Railways takes over Rohtas Industries on court directive

Patna, Jan 11 (UNI) Patna High Court today finalised the sale of Rhotas Industries, spread over in around 200 acres of land, in favour of Indian railways.

Justice V N Sinha passed the order on the company petition relating to liquidation of Rhotas Industries for which liquidation process was intiated 1984 follwing the failure to rehabilate the concerned units despite best efforts.

In September 2006, notice for the sale was issued and several companies, including the railways turned up before the court.

A Mumbai based company offered Rs 140 crores and railway also agreed to pay the same amount. In view of the strategic location of the industries at Dehri-on-sone from where the golden quadrilateral lanes proposed to be routed, are under construction.

The Raliway planned to develop here the conatainer yard to facilitate the smooth carriage of freight on Delhi-Howrah route.

After the deposit of the sale proceed by the railway within next three months, it would be distributed among secured creditors like banks which had granted loans to the industries and the employees who were rendered unemployed after the closure of the Rohtas industries.

UNI