HEC banks on collateral Secs to clear salaries

Synopsis

Public sector project Heavy Engineering Corp (HEC) is relying on collateral securities to generate funds and clear workers’ dues. Bharat Heavy Electricals Ltd (BHEL), one other verbalize-elope company, has been assigned the job of recovering payments from HEC’s consumers. HEC shall be exploring the option of securing debt to repay its workers.

Public sector project Heavy Engineering Corp (HEC) is banking on collateral securities to generate funds and clear workers’ dues.

Direct-elope Bharat Heavy Electricals Ltd (BHEL) has also been tasked to get better payments from HEC’s consumers, a senior govt functionary told ET.

“The organisation is making an effort to generate belongings through collateral securities to clear its monetary dues,” the authentic acknowledged, adding that HEC shall be having a peep at securing debt to repay workers.

In the within the period in-between, the senior administration of BHEL is managing HEC. BHEL chairman and managing director Nalin Shinghal holds the identical posts on the HEC board. In accordance to the govt., since each HEC and BHEL are govt-controlled corporations under the Ministry of Heavy Industries, BHEL officials were given the additional responsibility of reviving HEC.

Workers of HEC had protested on the day of the Chandrayaan-3 moon landing, claiming that the Indian Position Compare Organisation (ISRO) had no longer paid the PSU for the tools equipped.

The govt, on the opposite hand, refuted the claim.

“HEC didn’t present any components to the Chandrayaan-3. HEC had equipped components for the launching pad, some electrical overhead touring cranes, from 2003 to 2009, and in addition they were paid for,” the authentic acknowledged.

In addition to worker dues, HEC also has to honour present commitments. In accordance to the corporate’s annual file, HEC’s excellent narrate guide as on March 31, 2022 stood at Rs 1,451.40 crore.

The PSU was once first declared sick in February 1992 and the govt. has equipped 5 bailouts to it to date.

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