S Kumar
MMTC Limited, a India’s leading International Trading Company and owned by the Government of India, is reported not to have disbursed salaries to its employees and officers, due to financial crunch. The Public Sector Undertaking (PSU), which fell into a decline, failed to pay salaries for the month of September.
According to sources, the employees and officers are paid salaries on time. But for the first time, salaries were not paid and got delayed, due to financial difficulties. However, this state owned PSU has adopted cost cutting and austere measures in order to ease financial problems to some extent.
This premier trading house has always striven to outperform its own past records. But it has been suffering from a financial crunch for some years, due to mismanagement and corruption.
Government had received hefty dividends from the company until 2 years back . Even during the last onion crisis the CO imported onion . It is unethical to stop salaries to the company employees who contributed to the exchequer for a number of years and the funds crunch is reported on account of mismanagement by Top management . The Govt shud immediately come to rescue as owner and to save the Priestoge of the nation in international markets as the CO belongs to Govt of India.