INSUBCONTINENT EXCLUSIVE:
New Delhi: The government today approved revised guidelines for time-bound closure of sick and loss making central public sector enterprises
and the disposal of their movable and immovable assets.The decision was taken at a meeting of the Union Cabinet chaired by Prime Minister
Narendra Modi here.The guidelines accord first priority to utilisation of land of central public sector enterprises (CPSEs) under closure
for affordable housing as per the relevant guidelines of the Ministry of Housing and Urban Affairs."The revised guidelines would reduce
delays in implementation of closure plans of sick/loss making CPSEs
These guidelines will replace the guidelines issued by the Department of Public Enterprises in September 2016."These guidelines provide a
broad framework for expeditious completion of various processes and procedures for closure of CPSEs by laying down important milestones in
the closure process along with time-lines, outlining the responsibilities of the concerned Ministries/Department/CPSE etc in the process,"
an official statement said.They also provide for advanced preparatory action to be taken by administrative ministry/department or CPSE,
preparation of closure proposal, settlement of statutory and other liabilities of the CPSE under closure and modalities for disposal of
movable and immovable assets in a time-bound manner.(Except for the headline, this story has not been edited by TheIndianSubcontinent staff
and is published from a syndicated feed.)
