HEC in financial crisis yet again

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The non payment of salaries to its staff has brought into light afresh the financial crisis faced by the Ranchi based PSU-Heavy Engineering Corporation.

The company lacks cash to disburse monthly salary to its staff.None of them had got their salaries for the month of May.” We are in terrible situation”,cribbed Dinkar Mahto echoing the concerns of its many staff.

In April,HEC CMD R Mishra had informed that to modernize the company’s machines and equipments,Rs 750 crore was required.A proposal toward this end was reportedly sent to the Union Ministry of Heavy Industry.But the company had not received any favourable response till date,it .

The Ministry had set a production target of Rs 1000 crore for the fiscal 2013-14.But the production in the first quarter of the current financial year was far behind the target.Now,all eyes are on the forthcoming visit of Secretary of Heavy Industry Harbhajan Singh to HEC on June 21.

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