Govt approves closure of Scooters India
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The firm has around 100 employees.
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The firm has around 100 employees.
The government has approved closure of loss-making state-owned firm Scooters India Limited and shutting down the operations of its units, the company said on Thursday. PTI had reported a week ago that the Cabinet Committee on Economic Affairs (CCEA) is believed to have given its consent to the closure of the Lucknow-based company. In a BSE filing, Scooters India said the Ministry of Heavy Industry and Public Enterprises has communicated that the competent authority has approved the closure. It has also cleared seeking a loan (with interest) of ₹ 65.12 crore required for the closure from the Government of India.
The government has approved closure of loss-making state-owned firm Scooters India Limited and shutting down the operations of its units, the company said on Thursday. PTI had reported a week ago that the Cabinet Committee on Economic Affairs (CCEA) is believed to have given its consent to the closure of the Lucknow-based company. In a BSE filing, Scooters India said the Ministry of Heavy Industry and Public Enterprises has communicated that the competent authority has approved the closure. It has also cleared seeking a loan (with interest) of Rs 65.12 crore required for the closure from the Government of India. Besides, it has approved separating the regular employees rendered surplus due to the closure through voluntary retirement scheme / voluntary separation scheme (VRS/VSS).