STOCK MARKET BSE NSE

AFT Mills to Sell 3 Properties to Settle Dues of Workers

Published: 13th January 2016 04:58 AM  |   Last Updated: 13th January 2016 04:58 AM   |  A+A-

PUDUCHERRY: The Management of the Anglo French Textiles (AFT) has initiated steps to sell three properties that it owns in order to settle the retirement benefits, including Gratuity and Provident Fund, of 1,076 workers.

Speaking to reporters on Tuesday, Chairman of Pondicherry Textile Corporation Limited V Bhalan said that the decision to sell the lands was taken after the Division Bench of the Madras HC ruled that there was no need to get permission of the Centre  to sell the mill’s land (property of the government of Puducherry).

Bhalan said that a meeting of the Board of Directors of the AFT mill will be held in the next two days to prepare a plan for the sale of land belonging to the mill in three places. The AFT mill owns 55 acres of land at Pattannur in Villupuram, 1.75 acres at Thirubhuvanai and 0.25 acres at Thengaithittu, Bhalan revealed and added that the total Guideline Register Values (GLR) of the properties will be Rs 73.38 crore.

He said that the retirement benefits of 1,076 workers could not be disbursed since 2008 as the mill was not functioning. After he took over in 2012, it was decided to sell the mill’s lands to settle the dues, following an agreement with the workers’ unions. Bhalan said that the Puducherry government was approached for permission, but the management was asked to consult the law department, which directed it to approach the Central government and get the necessary permission. (The Ministry of Home Affairs is yet to give a go-ahead for the sale of land as the Union Finance Ministry is yet to give its nod.)

In the meantime, the retired workers approached the Madras High Court with a writ petition. Following this, on December 21 last year, a Division Bench of the HC, citing an earlier judgement, ordered that the Puducherry Textile Corporation had the powers to sell the lands and Centre’s permission was not required.

Stay up to date on all the latest Tamil Nadu 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