Cabinet approves waiver of interest of Hindustan Organic Chemicals Limited

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....abinet approves waiver of interest of Hindustan Organic Chemicals Limited <br>News and Press Release<br>Dated:- 20-5-2020<br><BR>The Cabinet Committee on Economic Affairs, chaired by Prime Minister Sh....

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....ri Narendra Modi, has given its ex-post facto approval for waiver of interest of &#8377; 7.59 crore on Government of India loans of Hindustan Organic Chemicals Limited (HOCL), as on 31st March, 2005 i....

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....n addition to the 'Waiver of penal interest and interest on interest up to 31st March, 2005' that was earlier approved by the CCEA in March, 2006 under the rehabilitation package for HOCL. As this is....

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.... almost 10 years old case, the interest amount of &#8377; 7.59 crore has already been written off in the books of accounts of the Government and HOCL and the interest amount involved is not substantia....

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....l. It would be expedient at this stage to regularise the waiver of interest of &#8377; 7.59 crore on GoI loans as on 31st March, 2005. Ex-post facto approval will also enable HOCL to settle the pendin....

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....g CAG audit observation in the matter.<BR> News - Press release - PIB....