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Rayons: plea to implement revival scheme

Kochi: Travancore Rayons Samrakhana Samithi on Wednesday termed as baseless the allegations levelled by P.C. George, MLA, with respect to the revival of the Perumbavur-based Travancore Rayons.

At a press conference here on Wednesday, Saju Paul, MLA, and other office-bearers of the Samithi accused Mr. George of trying to sabotage the revival.

They said that the package being implemented by the government had been endorsed unanimously by all political parties and trade unions.

The discussion on the scheme took place in the presence of Chief Minister V.S. Achuthanandan, Leader of the Opposition Oommen Chandy, UDF convener P.P. Thankachan and the Ministers concerned. The package contained provisions for giving jobs to all employees and paying arrears of wages and gratuity. The government had taken steps to hand over the company to the Elenjickal Group of Companies in terms of the recommendations of the Board for Industrial and Financial Reconstruction (BIFR) and the High Court orders.

They said that the statement of Mr. George that the company needed only Rs.5 crore for revival was very strange.

In fact, the company required Rs.25 crore.

A sum of Rs.15 crore was required to meet the liabilities of financial institutions and also for disbursing the arrears due to the employees. Besides, the working capital had to be found. .

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