake in it to a strategic partner.

Several Government agencies and departments owe a total amount of Rs 153 crore to STC which, in turn, owes Rs 43 crore to various departments.

The Disputes Committee attached to the Cabinet Secretariat discussed the issue during a meeting held here on Monday and decided to refer it to the Cabinet Secretary for a final view, Disinvestment Ministry sources said.

About a dozen bidders, including Mitsubishi, Adani Group, Cargill, Videocon and Essar are in the fray to acquire a controlling stake in STC. "A final word on the issue from the Cabinet Secretary will remove an irritant in the process of disinvestment in STC," the sources said.

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