The Union Cabinet chaired by Prime Minister Shri Narendra Modi has approved the implementation of the CCEA decision on closure of Tungabhadra Steel Products Limited (TSPL) regarding disposal of its immovable assets. It also provides for getting the name of the company struck off from the Registrar of Companies after setting balance liabilities of TSPL.
It may be recalled that CCEA had approved the closure of the company in December, 2015 after discharging all dues to employees/workers and creditors. Cabinet approved transfer of MMH Plants to Government of Karnataka along with 20,000 square meter land. Cabinet also approved selling 82.37 acres of land of the Company at Hospet to Karnataka Government for use of the Karnataka State Housing Board. The land is being sold to Karnataka Government at the rate of Rs. 66 lakh per acre offered by them.
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