Financial Daily from THE HINDU group of publications
Wednesday, Jun 01, 2005
Financial Daily from THE HINDU group of publications Wednesday, Jun 01, 2005 |
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Corporate
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Announcements ONGC may soon recover dues from 3 other defaulters Pratim Ranjan Bose
Kolkata , May 31 AFTER striking a deal with the Gujarat Electricity Board (GEB) for recovering dues, Oil and Natural Gas Corporation may soon make some headway in recovering dues from Gujarat Narmada Fertiliser Corporation (GNFC), Gujarat Industrial Development Corporation (GIDC) and the Vadodara Municipal Corporation (VMC). No progress has, however, been reported with regard to the three major defaulters — Gujarat State Finance Corporation, IIFCO and Heavy Water Plant. The dues were generated during ONGC supplies between 1982 and 1987. While the total dues have crossed Rs 6,000 crore due to the high incidence of compound interest, ONGC has shifted its focus in recovering the principal totalling close to Rs 800 crore. ONGC first struck success in October 2004 when GEB agreed to pay Rs 84 crore in instalments. Recently, it had made substantial progress with regard to GNFC, one of the minor defaulters. While the extent of the dues recoverable from GNFC is not known, sources said both the sides have come close to a reconciliation formula. While talks have made progress with regard to GNFC and VMC, the sources are especially hopeful of recovering dues from VMC. The municipal corporation owes ONGC a total of Rs 270 crore, of which Rs 35 crore is the principal amount.
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