https://www.taxtmi.com/news?id=16668 Approval is granted for the closure of Hindustan Cables Limited, Kolkata under applicable company and labour laws, to be implemented in a time bound manner following Department of Public Enterprises guidelines. Employees will be offered voluntary separation packages (VRS/VSS) at notional historic pay scales and outstanding salary and wage liabilities will be settled; retrenchment procedures under the Industrial Disputes Act will be followed where required. Creditor arrangements include negotiated One Time Settlement with secured lenders and conversion of government loans into equity, while disposal of movable and immovable assets will proceed to enable optimal reuse. en-us Wed, 28 Sep 2016 17:16:43 +0530 Wed, 28 Sep 2016 17:16:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=16668 Approval is granted for the closure of Hindustan Cables Limited, Kolkata under applicable company and labour laws, to be implemented in a time bound manner following Department of Public Enterprises guidelines. Employees will be offered voluntary separation packages (VRS/VSS) at notional historic pay scales and outstanding salary and wage liabilities will be settled; retrenchment procedures under the Industrial Disputes Act will be followed where required. Creditor arrangements include negotiated One Time Settlement with secured lenders and conversion of government loans into equity, while disposal of movable and immovable assets will proceed to enable optimal reuse. News - Wed, 28 Sep 2016 17:16:43 +0530 https://www.taxtmi.com/news?id=16668