Union Cabinet approves closure of Hindustan Cables Limited

Posted on:30 Sep 2016 09:47:29
Union Cabinet approves closure of Hindustan Cables Limited
30 September 2016 Current Affairs: The Union Cabinet gave its approval for closure of Hindustan Cables Limited (HCL), Kolkata on 28 September 2016.

The approval was given as per the provisions of the Companies Act, 1956/2013, Industrial Disputes Act, 1947 and other relevant Acts.

The employees of the company will be offered attractive VRS/ VSS Package at notional 2007 pay scales and other employees’ related liabilities including payment of salary and wages from April 2015 till they are separated from the Company on VRS/VSS will be settled as well.

The disposal of assets of company will be in terms of the guidelines of Department of Public Enterprises on time bound closure of sick/loss making Central Public Sector Enterprises (CPSEs) and disposal of movable and immovable assets.

Total cash infusion for closure of company will be 1309.90 crore rupees and non-cash infusion of 3467.15 crore rupees in the form of conversion into equity of Government of India's loan (including interest) outstanding as on 30 September 2016.

Hindustan Cables Limited :  Hindustan Cables Limited (HCL) is a government-owned company that makes telecom cables in India. It is under the Ministry of Heavy Industries and Public Enterprises.It was founded at Rupnarainpur in Asansol, West Bengal in 1952.

The company’s objective was to make India self-reliant in manufacturing communications cables.It had four manufacturing units at Rupnarainpur (West Bengal), Hyderabad (Telengana), Naini (U.P.) and Narendrapur (West Bengal).HCL was profitable until 1994, but began incurring losses in 1995.The company was referred to the Board for Industrial and Financial Reconstruction, which was unable to revive it.

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