The Hindu : Karnataka / Bangalore News : Staff submit plan to take over BGML

Online edition of India's National Newspaper
Wednesday, Aug 23, 2006

Karnataka

Karnataka - Bangalore

Staff submit plan to take over BGML

Special Correspondent

Bangalore: The BGML Employees, Supervisors and Officers United Forum has submitted a proposal to take over the assets of Bharat Gold Mines Ltd. and run the mines as well as extract gold from tailing dumps, an official said on Tuesday.

The Union Government proposes to invite global bids for assessment of BGML assets and make a counter-offer to the United Forum/Employees Society of the highest bid received or the value assessment made by an in-house committee, which will be reassessed at the time of transfer, whichever is higher.

Condition

However, the purchase preference, proposed to be given to the United Forum/Employees Society, will be subject to the condition that they employ, on priority, ex-employees of BGML.

Court approval

The scheme is subject to the approval of the Karnataka High Court.

He said the High Court, in September 2003, had suggested that the Government should take appropriate steps to enable the employees who have accepted the Voluntary Retirement Scheme (VRS) to form an employees' cooperative by providing them with land and machinery so that they could take up projects with their specialised knowledge and experience.

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