The Hindu : Business : Move to revive Travancore Rayons

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Saturday, Mar 15, 2008
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Move to revive Travancore Rayons

R. Ramabhadran Pillai

Govt. holds high-level meeting

Government to sign MoU with Elanjikkal group
The promoter will be permitted to start new ventures

KOCHI: A high-level meeting held in Thiruvananthapuram on Friday has decided to sign a memorandum of understanding (MoU) with Elanjikkal group, the proposed promoters, for revival of Travancore Rayons Limited, Perumbavoor.

The meeting was presided over by Chief Minister V.S.Achuthanandan and was attended by political leaders and officials. Industries Minister Elamaram Karim, Leader of the Opposition Oommen Chandy, Saju Paul, MLA, Babu Paul, MLA, and Sheila Thomas, principle secretary to the Chief Minister were among those present at the meeting, according to sources associated with the company.

The meeting was primarily intended to arrive at a consensus on the terms of the MOU with particular reference to a few important issues. Accordingly, it was decided that the land, to be given on lease, should be used only for industrial purpose. There would be provision to take custody of the land in case of violation of the clause. The promoter will not be allowed to cut down the trees in the leased land. If there is a need to remove the trees for the sake of expansion of the company, the trees should be auctioned as per existing rules and conditions and the received amount should be remitted to the government.

The promoter will be permitted to start new ventures that provide new employment opportunities, subject to the condition that they should not harm the environment. The promoter will have to get prior sanction to start such ventures. It was also decided that a time frame be set for the re-entry of employees as well as disbursal of arrears to the workers.

The new initiatives would be subject to the nod from the High Court as the company’s case had been referred to the court after it came under BIFR procedures. The government expects to get the clearance once the subject matter is taken up at the appropriate level.

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