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Tuesday, Mar 16, 2004

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BHPV chief resigns on `health grounds'

Our Bureau

Visakhapatnam , March 15

THE Managing Director of the ailing Bharat Heavy Plates and Vessels (BHPV) Ltd, Mr Shailendra N. Roy, has submitted his resignation and sent the communication to the Ministry of Heavy Industries.

Confirming his resignation here on Monday, Mr Roy said he had submitted resignation on "health grounds" and it had nothing to do with the crisis in BHPV or the ongoing agitation by the trade unions for revival of the unit.

"I have put in my papers and it is for the Ministry to take a decision. I have been contemplating the move for sometime and have come to the conclusion that my health does not permit me to stay on here any longer. I wish the BHPV a bright future. I believe the unit can be turned around with concerted efforts,'' he said.

Mr Roy said a revival package had been prepared with three major components — "one for wage support, the second for clearing the statutory dues such as PF dues and the third for a counter-guarantee for Rs 180 crore — and it was likely that the first two components may be cleared by the end of the current financial year."

"It may take a little longer to get the counter-guarantee proposal cleared as the Ministry of Finance would have to okay it. But I am confident that it will also be sanctioned,'' he said.

He said at present the unit had orders worth Rs 230 crore on hand and all attempts were afoot to execute them on schedule. "I have no doubt that the BHPV can be brought back on rails," he said.

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BHPV chief resigns on `health grounds'

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