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Odisha to de-list 20 defunct PSUs from RoC record

Source : BUSINESS_STANDARD
Last Updated: Sun, Jul 01, 2012 19:41 hrs

After drawing flak from the Comptroller & Auditor General of India over its failure to come out with an action plan to close defunct PSUs, the state government has decided to get the names of 20 such enterprises struck off from the Registrar of Companies (RoC).

The immediate decision was taken since defunct enterprises were not taking interest to strike off their names from the RoC under Ministry of Corporate Affairs despite several reminders.

Among the 20 companies, nine companies were under voluntary liquidation- Odisha Electrical Manufacturing Company Ltd, Gajapati Steel Industries Ltd, Modern Malleable Casting, Eastern Aquatic Products Ltd, Premier Bolds and Nuts Ltd, Manufacturer Electro Ltd, Modern Electronics Ltd, Odisha Boat Builders Ltd and Odisha Board Mills Ltd.

The other 11 companies whose names are set to be deleted from RoC are Mayurbhanj Textiles Ltd, New Mayurbhanj Textiles Ltd., Konark Detergent & Soaps Ltd, Odisha Fishery Development Corporation, Odisha Tools & Engineering Company Ltd, Odisha Instrument Company Ltd, Odisha State Leather Corporation Ltd, Odisha Leather Industries Ltd, Odisha State Textiles Corporation Ltd, Odisha State Commercial Transport Corporation Ltd and El Mark Ltd.

"There are three ways of winding up a non-functional PSU- first, by the tribunal under Section 433 of Companies Act, second, voluntary winding up under Section 484 of the Companies Act and third, striking off their names from RoC. Since the last option can be exercised more conveniently, we have decided to use it to formally close 20 non-functional PSUs”, said an official source.




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