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Telangana frowns at move to hand over arm of SCCL to AP
Telangana government strongly opposed to the expert committee, headed by Sheila Bhide, recommendation of handing over the Andhra Pradesh Heavy Machinery & Engineering Limited (APHMEL), a subsidiary of the Singareni Collieries Company Limited (SCCL) to Andhra Pradesh.
Hyderabad: Telangana government strongly opposed to the expert committee, headed by Sheila Bhide, recommendation of handing over the Andhra Pradesh Heavy Machinery & Engineering Limited (APHMEL), a subsidiary of the Singareni Collieries Company Limited (SCCL) to Andhra Pradesh.
After the bifurcation of Andhra Pradesh, the Union government appointed the expert committee to resolve the demerger plans of institutions which are listed under schedule IX of the AP Reorganisation Act. Telangana Chief Secretary S K Joshi shot off a letter to the Union government, lodging a complaint against the committee and also against the AP government on the issue of transfer of APHMEL assets to the residuary State.
Telangana government informed the centre that the recommendations of the expert committee would not only cause irreparable loss and damage to the interests of the State, but also to Union government as SCCL is a joint company of Telangana and the centre. The SCCL acquired 81.54 per cent of equity in APHMEL in 1989 and APHMEL became subsidiary of SCCL. The other shareholders are, Andhra Pradesh Industrial Development Corporation (APIDC) 5.79 per cent, erstwhile government of Andhra Pradesh 0.86 per cent and public shareholders are 11.81per cent.
“Expert committee has given its recommendation to the effect that APHMEL shall pass to the residual state of Andhra Pradesh in its entirety in terms of Section 53(1) of the AP Reorganisation Act, 2014 since all the assets and liabilities are located in that State,” the official said. The recommendation of the committee was not only in gross violation of the provisions of the AP Reorganisation Act, but also contrary to the proposal submitted APHMEL itself, he added.
The official said that, “the apportionment of APHMEL is linked to SCCL apportionment. The present shareholding of SCCL, as per section 92 and schedule 12 of the Act is, 51 per cent of the equity is with the Telangana government and 49 per cent of the equity with Government of India. Hence, as far as APHMEL is concerned, the entire equity of 81.54 per cent whose ownership is with SCCL is now to be apportioned between Telangana and Central governments in the same ratio i.e., 51 per cent and 49 per cent respectively.
The TS government requested the centre to set aside the recommendation of the expert committee and issue directions under section 71(a) of the Act regarding the division of interests in the shares of the then Andhra Pradesh State in APHMEL and protect the interests of Telangana and Union government.
The government apprehended that Andhra Pradesh may resort to unilateral taking over of APHMEL assets, as they are located near Vijayawada.
