Wednesday 20th October 2021

Cabinet approves transfer of landed assets of HVOCL to (MoHUA)

Dec 4th, 2017 11:27 am | By | Category: LATEST NEWS

THE NEWSMAN OF INDIA, keeps you update and ahead

THE NEWSMAN OF INDIA, keeps you update and ahead


THE NEWSMAN OF INDIA.COM (PSU update)
The Union Cabinet chaired by Prime Minister, Narendra Modi has given its approval for transfer of all land assets owned by Hindustan Vegetable Oils Corporation Ltd (HVOC) to Ministry of Housing and Urban Affairs (MoHUA) or its authorized agency for appropriate utilization/ disposal.

In lieu of the transfer of the land assets of HVOC, complete liabilities of HVOC towards loans taken from the Government including interest would be written off. The Government shall also take care of all contingent liabilities of HVOC that may arise in future due to pending cases in various courts/tribunals/authorities.

The land located in seven cities are lying unutilized for many years. The transfer of the properties to MoHUA would enable use of the land for public purpose. This will facilitate early winding up of HVOC, which is a sick PSU under liquidation.

Government News

Comments are closed.