The press release points to a set of guidelines issued earlier on how to go about the closure of Central Public Sector Enterprises (CPSEs). According to the guidelines, the government classifies strategic and non-strategic entities and prescribes revival measures. However, there are certain CPSEs in the non-strategic sector that have no scope for revival and are to be closed in a time-bound manner.
The guidelines also prescribe the modalities for the disposal of movable and immovable assets. As for employees working in these CPSEs, the government says it will give workers voluntary retirement schemes at the 2007 notional pay scales.
This press release highlighting closure guidelines comes on the same day that the union cabinet approved the closure of (Kolkata) and , both CPSEs. The cabinet also gave its "in principle" approval for strategic disinvestment of Bharat Pumps and Compressors Limited, Allahabad, but before that, the government would lend Rs 111.59 crore. This money would presumably be used to clear off old employee and vendor dues before the divestment.
As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.
Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.
We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.
Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.