Financial Daily from THE HINDU group of publications
Wednesday, May 18, 2005
Financial Daily from THE HINDU group of publications Wednesday, May 18, 2005 |
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Corporate
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Sick Units Hindoostan Spinning begins process to pay workers' dues Anna Peter
Mumbai , May 17 HINDOOSTAN Spinning and Weaving Mills, once a BIFR candidate, has initiated a process to pay its workers their dues. On Thursday, the company is expected to deposit Rs 3 crore into an escrow account that would go some way in paying off its workers' dues. The escrow account was set up to pay off liabilities related to workers and loans to financial institutions. The total payment to workers and worker-related dues is Rs 112 crore. There is also an interest burden of Rs 1.5 crore. At the end of March, Rs 59.5 crore had been paid. And the amount outstanding is Rs 54 crore. On Thursday, Rs 3 crore will be paid into the escrow account. The accrual of the remaining funds will depend on the sale of Hindoostan's units C and D in Crown Mills at Prabhadevi, as and when permissions are granted for the sale of land. According to Mr Sachin Ahir, President, Rashtriya Mill Mazdoor Sangh, the company has to settle the dues of about 2,000 workers. When contacted, Mr Sudhir Thackersey, Chairman and Managing Director, Hindoostan Mills, said, "This will clear up all the dues of the workers."
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