THE MYSTREY BEHIND THE DISINVESTMENT OF TYRECORPORATION OF INDIA

LTD BY GOI-DHI( HAVING ASSETS WORTH Around RS 200crores) WAS SOLD FOR
ONLY RS 12 CRORES BY OFFICIAL LIQUIDATOR OF CAL HIGH COURT

The most unfortunate payroll employees TCIL,KOLKATA while remained unpaid for the
last 49 months, DHI-GOI in collision with Official Liquidator silently handed over all the
assets ( around 70 Acres of land & fertile Machineries of TCIL kankinara Plant capable of
Producing 40000tyres/ Month ) to VS Commercials of New Delhi for Only 12 cores while
The present corporation valuation of lands is around 80 cores as on2012 February & total
scrap valuation of the Machineries is more than20 cores. And the dying diseased employees
challenged sale of TCIL to Calcutta High Court vide CASE No ACO 138 of 2016
anticipating a gross inappropriate mission was executed to Sale out the assets of TCIL by ,
challenged the Sale of tcin in the Court of Honourable Chief Justice & the valued Court
issued STAY to Sale, accordingly during the last hearing of Case no ACO 138 of 2016, it is
the Official Liquidator- lawyer SUBMITTED THE SEALED COVER OF VALUATION OF
TCIL AS EVOLUTED BY VALUER APPOINTED BY OFFICIAL LIQUIDATOR TO
Chief Justice on20/03/2016- And it is revealed that the official liquidator during sale of TCIL
neither Fixed a base Price (to meet the liabilities of the employees around 30 crores & that of
the unsecured creditors Rs 9 crores which is the route cause of Liquidation of TCIL) nor the
followed the valuation of TCIL as escalated by the OL appointed Valour.
Now it is the very question while total liabilities of is around 45 cores, why it was sold for
only Rs 12 cores, DO they got any assurance of payment of Liabilities of The Employees
around RS 30 Cores from the Administrative Body of TCIL,DHI GOI. If not the who will
make the payment of the Employees who rendered their Sacred service to a CPSU 100%
owned by GOI-DHI.And why they have not opened the Sealed Cover Of Valuation as
escalated By their Valuor. And previously The Honourable Justice Sanjeev Banerjee vide his
valued Order dt 01/12/2015 ( Ref ;CASE noCA 593 of 2015, CP NO 84 of 2013 ) advised
the Administrative Body of TCIL ,DHI-GOI to participate in the Sale with Official
Liquidator, but DHI-GOI not participated. But they are participating to handover the TCILs
Office Premises in Prime Locations like Dariagang,having Market value more than 10
crores for only 60 lakhs as revealed in following order of CalCutta High Court as furnished
below.

ORDER SHEET
CA No.670 of 2016
With
CP No.84 of 2013
IN THE HIGH COURT AT CALCUTTA
Original Jurisdiction
ORIGINAL SIDE
IN THE MATTER OF :
TYRE CORPORATION OF INDIA LTD (IN LIQUIDATION)
BEFORE:
The Hon'ble JUSTICE SOUMEN SEN
Date : 9th September, 2016.
Appearance:
Mr. K.L. Yadav, Adv.
Mr. Siddhartha Banerjee, Adv.
The Court: Let a copy of this application be served upon the Additional Solicitor
General.
The Official Liquidator has produced before this Court a communication under
Secretary to the Government of India Ministry of Heavy Industries and Public
Enterprises Department of Heavy Industry dated 27th July 2016 wherefrom it appears
that the company (in liquidation) had entered into an agreement with the landlord for
surrendering the tenancy upon payment of compensation of Rs.60 lacs to TCIL for
acquiring new office premises. The communication further records that the company (in
liquidation) in its 134th board meeting agreed to accept Rs.75 lacs as compensation and
the same was confirmed by the landlord vide is letter dated 24th October, 2013. The
Union of India shall file an affidavit to bring on record documents in relation to the said
tenancy on or before the returnable date to resist disclaimer. The Official Liquidator
2
shall communicate this order to the Secretary, Ministry of Heavy Industries and Public
Enterprises.
A copy of the report shall also be communicated to the Office of the Additional
Solicitor General. The Additional Solicitor General is requested to appear on the
adjourned date. The matter is made returnable on 4th November, 2016. The letter dated
27th July, 2016 is kept with the record.
(SOUMEN SEN, J.)

UNDER THE ABOVE CIRCUMSTANCES IT IS EVIDENT THE POOR EMPLOYEES OF

TCIL REMAINED UNPAID FOR THE LAST 49 MONTHS, BEING JUST THROWN IN
THE STREET WITHOUT PAYING THEIR SALARIES & STATUTORY DUES , THE
ADMINSTRATIVEBODY OF TCIL, IN COLLISION WITH OFFICIAL LIQUIDATOR
FETCHING HUGE KICK BACK AMOUNTS IN CRORES BY DISPOSING OF THE
VALUED Rs 200crores property OF TYRE CORPORATION OF INDIA LTD FOR A
THROW AWAY PRICE JUST RS 12 CRORES & IGNORING THE LEGITIMATE
CLAIMS & STATUTORY DUES OF THE EMPLOYEES.
NOW WE HERE WITH REQUESTING OUR HONORABLE PRIME MINISTER( A SO
CALLED CRUSEDOR AGAINST CORRUPTION ) TO INVESTIGATE THE MATTER
BY APPOINTING JUDICIAL BODY OR BY CBI TO GET THE FACT BEHIND THE
SALE OF TCIL ASSETS FOR 12 CRORES AS WELL AS TO LOOK INTO THE PLIGHT
OF THE 49 MONTH UNPAIDPAYROLL EMPLOYEES& SUBSEQUENTLY TO
RESOLVE THE ISSUE AT THE EARLIEST.

HOPE GOODSENSE WILL PREVAIL IN PMO ASWELL AS IN GOI-DHI TO LOOK

INTO THE SUBJECT MATTER DEEPLY TO TAKE CONTROL OF OUR ROTTEN
SYSTEM OF ADMINISTRATION IN NO OTHER PAYROLL EMPLOYEES OF THE
ALLEGEDLY MADE SICK CPSU S,PURPORTEDLY IDENTIFIED FOR FETCHING
KICKBACK MONEY TOWARDS SELLEING THE HUGE ASSETS/REALSTATES FOR
A THROW AWAY PRICE UNDER THE BLACK CURTAIN OF DISINVESTMENT AS
HELD IN CASE OF TCIL, KOLKATA. AT THE SAME TIME PMO/GOI-DHI SHOULD
CHALK OUT SOME EFFECTIVE MEASURES TO SETTLE THE CLAIMS OF THE
PAYROLL EMPLOYEES TOWARDS STATUTORY DUES-PF VRS BENIFITS
IMMEDIATELY BASIS.