Bhubaneswar: The Department of Investment and Management of Public Assets (Public Assets) under the Aegis of the Ministry of Finance will not create a corpus to pay salaries and other legal contributions from NIGAM NIGAM NIGAM LIMITED (NINL) employees in Jajpur.
The Minister of State for Finance Bhagwat Kishanrao Karad said this in return for Lok Sabha on Monday.
“However, in the success of the resolution of the Disinvestment Transaction, the waterfall agreement between the promoters imagined priorities for payment of employee contributions from consideration received from disinvestment.
Ninl has notified that they have submitted a request for the Bank’s consortium to postpone the existing loan payment schedule through a restructuring plan What is appropriate, “Read the Minister’s Reply.
It was decided at the minister’s meeting held on November 10 last year to create a corpus around Rs 150 Crore or Rs 170 Crore to pay salaries and other contributions from Ninl employees.
Minutes of the high power meeting released on December 1 last year have mentioned the Corpse creation around the 150/170 crore RS to keep the Ninl disinvestment ready.
“This money can be used to pay salaries and other legal contributions from Ninl until the disinvestation is complete.
This money can be replaced to the bank first from the divestment process,” Read the Minutes of Meeting.
NINL is a joint venture company of the four Public Sector Companies (CPSes), namely MMTC Limited, NMDC Limited, Bharat Heavy Electrical Limited (Bhel) and Mecon Limited and two PSU countries from the Odisha Government Industry Promotion and Investment Corporation of Odisha Limited (Ipicol) and Odisha Mining Corporation (OMC).
Union Cabinet on January 8 years ago agreed to be resolved by Ninl’s equity shares thus paving how to bring new investors through auction.
Members of the Neelachal Executive Association (NEA) have protested this central movement.
“We haven’t received our salary arrears waiting since March 2020.
If the government does not make a corpus, the process of getting salary contributions may be delayed.
We ask the government to revive Ninl for the benefit of the country and its people,” said Ajit Kumar Pradhan, Secretary General of Nea.