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The Government will provide a budgetary support to the tune of Rs. 93.41 crore for payment of salary/wages and statutory dues upto July 31, 2005 in case of 15 PSEs. It would cover about 19000 employees and would go down as an initiative towards revival of the sick PSEs and to avoid hardship to the employees during the forthcoming festival season.
Funds are being provided pending consideration/approval on the future of the 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.
The Government has also approved Rs. 517 crore and ERs worth Rs. 141.41 crore in October, 2004 and June, 2005 respectively for payment of pending salary/wages and statutory dues.
LIST OF PSEs TO BE PROVIDED FINANCIAL SUPPORT
1. Bharat Heavy Plates & Vessels Ltd., Vishakhapatnam, AP
2. Bharat Ophthalmic Glass Limited, Durgapur, West Bengal
3. Bharat Pumps & Compressors Ltd., Naini, Allahabad, UP
4. Bharat Wagon & Engg. Co. Ltd., Patna Bihar
5. Hindustan Cables Limited, Kolkata, WB
6. HMT (Chinar Watches Ltd.), Srinagar, J&K
7. HMT (Watches) Ltd., Bangalore
8. Hindustan Photo Films Ltd., Ootacamaund, Tamil Nadu
9. HMT Machine Tools Ltd.,
10. NEPA Ltd., Nepanagar, MP
11. National Instruments Ltd., Kolkata, WB
12. Praga Tools Ltd., Secunderabad, AP
13. Triveni Structurals Ltd., Naini, Allahabad, UP
14. Tungbhadra Steel Products Ltd. Bellary, Karnataka
15. Burn Standard Co. Ltd. Kolkata, WB
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