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Friday, Dec 30, 2005


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Corporate - Restructuring

CCEA okays Braithwaite revamp

Our Bureau

New Delhi , Dec. 29

THE Cabinet Committee on Economic Affairs (CCEA) on Thursday gave its nod for the financial restructuring of the Kolkata-based Braithwaite and Company Ltd (BCL).

As part of the package, the CCEA has approved providing Rs 4-crore margin money in the form of grants to help the company raise working capital from the market. In addition, interest of Rs 43.61 crore on Government loan till March 31 this year is being waived.

BCL has also been allowed to convert a Government loan of Rs 69.3 crore into equity. The final restructuring will clean the company's balance sheet and make its net-worth positive. This is likely to improve its credit worthiness and enable it to borrow funds from banks, financial institutions and leasing companies. The funds will be utilised to finance its diversification plans, an official statement said.

Apprenticeship Bill: Meanwhile, the Cabinet has given its approval for introduction of the Apprenticeship (Amendment) Bill, 2005 in Parliament to amend the Apprentices Act 1961.

The amendment seeks to provide reservations for Other Backwards Classes (OBC) in apprenticeship.

The Amendment Bill will meet the requirement of skilled and semi-skilled workers belonging to OBC in employment and also improve implementation of Apprenticeship Training Scheme by increasing flexibility in engagement of apprentices.

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