GET Stock QuotesNews18 APP
News18 English
Powered by cricketnext logo
»
1-min read

Govt Clears New Norms for Time-Bound Closure of Sick PSUs

The guidelines also provide for advance preparatory action to be taken by administrative ministry or department and CPSEs, preparation of closure proposal, settlement of statutory and other liabilities of the CPSE and modalities for disposal of movable and immovable assets of such CPSEs in a time bound manner.

PTI

Updated:June 6, 2018, 4:35 PM IST
facebookTwittergoogleskypewhatsapp
Govt Clears New Norms for Time-Bound Closure of Sick PSUs
File photo of Prime Minister Narendra Modi. (Reuters)
Loading...
New Delhi: The government today approved revised guidelines on time bound closure of sick and loss making central public sector enterprises and disposal of their movable and immovable assets.

The move is expected to reduce delays in implementation of closure plans for loss making PSUs.

The decision was taken at a meeting of the Union Cabinet chaired by Prime Minister Narendra Modi here.

The guidelines accord first priority for utilisation of available land parcels of CPSEs under closure for affordable housing as per the relevant guidelines of Ministry of Housing and Urban Affairs.

As per the new norms, the government has laid down a uniform policy to give workers VRS at 2007 notional pay scale irrespective of the pay scale in which they are working.

The new norms will replace the guidelines issued by the Department of Public Enterprises in September, 2016.

"These guidelines provide a broad framework for expeditious completion of various processes and procedures for closure of CPSEs by laying down important milestones in the closure process along with time-lines, outlining the responsibilities of the concerned Ministries/ Departments/ CPSE, etc, in the process," an official statement said.

The guidelines also provide for advance preparatory action to be taken by administrative ministry or department and CPSEs, preparation of closure proposal, settlement of statutory and other liabilities of the CPSE and modalities for disposal of movable and immovable assets of such CPSEs in a time bound manner.

"Since there are employees working in these CPSEs, Government decided that closure should not cause hardship to them and has now laid down a uniform policy to give workers VRS (voluntary retirement scheme) at 2007 notional pay scale irrespective of the pay scale in which they are working," the statement said.

The guidelines shall apply to all sick and loss making CPSEs where approval or in principle approval for closure has been obtained by the administrative ministry or department from the Cabinet Committee of Economic Affairs or Cabinet; or the process for obtaining the approval of the competent authority is underway after the administrative ministry or department has decided for the closure of the CPSE.

"By assigning priority to affordable housing it would make available land parcels of sick and loss making CPSEs under closure for the government flagship programme of affordable housing being managed by Ministry of Housing and Urban Affairs," the statement said.
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwittergoogleskypewhatsapp
Most Active
Company Price Change %Gain
Kotak Mahindra 1,279.65 8.42
HCL Tech 961.95 -4.99
Sun Pharma 411.25 -2.12
Yes Bank 166.20 -1.34
Reliance 1,133.80 0.90
Company Price Change %Gain
Kotak Mahindra 1,282.25 8.53
Indiabulls Hsg 718.95 -1.80
Sun Pharma 411.30 -2.09
Yes Bank 166.10 -1.31
HCL Tech 961.55 -4.98
Top Gainers
Company Price Change %Gain
Kotak Mahindra 1,279.65 8.42
Bajaj Finserv 5,849.90 3.22
Adani Ports 373.45 2.61
Bajaj Auto 2,786.20 2.51
Bajaj Finance 2,486.35 2.22
Company Price Change %Gain
Kotak Mahindra 1,282.25 8.53
Adani Ports 373.75 2.71
Bajaj Auto 2,779.75 2.23
Infosys 681.05 1.92
Asian Paints 1,317.00 1.69
Top Losers
Company Price Change %Gain
HCL Tech 961.95 -4.99
GAIL 334.70 -4.10
Indiabulls Hsg 716.85 -2.25
Sun Pharma 411.25 -2.12
Coal India 236.75 -1.60
Company Price Change %Gain
Sun Pharma 411.30 -2.09
Coal India 236.80 -1.62
Yes Bank 166.10 -1.31
NTPC 137.85 -0.93
Tata Steel 507.90 -0.62

Live TV

Loading...