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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 Hindusta .....

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lated 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 Enterpri .....

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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. Th .....

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he employees of the company are in 1997 pay scales. Due to non-payment of salary & wages, it is very difficult for the employees to survive and meet their immediate financial obligations. With the VRS/VSS package and clearance of other outstandin .....

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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 loca .....

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bles has been drastically reduced. Several attempts were made by Department of Heavy Industries for revival of the company but failed. Attempts to transfer HCL units to Ministry of Defence/Department of Defence Production also did not yield results. .....

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