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Government have approved a provision of budgetary support of Rs.141.41 cr. for pending payments of salary/wages and statutory dues upto 31st March, 2005 in case of 15 PSEs covering about 32,000 employees as another initiative towards revival of the sick PSEs. In addition an amount of Rs.8.83 crores have also been provided separately in case of HMT (Chinar Watches) for this purpose. Funds are being provided pending consideration/approval on the future of these PSEs by the Government so that operations of the company are not affected in the interim period, and smooth transition to revival could be achieved. Non-settlement of these liabilities had been causing serious hardships to the employees as also adversely affecting the day-to-day activities of the companies resulting in further deterioration of performance. Such clearance of outstanding dues is likely to result in fulfillment of statutory requirement besides arresting the constant deterioration in morale of the workforce and giving much needed support for a credible attempt at revival/restructuring of these enterprises. Apart from HMT(Chinar Watches) Ltd, for which separate allocation has been provided by the Government, the rest of the PSEs are:
1. Andrew Yule & Co. Ltd.
2. Bharat Heavy Plates & Vessels Ltd.
3. Bharat Ophthalmic Glass Ltd.,
4. Bharat Pumps & Compressors Ltd.,
5. Bharat Wagon & Engg. Co.Ltd.
6. Hindustan Cables Ltd.
7. HMT(Watches) ltd.
8. Hindustan Photo Films Ltd.
9. Instrumentation Ltd.
10. NEPA Ltd,
11. National Instruments Ltd.
12. Praga Tools Ltd.
13. Triveni Structurals Ltd.
14. Tungabhadra Steel Products Ltd.
15. Burn Standard Co. Ltd.
Government in Oct. 2004, had approved an amount of Rs.517 cr. for payment of pending salary/wages and statutory dues in case of 24 PSEs. This had a very positive impact on the sick PSEs and since then, 8 of these companies were able to meet employee related liabilities on their own.
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MG/NSR
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