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Monday, May 10, 2010
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KOCHI: The impasse over the revival of the Travancore Rayons Limited, Perumbavoor, which has been remaining closed for over 8 years, has not yet been resolved, despite high hopes that emerged recently. A series of deliberations organised at various levels to decide on the future course of action for reopening the unit are yet to bear fruit.
The Dubai-based Midland Group, which had expressed interest in taking over the unit, put forth a proposal recently on the quantum of compensation to be paid to the employees in the event of a takeover, but the trade unions are apparently dissatisfied with it.
A case pertaining to the winding up of the company is expected to come up for judicial review later this month. In the absence of any concrete proposal, liquidation proceedings could be initiated. The prolonged wait for revival has not yet ended though the stipulated time frame for a settlement is fast approaching the deadline.
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