OTM revival case: Orissa HC directs State Govt to deposit Rs 115 cr for takeover
The State government has already deposited Rs 30 crore (and IDCO Rs 5 crore) with the liquidator in the first phase
Cuttack: The Orissa High Court (HC) today directed the State government to deposit Rs 115 crore before the official liquidator within a month, to take over the defunct Orissa Textile Mills (OTM).
The State government has already deposited Rs 30 crore (and IDCO Rs 5 crore) with the liquidator in the first phase and is ready to deposit the rest of Rs 115 crore to take over the OTM, the Advocate General informed the High Court.
Addressing the issue of individual power supply to the staff quarters which was brought up in another petition, the High Court directed the official liquidator to address the concerns of the company workers and provide one meter to each staff quarters. In response, Advocate General Ashok Parija brought to the court’s attention that meters have been provided to 90 staff quarters for electricity supply. The court also asked the company workers to inform the official liquidator in this regard.
In the previous hearing, the court had asked for an affidavit concerning assessment of pending dues and claims of the employees while directing engagement of a chartered accountant for the purpose.
Official sources said the State government is gearing up for OTM’s takeover and an area of 521 acre has been identified for construction of the new plant.
The next hearing has been scheduled for October 18.