The inordinate delay in resolving the issues pertaining to the closure of the crisis-ridden industrial unit, Travancore Rayons Limited, Perumbavoor, has cost the unit heavily. The latest development is that the Provident Fund Commissionerate has attached spinneretes — small metallic nozzles used in the spinning industry reportedly made of platinum and gold.
The company, which has been closed for many years, has not been able to remit its share of provident fund due to its workers. The court had authorised the PF Commissionerate to adopt measures to ensure PF remittance. The company has about 800 employees on rolls while over 1,000 have left.
About 4,800 spinneretes were attached, sources associated with the company said. The attached material is officially estimated at Rs.4- 5 crore, but the actual value could be more than double, according to an employee, who expressed apprehensions as to whether the process initiated would benefit the employees. He recalled that on an earlier occasion, a piece of land belonging to the company was sold after attachment at one-tenth of the market value.
The spinneretes were special devices and only one enterprise based in Mumbai was the prospective buyer, he said. Earlier, a case pertaining to loss of some spinneretes had been reportedly filed and investigations were under way.
The government is set to convene a meeting of the stakeholders on January 31 at Thiruvananthapuram to initiate another round of talks. Chief Minister, Industries Minister, and other officials are expected to participate.
The government has been planning to hand over the unit and its premises to Kinfra after striking a settlement with banks and financial institutions. The talks on the settlement had been inconclusive and had been dragging for a long time.
