National Instruments Ltd to be closed down: Cabinet

New Delhi, Feb 22 (UNI) The Centre today decided to close down National Instruments Ltd (NIL), Kolkata, after transferring all its 68 employees to Jadavpur University and meeting its liabilities amounting to over Rs 241 crore.

A Cabinet meeting chaired by Prime Minister Manmohan Singh also approved the transfer of all the assets of NIL to the University, Information and Broadcasting Minister Priya Ranjan Dasmunsi told reporters.

Among the financial commitments that would be written off are equity capital (Rs 8.31 crore), loan (Rs 90.55 crore) and interest thereon (Rs 138.08 crore) and dues to Defence Ministry (Rs 2.24 crore) and to Home Ministry (Rs 0.87 crore) for services provided by CISF.

A budgetary support of Rs 1.58 crore in the form of grant in aid for payment of arrears of salary/wages and other statutory dues and Rs 23 lakh for payments to sundry creditors.

The transfer of NIL infrastructure to Jadavpur University would promote industry-institute interaction and technology development and permit new academic programmes in emerging areas, Mr Dasmunsi said.

UNI