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Guidelines revised for closure of loss making CPSEs

By IndianMandarins- 27 Jul 2018
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Guidelines on the closure of sick and loss making Central Public-Sector Enterprises and disposal of their assets have been revised by the Department of Public Enterprises on 14 June, 2018.

 

This information was given by the MOS for Heavy Industries and Public Enterprises Babul Supriyo in reply to written questions in the Rajya Sabha on Thursday.

 

He told the House that the new guidelines prescribe timelines for step by step process to be completed by the CPSE under closure and disposal of its assets.

 

The entire process of closure of a CPSE and disposal of the assets is to be completed within a period of 13 months from the date of issue of minutes conveying the approval for closure of sick and loss making CPSE by the government, the Minister said.

 

He also informed the Rajya Sabha that in the new guidelines, priority has been given for use of land of CPSEs under closure for affordable housing. The land identified for affordable housing shall undergo the process of disposal as per the guidelines of Ministry of Housing and Urban Affairs.

 

The guidelines on time bound closure of sick and loss making CPSEs uniformly provide for payment of VRS or VSS at 2007 notional pay scale to employees of CPSEs under closure irrespective of the existing pay scales of the company.

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