NEW DELHI, Aug 31 - The Union Cabinet, chaired by Prime Minister Narendra Modi, has cleared the proposal for dissolution of the Central Inland Water Transport Corporation Limited (CIWTC). A number of assets will be taken up by the Inland Waterways Authority of India to provide services on the River Brahmaputra (NW-4).
Official sources said the voluntary retirement scheme for the CIWTC was implemented in 2015 as per the decision of the Cabinet on December 24, 2014.
Due to limitations and infrastructure bottlenecks, the CIWTC operations never became viable and the company has been incurring losses since inception. The company has only five employees at present, the sources said.
In line with the decision of the Government to revitalise sick CPSUs, wherever possible, or to wind up irretrievable cases, the dissolution of the CIWTC would be initiated after the disposal of movable and immovable assets. This will free up assets for better utilisation and for the benefit of the people.
The CIWTC is a company incorporated in 1967 under the Companies Act 1956 by the Government of India, when it took over the assets and liabilities of the erstwhile River Steam Navigation Company Limited under a scheme approved by the Calcutta High Court.