Norms in to shut sick PSUs

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New Delhi: The government Wednesday approved revised guidelines on time bound closure of sick and loss-making central public sector enterprises and disposal of their movable and immovable assets.
The move is expected to reduce delays in implementation of closure plans for loss-making PSUs. The decision was taken at a meeting of the Union Cabinet chaired by Prime Minister Narendra Modi here.
The guidelines accord first priority for utilisation of available land parcels of CPSEs under closure for affordable housing as per the relevant guidelines of ministry of housing and urban affairs.
As per the new norms, the government has laid down a uniform policy to give workers VRS at 2007 notional pay scale irrespective of the pay scale in which they are working. The new norms will replace the guidelines issued by the department of public enterprises in September, 2016.
“These guidelines provide a broad framework for expeditious completion of various processes and procedures for closure of CPSEs by laying down important milestones in the closure process along with time-lines, outlining the responsibilities of the concerned ministries/ departments/ CPSE in the process,” an official statement said.