Kochi: Travancore Rayons Ltd (TRL), based in Perumbavoor near here, may be facing a closedown threat which could put the future of over 1,500 workers in jeopardy.
TRL has been under layoff since 17 July 2001. The company has liabilities of over Rs 100 crore in unpaid electricity dues, water charges, sales tax and employee benefit dues.
TRL has been under Board for Industrial and Financial Reconstruction (BIFR) dispensation since 1986 and both BIFR and the Appellate Authority for Industrial and Financial Reconstruction had dismissed pleas by the company management, seeking more time to submit a revival proposal.
The issue of TRL had came up before a recent state cabinet meeting. The task of deciding on the future prospects of the company has been entrusted to a panel of ministers. The panel will also discuss the proposals put forward by a private promoter.
The TRL revival issue is brought before a panel for the second time. A committee headed by the principal industries secretary John Mathai had looked into the proposals by Dinosaur Industries Ltd (DIL) earlier too.
The proposal submitted by DIL is said to be a "list" of demands and not a "concrete" proposal for the revival of the company. The company management seems eager to pursue the proposals from DIL, but the state government looks like set on going slow on the issue.
In the meantime, a portion of the workers' provident fund has been distributed, while uncertainty prevails as to the other benefits.