Shillong Oct 13: The Meghalaya Government is all set to write off Rs 24.43 crore dues of a state-owned cement company towards ending its operations.
After the cabinet meeting, Chief Minister Conrad K. Sangma said that the Government has approved the winding up of state-owned Meghalaya Cherra Cement Limited (MCCL), with outstanding liabilities of around Rs 24.43 crore which would be written off to facilitate the company’s formal closure.
According to information, the proposed waiver comprises approximately Rs 8.9 crore in pending sales tax dues and Rs 15.53 crore in royalty liabilities, paving the way for the completion of the winding-up process.
He said the MUA government had cleared the dues payable to the company’s employees, fulfilling its commitment to ensure that their outstanding payments were settled before proceeding with the closure.
He said that MCCL was wholly owned by the state government and that the outstanding liabilities largely involved dues payable to government departments.
Retaining these liabilities would complicate the closure process, he said adding that the amounts would effectively involve financial transfers between different arms of the state administration.
Notably, MCCL, established as a public sector undertaking to manufacture cement, has been a state-owned industrial entity in Meghalaya.
