The Hindu Business Line : Hindoostan Spinning pays Rs 3-cr dues to workers

THE Directors of the Hindoostan Spinning and Weaving Mills on Thursday paid Rs 3 crore to the workers of its Mahalaxmi unit at a small function organised within the mill premises.In 2002, the company had closed its operations in three Mumbai units — at Mahalaxmi, Dadar and Prabhadevi. The company's rehabilitation scheme was finalised by IDBI in consultation with secured lenders and company stakeholders and with the agreement of the Rashtriya Mill Mazdoor Sangh, the official trade union, a press release here said.

The rehabilitation scheme was sanctioned by the BIFR on April 1, 2004. Under the scheme, Rs 112 crore was payable to the employees of the three units. With this, the total dues of Rs 42 crore payable to the workers of Mahalaxmi unit have been cleared. According to the communication, of the total dues of Rs 112 crore for the three units, Hindoostan has cleared dues of Rs 61 crore plus interest of Rs 2 crore, leaving a balance of Rs 51 crore still to be paid for the Dadar and Prabhadevi units.

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