Odisha govt to deposit Rs 115 crore in 30 days for taking over textiles mill

  • | Thursday | 15th September, 2022

Cuttack, Sep 15 (PTI) The state government informed the high court on Thursday that Rs 135 crore would be deposited within 30 days with the official liquidator, who is overseeing the winding up of the Orissa Textiles Mill.The Handlooms department is seeking to set up a textile park on over 500 acres of land of the now-defunct mill at Choudwar in Cuttack district.The Odisha government has expressed its interest to take over the OTM for Rs 150 crore. It has already deposited Rs 35 crore with the liquidator.During the hearing in the court of Justice Arindam Sinha, advocate general Ashok Parija submitted that the remaining Rs 115 crore would be submitted within 30 days.In its report on August 29, the office of the liquidator had appealed to the court that the government should be directed to deposit the balance amount within 30 days to enable the official to declare the dividend as per the provisions.The OTM was incorporated by former chief minister Biju Patnaik during the pre-independence era and started commercial production in 1950.But after three decades of successful operation, the state government took over the mill in 1981. Its production and businesses started declining since then, forcing the dispensation to wind it up in June 2001.The liquidation process began in the company court of the Orissa HC in March 2002. The exercise met repeated obstacles as several private parties backed out from their commitments. PTI COR HMB RG

If You Like This Story, Support NYOOOZ



Your support to NYOOOZ will help us to continue create and publish news for and from smaller cities, which also need equal voice as much as citizens living in bigger cities have through mainstream media organizations.

Stay updated with all the Latest Cuttack headlines here. For more exclusive & live news updates from all around India, stay connected with NYOOOZ.

Related Articles