Financial Daily from THE HINDU group of publications Tuesday, Aug 10, 2004 |
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Corporate
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Sick Units Hearing on SCM closure petition on August 23 G. Gurumurthy
Coimbatore , Aug. 9 THE hearing by the Joint Secretary in the Ministry of Labour on the petition filed by the National Textile Corporation's (NTC) Tamil Nadu and Pondicherry subsidiaries for the closure of one of the subsidiary's sick textile units in Pondicherry Swadeshi Cotton Mills - will be held on August 23. This month's hearing on the closure issue is being held for the third time as the Labour Ministry's previous two meetings on this subject held in June and July were inconclusive. The Labour Ministry, according to the textile workers trade union sources here, had extended the hearing in view of the representations from the 13 workers unions which sought time to enable the Pondicherry Union Territory Government to explore the scope of taking over the sick mill from the NTC administration. The sources said that in all likelihood this month's meeting would be the last hearing by the Labour Ministry, which may make its final views on the approval for the official closure of the SCM. The NTC administration had filed the application before the Labour Department for closure of SCM under Section 25 (0) of the Industrial Disputes Act, which is mandatory in the case of closure of public sector undertakings. The NTC moving the application in April last had also served notices to the workers unions that the SCM would be closed from June 17.
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