KOLAR GOLD MINES
The Kolar Gold Mines
is more than 100 years old and was operated by Bharat Gold Mines
Limited (BGML). It was referred to the Board for Industrial and
Financial Reconstruction (BIFR) in 1992 when its net worth got
totally eroded due to heavy losses and unviable operations. BIFR,
in June, 2000 concluded that it is just equitable and in public
interest, it may be would up under section 20(1) of Sick Industrial
Companies (special Provisions) Act 1985. The order of BIFR was
also upheld by the Appellate Authority for Industrial and Financial
Reconstruction (AAIFR).
Subsequently
closure of the company was approved by the Government under Section
25(O) of Industrial Disputes Act, 1947 with effect from March
1, 2001. The closure of BGML is subjudice in the High Court of
Karnataka where hearings have been concluded and judgement is
awaited.
This
information was given by the Minister for Mines, Shri Ramesh Bais
in a written reply in the Lok Sabha today.
