As the State government is forging ahead with its plans to turn the Kerala Paper Products Limited at Velloor profitable, the clock is ticking for one of the oldest Public Sector Undertakings in Kottayam — the Travancore Cements Limited (TCL).
The company is struggling to stay solvent amidst warnings of revenue recovery and account freeze. It has now approached the State government in the face of a notice from the Provident Fund Commissioner warning of an account freeze in three days. The notice, issued on the basis of complaints lodged by former employees, has demanded that the company clear the retirement benefit dues to its former employees since 2019.
Taking a serious note of the situation, labour unions too have approached Industries Minister P. Rajeeve seeking his urgent intervention to provide ₹6.6 crore to the company to avoid the account freeze.
