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Jamshedpur MLA Saryu welcomes Tata Steel and Vedanta move for revival of Incab


Jamshedpur, September 20: Jamshedpur East MLA and former state cabinet minister Saryu Roy has welcomed Tata Steel and Vedanta move to show interest in the revival of Incab.

“I welcome the initiative by Tata Steel and Vedanta to show interest in the revival of Incab. But it is the responsibility of the current resolution professional of Incab to ensure that this initiative turns out to be a serious one. They should place the details of company’s assets and liabilities before the NCLT Kolkata Bench and make it public. The details of assets and liabilities will be made public only then will the revival initiative of INCAB take a fruitful form,” said Roy in a press release.

He also said that the loans of banks and other financial institutions should also be made public.

“ It should be clear that the loan amount on Incab is above Rs 2 thousand crores according to their former promoters and Rs 21.36 crores according to the Delhi High Court. Lest they overstate it and show it as equal to its assets, otherwise there will be a conflict with the workers,” the release said.

According to reliable sources, the dues of workers on Incab is more than Rs 200 crores. If interest is added on this principal amount, then it will be above Rs 400 crores.

“It is my priority to keep the interests of the workers and pay their dues. Also, the resolution professional should tell where and to whom the original promoter ‘Legal Universal’ shares went. What is the status of the three managers appointed by it and also the status of Ram Govani,” said Roy.

Earlier, Delhi High Court and BIFR had also removed Ram Govani from the post of director. It should also be clear how much of the 40 acres of land they have sold out of Incab’s Pune plant. This will be calculated, only then will the correct assessment of the assets of the company be done.

He also asked the government to take strict action on those who loot the assets of the ailing company.

“The Incab Shramik Union had lodged an FIR in this regard at Golmuri police station more than 6 months ago, which was not investigated by the Jamshedpur police. I will ask the Director General of Police, Jharkhand, to take a report from the Senior Superintendent of Police, Jamshedpur on this FIR and submit it to the Economic Offenses Research Wing of the CID for investigation, so that the white-collar people who were behind the robbery and theft in the last 20 years are exposed,” said Roy.

The former BJP leader said that Tata Steel and Vedanta, which have shown interest in the revival of Incab, should give priority of payment of dues of workers and providing employment to their families a part of the revival proposal.


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