Singareni Collieries Company Ltd (SCCL) has denied claims made by Union Minister G. Kishan Reddy that it has debts of Rs 10,000 crore and cannot pay its employees. The company stated that it has a strong financial base with deposits of Rs.11,665 crore and revenues of Rs 27,000 crore. The SCCL released a statement saying that false propaganda was being spread against the company and that it is performing well financially. The company also has a turnover of Rs 32,000 crore and is not in debt.
The Singareni company is set to start its first coal mine in the State of Odisha in two months after expanding to other States as well. The company has deposits and bonds worth Rs 11,665 crore in various banks, and will receive interest of about Rs 750 crore per annum. In addition, consumers owe the company over Rs 15,500,000 crore. This amounts to a total financial backing of Rs 27,000 crore.
The management of SCCL stated that it is ridiculous and extremely painful to say that there are debts of Rs 12,000 crore and the situation of not being able to pay the salaries to the workers. The company denies claims made by the Union Minister that it cannot pay its employees. Apart from the exact payment of salaries on the third day of every month, the annual increments of profit bonus and PLR bonus are regularly deposited in the accounts of the workers.
After the formation of Telangana state, Singareni company became the number one company in the country in terms of product turnover profits and will also be a leader in welfare. The management stated that those who need information can contact the company secretary or the company information officer, reminding them that it is a minimum responsibility to know the facts before making allegations.
