The Hindu Business Line : Bharat Yantra Nigam to be wound up

New Delhi, Oct 11 The Centre has decided to wind up the Allahabad-based Bharat Yantra Nigam Ltd (BYNL), a sick public-sector engineering company, on the recommendation of the Board of Industrial and Financial Reconstruction (BIFR). The decision was taken by the Union Cabinet here on Thursday.

“The employees who want to opt for an early separation before the closure of the company would be offered voluntary retirement scheme,” the Information and Broadcasting Minister, Mr Priyaranjan Dasmunsi, told reporters after the Cabinet meeting.

Shares held by BYNL in its six subsidiaries would, however, be transferred to the Government, and each subsidiary would become a separate Central public sector enterprise, he said. As per the Cabinet decision, the Government would also waive loan and interest worth Rs 5.14 crore due by the company and write off the share capital of BYNL amounting to Rs 2.31 crore, he said, adding that the Government would also provide a budgetary support of Rs 3.82 crore to meet the cost of closure of the company.

Budgetary support

The Cabinet also approved budgetary support of Rs 63.20 crore to 12 central public sector enterprises, including HMT Ltd, HMT Watches, Andrew Yule and Hindustan Photo Films, for clearing salary and wages of the employees. The other companies include Bharat Wagon Engineering, Instrumentation Ltd, National Instruments Ltd, NEPA Ltd, Triveni Structurals Ltd, Tunghbadra Steel Products and HMT (CW) Ltd.

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