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NINL Cry For Funds

Widespread concerns have been expressed in the State over the plight of the employees of Neelachal Ispat Nigam Limited (NINL) who have not been paid wages for quite some time.

Several people’s representatives are also understood to have urged the State Government to save these workers being the major shareholder.

According to sources, the State Government is yet to take a call on the issue though repeated appeals are being sent by the employees and workers, who are in penury condition.

While Odisha Mining Corporation (OMC) has been considerate to release Rs.174 crore to NINL,thanks to R Vineel Krishna, Managing Director, OMC.

NMDC has also released Rs 60 crore in the meantime.

However, as NINL does not have any source for revenue generation on its own and entire sale proceeds are collected by MMTC only, the situation has turned really grave.

Both Odisha Government and MMTC authorities, who are the major promoters, are needed to review the present crisis the public sector steel maker is facing, said senior NINL officials.

Chief Secretary Asit Tripathy on March 18 had chaired a meeting to find means to help the ailing company.

According to sources, the situation has turned grave and financial support is needed as OMC and NMDC funds were utilized mostly for debt servicing.

There is hardly any fund for payment of salaries and other dues which have not been paid since February, the sources said.

The woes of the employees and their family members are mounting during the Novel Corona Virus (COVID-19) pandemic, they said.

Non-payment of salaries and wages to employees and workers has also triggered tension in the steel complex vicinity.

The NINL management is clueless on facing the situation as non-payment of salaries, provident fund, contractors’ payments has led to serious litigations.

Several MSMEs and creditors are raising hue and cry over the non-payment of their dues while protests and agitations by the employees and workers has vitiated the entire environment of industrial peace and tranquility, reports said.

Without funds, all procurements, including import of coal, has been hindered while lack of working capital has worsened the situation.

These people’s representatives have urged the State Government and Chief Minister Naveen Patnaik to take a call to save the situation.

According to them there are finished products worth Rs.180 crore and the NINL to be allowed to sale those to generate funds to pay the wages of the employees and workers.

“But it is not happening and situation is turning more serious,” said a senior officer of NINL.
 


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