New Delhi, Aug 31 (IANS) The Union Cabinet on Wednesday approved dissolution of the Central Inland Water Transport Corporation Limited (CIWTC) as part of the government’s decision to revitalise sick CPSUs wherever possible or to wind up irretrievable cases.
CIWTC, a company incorporated on February 22, 1967 under the Companies Act 1956 by the government, took over the assets and liabilities of the erstwhile River Steam Navigation Company Limited. Its operations could never become viable as it incurred losses since its inception due to inherent limitation and infrastructure bottlenecks.
The decision in this regard was taken at a Cabinet meeting chaired by Prime Minister Narendra Modi.
The dissolution of the CIWTC would be initiated after disposal of movable and immovable assets. This would free up the assets for better utilisation and for the benefit of the people, a release issued here said.
It said a number of assets would be taken up by Inland Waterways Authority of India to provide services on Brahmputra River (NW-4).
Meanwhile, Voluntary Retirement Scheme (VRS) for the CIWTC workforce has already been implemented in 2015 as per a decision of the Cabinet on December 24, 2014, it added.
The Company has only five employees at present.