News Textiles

Orissa Textile Mills hearing today, High Court directs submission of supplementary affidavit

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OTM’s liquidation process had begun in March 2002 after the State government had decided to wind it up at Choudwar in June 2001 and filed a petition in the High Court


Cuttack: After giving six weeks’ time, the Orissa High Court in a hearing today directed the official liquidator of the State-owned Orissa Textile Mills (OTM) to submit a supplementary affidavit by next Thursday. Last month, the court had directed the engagement of a chartered accountant for clarity of claims and receipts involving the company.

OTM’s liquidation process had begun in March 2002 after the State government had decided to wind it up at Choudwar in June 2001 and filed a petition in the High Court.

An official liquidator had been appointed by the court and the process had begun. However, after several failed attempts in auction of the company’s assets, the HC had recalled an order for a fresh auction on June 28 this year.

In 1946, OTM was incorporated as a public limited company by Biju Patnaik and Pratap Singh. Commercial production had started four years later in 1950. It was taken over by the State government in 1981 and all the private shares were acquired.




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