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Cabinet approves Closure of Hindustan Cables Limited Kolkata

News and Press Release - Dated:- 28-9-2016 - Press Information Bureau Government of India Cabinet 28-September-2016 14:57 IST The Union Cabinet under the Chairmanship of Prime Minister Shri Narendra Modi has given its approval for closure of Hindustan Cables Limited (HCL), Kolkata as per the provisions of the Companies Act, 1956/2013, Industrial Disputes Act, 1947 and other relevant Acts. The employees will be offered attractive VRS/ VSS Package at notional 2007 pay scales and other employees re .....

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ore in the form of conversion into equity of Government of India's loan (including interest) outstanding as on 30.09.2016. Secured creditors of HCL, Kolkata, led by SBI as consortium lenders to the company, have been generous in their support. The One Time Settlement (OTS) terms include complete waiver of interest and settle on principal amount of ₹ 305.63 crore in settlement of all pari-passu collateral held by them. There is no production activity in the company since January 2003. T .....

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lable for other optimum utilization. Background:- HCL was established in the year 1952. It had four manufacturing units at Rupnarainpur (West Bengal), Hyderabad (Telengana), Naini (U.P.) and Narendrapur (West Bengal). Registered office of HCL is located at Kolkata. The company was set up to cater to the needs of Government-owned telecom companies BSNL and MTNL for manufacture of telecom cables. Due to rapid change in telecommunication technology (wire-line to wireless), the demand for telecom ca .....

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