Cabinet approves dissolution of Central Inland Water Transport Corporation Limited

Posted on:31 Aug 2016 18:21:57
Cabinet approves dissolution of Central Inland Water Transport Corporation Limited
31 August 2016 Current Affairs: The Union Cabinet has given its approval to proposal for dissolution of Central Inland Water Transport Corporation Limited (CIWTC). CIWTC was incorporated in February 1967 as Public Sector Undertaking under the Companies Act 1956 by the Central Government. It was under the administrative control of Ministry of Shipping (MOS). 

It had taken over the assets and liabilities of the erstwhile River Steam Navigation Company Limited (RSNCL) under a scheme approved by the Calcutta High Court.

Since its inception CIWTC was incurring losses due to inherent limitation and infrastructure bottle necks and never could become viable company. Central Government is closing it in line with its decision to revitalize sick CPSUs wherever possible or to wind up irretrievable cases.

 The dissolution of the CIWTC would be initiated after disposal of movable and immovable assets. This would free up the assets for better utilization and for the benefit of the people. A number of assets have been taken up by Inland Waterways Authority of India to provide services on National Waterway 4 on Brahmputra River.

Monthly Current Affairs

Current Affairs Section

Daily Current Affairs Quiz

Subscribe to Current Affairs

Enter your email to get daily current affairs

Current Affairs 2018 May

23 MAY
NEWS
22 MAY
NEWS
21 MAY
NEWS
20 MAY
NEWS

Current Affairs 2018 April

30 APRIL
NEWS
29 APRIL
NEWS
28 APRIL
NEWS
27 APRIL
NEWS

Current Affairs 2018 March

31 MARCH
NEWS
30 MARCH
NEWS
29 MARCH
NEWS
28 MARCH
NEWS