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The government has decided to settle the dues of employees of Travancore Rayons Limited, Perumbavoor.

The decision was made at a State Cabinet meeting held on Wednesday.

Once the financial liability of over Rs.30 crore on the labour account is settled, the company could be entrusted to Kinfra, as had been planned earlier. Agreements had already been reached to settle the dues to banks and financial institutions. The move will enable the government to launch a new venture at the site of the industry.

Concerted attempts made by a united forum of trade unions as well as peoples representatives have yielded result though it involved a huge delay. There were several unsuccessful attempts to hand over the unit to private entrepreneurs. A few companies which came forward initially failed to satisfy the governments terms. The present move initiated by the government too had faced several hurdles.

The rayons unit, manufacturing bio-degradable cellulose-based viscose filament yarn and cellulose fibre, which started production in 1950, had been running profitably till 1974. Continuous power cuts and inability in meeting the marketing challenges made the unit unviable. Banks and financial institutions had extended loans under guarantee from the State government. The government owns 37 per cent of shares of the company.

The company was locked out in 1984 and reopened two years later, but was soon referred to the Board for Industrial and Financial Reconstruction (BIFR). A rehabilitation scheme sanctioned by the BIFR in 1989 was implemented by the State government and a consortium of financial institutions and banks. The scheme failed, and the BIFR referred it to the Kerala High Court for winding up the company. Efforts by the company management and trade unions to reverse the BIFR order failed to bear fruit. It led to an increase in liability exceeding Rs.100 crore.

The lenders wanted to rope in a promoter for the company. The NDEE group and Elanjikkal group came forward, but could not succeed in striking an agreement. The court ordered wind-up in December 2008, which was suspended later to provide another opportunity for revival. UAE-based Midland group expressed interest, but abandoned the proposal later. The government ultimately decided to take over the unit and discussions had been going on at various levels for over five years. The government will have to get the legal formalities completed before facilitating the launch of a new venture.

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Decks cleared for Trayons takeover

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Atlanta, GA (PRWEB) March 06, 2014

As the temperatures around Atlanta continue to fluctuate, structureMEDIC, Atlanta mold remediation specialists, is cautioning homeowners to be diligent about properly cleaning water damage caused by frozen and burst pipes, damaged gutters and roofs. The rising spring temperatures and continuous rainfall increase the likelihood for mold to develop and spread if water damage was not swiftly and properly repaired.

Following the series of uncommonly cold temperatures, snowfall and ice in February, homeowners in Atlanta experienced an increase in severe water damage caused by frozen and burst pipes, and water leakage from roofs and rain gutters damaged from heavy ice. A thorough cleaning and evacuation of the water are required to prevent mold growth.

Fluctuating and rising spring temperatures coupled with additional rainfall yield increased humidity. These damp conditions and remaining moisture inside walls, attics or underneath flooring create a perfect breeding ground for mold. Mold can wreck additional havoc on homes, destroying and rotting wood, causing an increase in respiratory illness and allergies, and can be difficult to fully remediate.

Cleaning up water damage involves completely removing and thoroughly drying all affected surfaces. Sometimes places, such as behind drywall, underneath roofing shingles or around windows, might be neglected, said Stephen Elliott, owner of structureMEDIC. Mold will definitely capitalize on any lingering moisture, even for homeowners who think they got it all the first time around.

Homeowners who suspect lingering moisture or notice mold growth should contact structureMEDIC to arrange an inspection and remediation services. StructureMEDIC offers a discount to members of the military and public service agencies and will assist homeowners by covering insurance deductibles up to $500.

StructureMEDIC is one of the most experienced water damage restoration teams in the state of Georgia. The dedicated crew is on call 24 hours a day, 7 days a week and provides the following services: water damage cleanup, fire damage restoration, smoke and soot cleanup, de-humidification, mold removal, claims inventory service, sewage backup repair, HVAC/air duct cleaning, deodorization, and bio hazard cleaning. If recent weather has caused water, mold, smoke, or fire damage to your home or business, call structureMEDICs team toll free at 1-800-764-4613. You can also visit them at http://www.structuremedic.com for additional information.

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