THE CITY is likely to lose another major industrial identity, with the merger of the headquarters of National Textile Corporation (UP) with NTC (holding company) soon.
The NTC (UP) headquarters had been the highest administrative office for NTC mills in Uttar Pradesh. But with the closure of most of the NTC mills, including five in the city, the Union Textile Ministry was trying to close down all the nine regional headquarters of NTC all over the country.
Success knocked on the door of NTC ( holding company), when the merger was allowed and finally approved by the Board of Financial and Industrial Reconstruction (BIFR), which along with revival scheme, approved the merger of all nine subsidiaries with holding company of NTC on May 17, 2006. The final report of the approval was received from BIFR on May 30, according to information.
Sources said that all nine subsidiaries NTC (APKK&M) Limited, Bangalore, NTC(DP&R) Limited, Delhi, NTC (Gujarat) Limited, Ahmedabad, NTC (MN), Mumbai, NTC (MP) Limited, Indore, NTC (SM) Limited, Mumbai, NTC (TN&P), Coimbatore, NTC (WBAB&O) Limited, Kolkata and NTC (UP) Kanpur would be merged with NTC (holding company).
The process of merger has been started by the top management of the NTC and all subsidiaries have been instructed to conduct the final board meeting to pass a resolution about the merger within 30 days or by June 29.
Besides, instruction has been issued to all subsidiaries that along with certified copies of the resolution passed by the board of directors should made available to the holding company of NTC before June 29, informed sources.
{{/usCountry}}Besides, instruction has been issued to all subsidiaries that along with certified copies of the resolution passed by the board of directors should made available to the holding company of NTC before June 29, informed sources.
{{/usCountry}}With the new development, the officials of the headquarters of NTC (UP) are in jitters over their future posting, as many of them may be posted out of the state.
At the same time, expressing annoyance over the merger of subsidiaries, state general secretary NTC Mills Officers’ Association Rajendra Trivedi said that this would badly affect the image of Kanpur, which was once famous as a leading industrial city.
Trivedi blamed the local politicians for not taking enough interest to save the industrial identity of the city and allowing the government to shut down major industrial bases in the city.
Trivedi said that the association was planning to oppose the new developments.