Employees demands inquiry into low valuation of HIW

Sambalpur, Aug 27(UNI) Alleging under valuation,the employees of the Hirakud Industrial Works (HIW) have demanded an inquiry into the whole process of disinvestment to bring to the limelight persons involved in the ''shaddy deal.'' HIW Working President Simanchal Khatai told newsmen here today that M/s Versha Fabrics Pvt Ltd, a Kolkata based private company which had taken over the HIW and signed a share purchase agreement (SPA),is in a mood to close down the plant.

He said as per disinvestment policy of the government of Orissa and under the strict guidelines of the Orissa high court, the HIW was handed over to Versha Fabrics on July 10, 2006.

But the company had taken no interest in running HIW or paying workers their dues amounting to Rs.10.25 crore.As per the conditions of the SPA, the company, Mr Khatai said could not sell any property of HIW within two years from the date of the taking over.

Versha Fabric,the employees union alleged that has no sincerity to run HIW but to swindle movable and immovable property it had acquired in the process including a railway line of 10 km from Sambalpur railway station to Hirakud.

Hundreds of employees had already sent letters to all the heads of the state government including Chief Minister Naveen Patnaik to find out a solution and cancel the agreement with Versha Fabric for violating all the terms and conditions.

The employees union warned that if the state government failed to resolve the issue,the employees would resort to the agitational path to force the company to leave the state.

UNI