Bombay HC: Insolvency Cannot be Used to Evade a Family Court’s Maintenance Order  ||  Kerala HC: Forklifts and Factory Cranes Are Motor Vehicles and Must be Registered under MV Act  ||  Guj HC: Edible Crude Palm Kernel Oil Qualifies for Duty Exemption; End-Use Condition not Applicable  ||  NCLAT Delhi: Advance under Land-Development MoU is not Financial Debt and Cannot Trigger CIRP  ||  NCLAT: NCLT Cannot Change Capital Structure of a Legally Compliant Successful Auction Purchaser  ||  Supreme Court: Endless Investigation and Long Delay in Filing Chargesheet Can Justify Quashing Case  ||  SC: Landowners Accepting Compensation Settlements Cannot Later Claim Statutory Benefits  ||  Supreme Court: Provident Fund Dues Have Priority over a Bank’s Claim under the SARFAESI Act  ||  Supreme Court: Indian Courts Cannot Appoint Arbitrators for Arbitrations Seated Outside India  ||  Madras HC: Police Superintendent not Liable For IO’s Delay In Filing Chargesheet or Closure Report    

Cabinet approves Implementation of the Cabinet's decision dated 28th December, 2016 regarding pharmaceutical companies in the public sector - seeking modification therein- (Press Information Bureau) (17 Jul 2019)

MANU/PIBU/1144/2019

Civil

The Union Cabinet chaired by Prime Minister Narendra Modi has approved the following decisions:

Modifying the earlier decision dated 28.12.2016 of sale of land of PSUs to government agencies and instead permitting the sale of land as per revised DPE's guidelines dated 14.06.2018; and

Providing budgetary support as loan to the tune of Rs 330.35 cr. for meeting the employees' liabilities (Unpaid salary - Rs. 158.35 cr. + VRS Rs.172.00 cr.) as per following break-up:

a. IDPL - Rs. 6.50cr.

b. RDPL- Rs. 43.70cr.

c. HAL - Rs. 280.15 cr.

(iii) Constitution of a Committee of Ministers for taking all decisions pertaining to closure/ strategic sale of the four Public Sector Undertakings, including the sale of assets and clearance of outstanding liabilities.

Major Impact:

Budgetary support of Rs 330.35 cr. would help in disbursing the unpaid salaries and providing support for VRS of employees of IDPL, RDPL and HAL. The decision would mitigate sufferings of more than 1000 employees of these PSUs; and

Setting up of a Committee of Ministers would expedite in process of implementation of the earlier Cabinet decision dated 28.12.2016 for closure of IDPL and RDPL and strategic sale of HAL and BCPL.

Background:

Cabinet had decided on 28.12.2016 to sell surplus land of Hindustan Antibiotics Limited (HAL), Indian Drugs & Pharmaceuticals Limited (IDPL), Rajasthan Drugs and Pharmaceuticals Ltd. (RDPL) and Bengal Chemicals & Pharmaceuticals Ltd. (BCPL) through open competitive bidding to Government agencies and clear the outstanding liabilities from the sale proceeds. It was decided that after meeting the liabilities, IDPL and RDPL would be closed and HAL and BCPL put up for strategic sale. Department took earnest efforts for sale of surplus land, but could not find buyers, despite issuing tenders more than once. Meanwhile, the Department of Public Enterprises (DPE) has issued revised guidelines on 14.06.2018 in respect of disposal of land of the PSUs. As funds could not be generated through sale of surplus land, the employees in few of the PSUs (HAL and RDPL) could not be paid salaries and VRS scheme floated. As such, it was decided to dispose of the land as per revised DPE's guidelines and seek up-front budgetary support for meeting employees' liabilities.

Tags : PHARMACEUTICAL COMPANIES   DECISION   IMPLEMENTATION  

Share :        

Disclaimer | Copyright 2025 - All Rights Reserved