The Hindu : Kerala / Kochi News : Travancore Rayons: government asked to submit revival proposal

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Friday, Dec 26, 2008
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Travancore Rayons: government asked to submit revival proposal

Special Correspondent

KOCHI: The order on liquidation of Travancore Rayons Limited, Perumbavoor, has been reviewed by the court and the government has been given a month’s time to submit concrete proposal for the revival of the closed unit. The proposal to revive the unit, which had been remaining closed for over seven years, would have to be submitted before January 18, according to sources.

The court had earlier given an order to take measures to liquidate the company. The ruling had been stayed as revival efforts were initiated by the government.

The case had come up before the court recently as efforts for the takeover of the company by private promoters had failed. The issue of clearing the dues had been at the core of the revival process.

The fate of over 1,000 employees of the company is the key issue before the government, which has been extending support for the revival plan. Now the government will have to take a more decisive action to save the company from being liquidated.

The employees’ unions functioning under various banners had come together to facilitate the revival process. The ‘TRL Samrakashana Samithi’, a coordinated body of various trade unions and political leaders, will meet on Friday to chalk out the future course of action.

Several members of samithi are of the opinion that the ideal option would be the takeover by a government agency such as Kerala State Industrial Development Corporation, Kinfra or Inkel.

The workers who have been denied wages for years together are apprehensive that the liquidation would worsen the situation as the recovered amount may be too meagre to meet the dues.

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