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NMBC to be closed
Published on 28 May. 2009 12:45 AM IST
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After years of recurring expenditure and colossal amount of money invested in the project, the Government of Nagaland has decided to close down another loss making sick unit – Nagaland Mechanize Bricks Company Ltd Dimapur- with effect from May 31 next with compulsory Voluntary Retirement Schemes for all the employees. A decision to this effect was approved by the state cabinet earlier on May 14 during the cabinet meeting, according to official sources. The cabinet approval came along with certain conditions and formula which included fixation of voluntary retirement benefits to the employees with 50 days of wages for every year of service they have rendered. In this regard, the Chairman and Managing Director NMBC were authorized to sign the indemnity bond on behalf of the government for any liabilities of the company in future. Correspondent

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