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The Cabinet Committee on Economic Affairs (CCEA) on Wednesday approved the restructuring of state-run Hindustan Organic Chemicals Ltd. (HOCL) after it registered continuous losses since 2011-12.
Most of its plants have been shut down and salaries not paid to the employees.
The company has two units in Rasayani (Maharashtra) and Kochi (Kerala). Both these units were facing acute losses owing to shortage in working capital. It could not pay regular salary and statutory dues to the employees since February 2015.
“Financial implications of the plan is ₹1,008.67 crore (cash) which is to be met partly from sale of 442 acres HOCL land at Rasayani to Bharat Petroleum Corporation Ltd. (₹618.80 crore) and the balance (₹365.26 crore) through bridge loan from the government,” stated a release.
The funds will be used to liquidate the various liabilities of the company, including payment of outstanding salary and statutory dues of employees and repayment of government guaranteed bonds of ₹250 crore due for redemption in August-September 2017.
IARI in Assam The CCEA has also approved setting up of Indian Agricultural Research Institute (lARI) in Assam. It also gave its nod for Industry-Academia Collaborative Mission for accelerating discovery research to early development for bio-pharmaceuticals.
The government also okayed the construction of 160 km long electrified third line between Manmad-Jalgaon in Maharashtra. In a similar decision, it also granted approval to construct double line with electrification between Phephana-Indara and Mau-Shahganj (excluding Indara-Mau) totaling 150 km approximately in Uttar Pradesh.
Additionally, the CCEA also approved the construction of double line with electrification between Guntur-Guntakal in Andhra Pradesh.
A development of four-laning of Porbandar-Dwarka Section of NH-8E in Gujarat was also approved on Wednesday.
The government also approved the Memorandum of Understanding (MoU) between India and Australia on Cooperation in Combating International Terrorism and Transnational Organized Crime.
It also gave ex-post facto approval to the Faculty Exchange Agreement signed between the National Defence College, New Delhi and National Defence College, Dhaka, Bangladesh.
A Pan-India implementation of Maternity Benefit Program was also approved on Wednesday under which compensation for the wage loss was provided in terms of cash incentives so that the women can take adequate rest before and after delivery and not be deprived of proper nutrition.
Pact with Tajikistan The Cabinet also gave its approval for signing and ratifying an Agreement between India and Tajikistan on Cooperation and Mutual Assistance in Customs Matters.
The Cabinet also gave approved the amendment of the Public Premises (Eviction of Unauthorized Occupants) Act, 1971 to enable summary eviction proceedings in Residential Accommodation.
“The Amendment will enable the Estate officer to apply summary proceedings for evicting unauthorised occupants from residential accommodations allotted for a fixed tenure or for a period he/she holds office on the basis of an order of allotment on licence basis, as non-vacation of such residences leads to unavailability of houses to new incumbents,” the statement said.
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