Disclose oil reserves in land under Cachar Paper Mills: JACRU

The JACRU (Joint Action Committee of Recognised Unions), Nagaon & Cachar Paper Mills, Assam
Disclose oil reserves in land under Cachar Paper Mills: JACRU

* CBI & CVC probes demanded into 'Lease Rent' agreement with ONGC


GUWAHATI: The JACRU (Joint Action Committee of Recognised Unions), Nagaon & Cachar Paper Mills, Assam, has moved the Union Ministry of Heavy Industries & Public Enterprises and also the Liquidator of the HPCL (Hindustan Paper Corporation Ltd) "for immediate disclosure of the volume and value of oil reserves available in the land area of Cachar Paper Mills before it is sold at a throwaway price".

The Cachar Paper Mills is currently at 'Lease Rent' agreement with ONGC (Oil & Natural Gas Corporation). The JACRU has made this demand as it apprehends major irregularities in the auction documents. Further making this demand, JACRU president Manobendra Chakraborty has also sought an immediate probe into the issue by CBI (Central Bureau of Investigation) & CVC (Central Vigilance Commission).

The JACRU's letter sent to the Ministry and the Liquidator on Saturday (July 3, 2021) says, "You may be well aware the there are more than three Natural Oil Well (Reserve) Points existing at Cachar Paper Mill Township area and the land area enriched with underground oil reserve is reportedly having 'Lease Rent' agreement with ONGC. Surprisingly, the valuation of the oil reserve which is termed as 'Liquid Gold' has not been disclosed anywhere in the auction notification where only the land area has been detailed in the auction notice without earmarking the 'Oil Reserved Land'.

"It has been also observed that revised auction notice has been notified with reduced price by reducing Rs 170 crore from the reserve price of Rs 1139 crore; whereas, nowhere it has been disclosed that the land of Cachar Paper Mills is also enriched with natural oil reserve.

"You are, therefore, requested to disclose and clarify the following for the interest of transparent dealing in the transaction of details for the entire process and affairs being conducted by the Liquidator before anyone participate in the auction which is under objection.

"The points raised are:

(1) The total volume of natural Oil/Gas available at the aforesaid oil well (reserve) land area existing at Cachar Paper Mills.

(2) What is the quantum of valuation for the land having a natural oil reserve?

(3) What is the criterion adopted to fix the price of those areas of land having natural oil reserves?

(4) What is the period of 'Lease Rent Agreement' with ONGC; and, what would be the faith of that land in the event the same is auctioned without adding the value of oil reserve existing with the Land?

(5) As land having oil reserve is precious and inclined with national interest being the national property, we request you to disclose the details before selling the land to any third party."

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