Business Daily from THE HINDU group of publications
Monday, Jun 22, 2009
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Business Daily from THE HINDU group of publications Monday, Jun 22, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Corporate
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Sick Units Logistics - Courts/Legal Issues
Tata Steel, according to sources, has made commitments to clear the dues of the sick company Jayanta Mallick Kolkata, June 21 The Board for Industrial & Financial Reconstruction (BIFR) is again scheduled to hear the issue of revival of Incab, sick and closed for a long time, on July 2, with Tata Steel as a first-time bidder. There are two other bidders as well. On May 14, the Delhi High Court, following an application by the Incab unions, had directed Tata Steel to submit a proposal for revival of the sick company within 15 days and accordingly Tata Steel formally placed before the BIFR a proposal in May. In its proposal, Tata Steel, according to sources familiar with the development, has made commitments to clear the dues of the sick company and to take business decisions depending on the market situation. The steel maker is believed to have plans to reopen the plants. Incidentally, Incab runs huge dues with Tata Steel, for supply of power and water. Declared sickIn 1999, Incab was referred to BIFR, which declared it sick in 2000. Since then workers of the Jamshedpur plant have not been getting their wages. The company’s Pune plant is closed as well. The registered office of the company is located here. The total employees on record are estimated at 1,400, covering the two plants and several offices. The area of the Jamshedpur plant is about 178 acres — including workers’ housing and civic areas, while the Pune factory is located on a 90-acre plot. According to Mr Rambinod Singh, General Secretary of Incab Employees’ Union, the condition of the workers of the Jamshedpur plant beggars description. Broken promisesThe recent visit of representatives of Incab’s overseas promoters and creditors to the Jamshedpur plant created a stir among a section of local media as well as employees of the plant. The visitors reportedly promised to “reopen” the factory from Friday morning. However, the factory gates were not opened on that day, much to the dismay of the assembled workers. More Stories on : Sick Units | Steel | Courts/Legal Issues | Tata Steel Ltd
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