Employees of both Cachar and Nagaon Paper Mills can now heave a sigh of relief as the auction for the two mills has been called off. No one came forward to purchase the mills set up for auction slated for June 30.
On June 1, HPC Liquidator Kuldeep Verma had issued advertisements in newspapers seeking bids for e-auction of the company. During the auction, all of HPC's assets, including the two mills, residential flats in Guwahati, Kolkata, and Mumbai, office assets in Kolkata and New Delhi, and a huge stock of inventory such as coal, unslaked lime, bamboo and limestone were expected to go under the hammer. But no one came forward with the Earnest Money of 55 crores that had to be deposited by 6 PM on June 15.
Responding to the cancellation of the auction, Joint Action Committee of Recognized Unions (JACRU) President Manobendra Chakraborty said that this gives the central and state governments another golden opportunity to revive the mills. He also appealed to the government to release the pending salaries of the employees. It must be noted that employees at the Cachar and Nagaon Paper Mills haven’t received their salaries since January and March of 2017 respectively. HPCs Cachar Paper Mill in Panchgram had stopped operations on October 20, 2015, while the Nagaon Paper Mill in Jagiroad did so on March 31, 2017.