Closed PSU's

Brief facts about the PSU's which have been closed down before June 2002.

Prior to the setting up of the Directorate of Disinvestment in June 2002, the Punjab Government had taken decisions in principle to close down the following PSUs:

However, technicall and legally all these Corporations have not been closed down and staff is being paid salary. The Directorate of Disinvestment is now taking steps to ensure early closure of all these units :-

The brief facts of these PSUs are as under :-

Punjab Film & News Corporation :-

Punjab Govt. vide its memo No. 12/92/90-2TC/1533, dated 6.5.91 addressed to MD of the Corporation, had directed that the Corporation be wound up with minimum possible time. The Corporation is virtually at a stand still and all the employees of the Corporation have been re-deployed into various offices and some employees have been retired. The equity of the Corporation as on 31.3.02 is Rs. 1.51 crores.

PUNTEX :-

PUNTEX was incorporation under the Companies Act in 1976 to develop and promote Handloom & Textiles Industries in the State. In a meeting of the Governor-in-Council, held on 26.11.91 wherein it was decided to close down the Corporation. All the activities of the Corporation has stopped in 1992 and the staff of the Corporation was deployed in other Govt. Departments/Corporations/Cooperative Banks etc. and some of the staff opted the Golden Handshake Scheme and left the Corporation. There is only 3 employees left in the Corporation who are looking after the work of finalisation of accounts, legal cases and winding up process of the Corporation. The equity of the Corporation as on 31.3.02 is Rs. 3.63 crore and Govt. loan is Rs. 1.45 crore.

Punjab State Leather Development Corporation :-

LEATHRA was incorporation in 1981 under the Companies Act to develop Leather Industries in the state. In 1992, it was decided that due to huge losses, closed down its rural centres and sell the emporia. In the light of the decision of the Council of Ministers, it was decided to closed down the Corporation and the assets and liabilities of the Leather Complex at Jalandhar alongwith staff was transferred to PSIEC and the Corporation relieved all the employees on 30.4.1999 except 3 employees who were deployed on various assignments i.e. finalisation of accounts, attending court cases, disposal of properties etc. of LEATHRA. The equity of the Corporation as on 31.3.2002 is 3.42 crores.

Punjab State Hosiery & Knitwear Dev. Corporation: -

The Corporation was established in 1977 under the Companies Act to develop and promote the Hosiery Knitwear Industry in the State. Due to heavy losses, the Council of Ministers decided to close down the Corporation on 29.10.98. The total borrowings of the Corporation from financial institutions/banks has gone up from 4.43 crores to 21.14 crores after application of interest as per recovery certificate issued by the Debt Recovery Tribunal (DRT). The land, building, machinery, and miscellaneous assets are attached by the DRT for satisfaction of the dues payable to financial institutions/commercial banks. Two employees are continuing in the Corporation for completing the process of winding up. The equity of the Corporation as on 31.3.2002 is Rs. 3.91 crores.

PUNWAC :-

PUNWAC was incorporation in 1979 under the State Legislative Act 1956 to promote the economic welfare of women and children. The Corporation had become non-functional in 1995-96. Punjab Govt. has closed down PUNWAC alongwith its "Production and Training Centres" by repealing the aforesaid Act on 24.1.2001. The equity of the Corporation as on 31.3.2002 is Rs. 3.51 crores.

Punjab Poultry Development Corporation: -

The Corporation was established in 1964 under the Companies Act to manufacture all types of cattle feed and its marketing alongwith that of eggs etc. MD, PPDC was informed the decision of the State on 26.11.01 to wind up the Corporation. 76 employees have already been taken the Golden Handshake at a cost of Rs. 2.45 crores provided by the State Govt. and Rs. 1.83 crores more required for retrenchment of 63 employees of the Corporation. The equity of the Corporation as on 31.3.2002 is Rs. 3.09 crores.