Meghalaya Bamboo Chips Ltd wind up decision okayed

FROM A CORRESPONDENT
SHILLONG, Dec 5: The Meghalaya Cabinet on Monday has approved the decision to “wind up” the Meghalaya Bamboo Chips Limited. “The entity started becoming loss making and it was no longer able to compete with the pulls and pushes of market behaviour,” Dr Sangma told jourlists after the Cabinet meeting on Monday. The Chief Minister said that the only way the Company could have survived is to infuse new technologies which will however require huge funds. The Chief Minister said that the government would instead encourage private players to make similar investments. Dr Sangma also informed that the state government will have to spend Rs 6.46 crore to implement the voluntary retirement scheme for 15 employees of the Company. Meghalaya Bamboo Chips Limited is a Private incorporated on 14 September 1979. It is classified as State Govt Company and is registered at Registrar of Companies, Shillong.