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Home News Power Sector News TNEB seeks three more months for transfer of assets to unbundled companies

TNEB seeks three more months for transfer of assets to unbundled companies

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TNEBTamil Nadu Electricity Board (TNEB) has sought a three-month extension from the central government to complete the unbundling process. The board had been given a dozen extensions in the last six years.The transmission company, Tamil Nadu Transmission Corporation Limited (TNTCL), has started functioning, the registration of the distribution and generation company, Tamil Nadu Generation and Distribution Company Ltd (TNGENDISCO), and that of the holding company, TNEB Ltd, are over but the transfer of assets and employees is yet to be completed.

"We were supposed to finish unbundling by March 15, but could not meet the deadline. Hence, we have asked for a three-month extension and there are chances of us getting permission as we have done a majority of the bifurcation related work," said a senior TNEB official.

The TNTCL was inaugurated in December 2009 by chief minister M Karunanidhi (it was registered in June 2009) and the certificate for commencement of business has been obtained for TNGENDISCO and for TNEB Ltd.

"The transmission company is functioning on zero balance sheet. Soon the generation and distribution company will also start functioning. We have sent a proposal to the state government for appointing directors for the companies," said the official.

He said only the transfer of assets and liabilities was pending. "We have finished the internal exercise pertaining to the transfer of assets. Regarding employee transfer there are some problems as the union wants the Government to be part of the pension liability procedure. This can be done only after consultation with the government," he added.

Some employees who joined the TNEB when it was a government department and retired after it became a board now fear losing their pension if the institution becomes a company. "We assured them that they will receive the same benefits they received earlier. All the details will be submitted to the board during a meeting on Monday," said the official.

But from 2003, TNEB had repeatedly sought extensions of the deadline. After a dozen extensions, the Union power ministry had set March 15 as the latest deadline for the TNEB to unbundle itself to avoid being termed an illegal body.

Source- Times of India

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