The Hindu Business Line : We are no more the owners, says NTC Chairman

FOR the sick textile monolith National Textile Corporation (NTC), which was striving hard to sell its surplus lands held under its closed textile units in Mumbai for the last 5-years or so, it has been rough road all the way.

The sale of five mills the NTC undertook in June/July this year, though regarded a breakthrough then, appears to further compound its woes with the Bombay High Court's order setting aside the sale .

The NTC is in a piquant situation because it has already completed the transaction of the land sale, which was set aside by the HC, and hence is no more the owner of the land.

"We have already transacted the sale of these lands and the deeds are now in the names of the buyers. We are no more the owners," said Mr K. Ramachandran Pillai, Chairman and Managing Director of the NTC.

Mr Pillai who is currently touring abroad told Business Line over the phone that his organisation had undertaken the sale of the lands of five Mumbai textile mills strictly as per the Supreme Court order early this year.

"SC had told that NTC can complete the transactions of the five mills and in case the writ petitions pending before the High Court succeeded, NTC can make available lands from other mills by way of adjustment," Mr Pillai said adding that they would stand by the SC order.

As for the implication of the Court order on implementation of the NTC mills modernisation scheme being initiated, Mr Pillai said his corporation would go ahead with the scheme, though the court ruling has come as a temporary setback.

"After all, the mills had remained non-performing assets for the past 25 years or so and we'll try to place the issue at proper perspective before the court," he added.

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