Grant of Old Pension to Retrenched and Adjusted Employees of HSMITC: Grant of Old Pension to Retrenched and Adjusted Employees of HSMITC

A very good Initiative by Haryana State. Let’s hope all other Corporations not only in the State of Haryana but also across the country may also follow this good precedent. 

• Name of the Corporation:- Haryana State Minor Irrigation And Tubewells Corporation Ltd. (HSMITC)
• Administrative Office:- Sinchai Bhawan, 4th Floor, A Block, Sector-5, Panchkula
• Date of Incorporation:- The Corporation was incorporated under the Companies Act, 1956 on 09th January, 1970.
• Authorized Capital:- Total authorized capital of the company is Rs.20 Crores.
• Subscribed Capital:- The subscribed capital of the company is Rs. 10.89 crores. The whole capital has been subscribed by the Govt. of Haryana.

Objects:- The main objects /functions of the Corporation was to provide Irrigation to the farmers of the Haryana State through Direct Irrigation Tubewells Argumentation Tubewells and Lining of Water Courses.

Closure of HSMITC:- In view of the accumulated losses of Rs. 115 Crores the activities of the Corporation were closed w.e.f. 30.06.2002 under section 25-O of the Industrial Disputes Act, 1947 after seeking permission of the Appropriate Government and consequently it’s all employees numbering 3849 were retrenched/ terminated after observing all the applicable laws, rules and regulations applicable in this regard.

Administrative Control- The day to day affairs of the Corporation are managed by the Managing Director who is appointed by the Haryana Govt. At present a staff of 20 employees is working on contract basis in the Corporation to accomplish the work relating to court cases, settlement of pending dues and winding up of the Corporation.

Winding up of HSMITC:- The Corporation has filed a Company Petition No. 45 of 2012 under section 433 of the Companies Act, 1956 for winding up and appointment of a liquidator in the Punjab & Haryana High Court, Chandigarh.