Tuesday, August 10, 2010

High Court stays transfer of MCL funds

Kochi: The Kerala High Court on Tuesday stayed the proceedings initiated by the government to transfer funds of Malabar Cements Limited (MCL) by way of loans and equity to seven public sector undertakings (PSUs)

Justice S. Siri Jagan passed the interim order on a writ petition filed by Sulthan Mohammed, general secretary, Malabar Cements Employees Association.

According to the petitioner, the Palakkad unit of the company had been making profits because of the sustained and dedicated work of its employees. The employees were shocked to hear that steps were on to transfer Rs.48 crore to various public sector undertakings. In response to an application under the Right to Information Act, the Public Information Officer of the company informed the association that the government had approved the transfer of funds to public sector undertakings such as Kerala Mineral Development Corporation, Kerala State Textile Corporation, Traco Cables, Kerala State Industrial Enterprises Limited , United Electrical Industries Limited, Kerala Small Industries Development Corporation and Kerala State Electronic Development Corporation.

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