HPC | 4,141 Cr. Alloted in last 4 years!

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The PIB REPORT dated 09-07-2019 submitted before Parliament unveiled the fact that the Ministry of Heavy Industries, Gol invested the huge Funds to the tune of Rs 4,141 Crores in Hindustan Paper Corporation Ltd (A CPSE & Gol is holding 100% ownership) Assam, which are as follows:
Accounting Year 2014-15: Rs 1,141 Crores, + 2015-16: Rs. 1,000 Crores, + 2016-17: Rs. 1,000 Crores, +2017-18: Rs. 1,000 Crores, Total- Rs 4141 Crores.

Paradoxically, during these periods production of both the Industries suspended due to dearth of “Working Capital” and 57 workers & employees attained premature death including three of them committed suicide due to various compelling Circumstances owing to nonpayment of Salary & Statutory dues since last 30 months or more, moreover due to non payment of only Rs 98 Lacs dues to a creditor the Corporation which is having assets value of not less than Rs 5000 Crore and providing source of employments to two Lakh people in the State of Assam and adjoining States ordered for Liquidation by NCLT vides order dated 02-05-2019.

However, Cachar Paper Project Workers’ Union has challenged this impugned order at NCLAT and the Hon’ble NCLAT vide Order dated 29-05-2019 directed for ensuring the HPC as Going Concern.

That as per PIB report submitted in Parliament on 09-07-2019 the Ministry of HI&PE invested Rs. 4141 Crores in HPC within the period from the Year 2014 to 2018, if that is the fact on records that the Gol through Ministry of Heavy Industries invested such huge funds in Hindustan Paper Corporation as projected in Serial No. 91 of PIB report then how the Industries gone for Liquidation for non-payment of Rs. 98 Lacs only, production of both Cachar Paper Mills & Nagaon Paper Mills suspended due to the dearth of Working Capital and 57 workers/employees attained premature death including three of them committed suicide due to various Compelling Circumstances owing to nonpayment of Salary & Statutory dues since last 30 months or more.

Considering the instant above PIB report as authentic it may be concluded beyond any doubt that the entire funds either not invested in HPC or has been misappropriated which caused destruction of National Heavy Industries of Assam.

Under the above-mentioned facts and circumstances, Cachar Paper Project Workers’ Union urged to initiate a high-level investigation to dig out the truths and to bring culprit if any into justice so as to ensure that the Public Money may be protected from embezzlement.

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