STOCK MARKET BSE NSE

Government steps in to clear Orind mess

The State Government’s initiative to restart the defunct refractory plant of Orind, now Shaswat International Ltd (SIL), at Lathikata has raised hope of its 750-odd workers who are sitting idle. But, sorting out the Orind mess is not going to be an easy task.

Published: 23rd August 2013 11:44 AM  |   Last Updated: 23rd August 2013 11:44 AM   |  A+A-

The State Government’s initiative to restart the defunct refractory plant of Orind, now Shaswat International Ltd (SIL), at Lathikata has raised hope of its 750-odd workers who are sitting idle. But, sorting out the Orind mess is not going to be an easy task.

Chief Secretary JK Mohapatra last week convened a high-level meeting in presence of representative of SIL S Bhadra and Commerce and Transport Minister Subrat Tarai in Bhubaneswar where it was hinted that Managing Director of Odisha Stevedores Ltd (OSL) Mahimanand Mishra would acquire and re-run the plant. Following the meeting, CITU suspended its 482-day-old agitation in Bhubaneswar.

The Orind management owes `22 crore to Bank of Baroda and `14 crores to United Bank of India (UBI), sources said.

Till last year, additional internal and external liabilities including workers’ dues stood at above `120 crore. Approached by the Bombay branch of UBI, the Bombay High Court in 2012 had appointed an official liquidator for settlement of Orind’s liabilities.

National vice-president of CITU Bishnu Mohanty said those present in the meeting decided to talk to lending bankers and ensure plant’s take over by a new management. On legal complications, Mohanty said it would be the responsibility of the Government.

Sources said it remains to be seen if OSL agrees to pump in such a large amount of money. Bhusan Power and Steel had earlier expressed interest in taking over the plant, but it backed out later.

Moreover, of the total 170 acres in possession of Orind plant, lease deed for 125 acres was prepared in 1953 but, for rest 45 acres, conveyance deed was never made. Hence, transfer of Orind’s land to OSL would not be legally easy.

This apart, absconding Orind Chairman Ravin Jhunjhunwala is accused of collecting large amount of money from three corporate houses against plant’s land.  

President of Orind’s recognised union Lathikata Mazdoor Union (LMU) Pravat Mishra expressed doubt about ultimate result of the Government initiative. Sources also alleged that the latest initiative is a political move to curb the agitation over Orind.

Stay up to date on all the latest Odisha news with The New Indian Express App. Download now

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp