The Union Cabinet on Thursday approved the restructuring of Bird group of Companies under the Ministry of Steel. It gave the nod for the proposal for modification of the grant-in-aid instead of waiver of income tax liability arising due to restructuring of Bisra Stone Lime Company Limited (BSLC) of the Bird Group of Companies under the Ministry of Steel.
The Cabinet gave the nod for fulfillment of this statutory requirement for payment of income tax arisen due to waiver of interest on Government loan and conversion of principal amount of the Government loan into equity of the company. The Grant-in-aid to waive the income tax liability will help BSLC to fulfill the statutory requirement of Income Tax Department.
Since Cabinet approved the restructuring proposal in September, 2009, all the decisions regarding restructuring of Bird Group of Companies have since been implemented, except the decision regarding waiver of income tax likely to arise due to restructuring of Bisra Stone Lime Company Ltd. (BSLC) under the Bird Group of Companies.
The Cabinet gave the nod for fulfillment of this statutory requirement for payment of income tax arisen due to waiver of interest on Government loan and conversion of principal amount of the Government loan into equity of the company. The Grant-in-aid to waive the income tax liability will help BSLC to fulfill the statutory requirement of Income Tax Department.
Since Cabinet approved the restructuring proposal in September, 2009, all the decisions regarding restructuring of Bird Group of Companies have since been implemented, except the decision regarding waiver of income tax likely to arise due to restructuring of Bisra Stone Lime Company Ltd. (BSLC) under the Bird Group of Companies.
The Bird Group of Companies (BGC), under Ministry of Steel, Government of India was part of erstwhile Bird & Company Ltd, which was nationalized by the Government of India by virtue of The Bird & Company Ltd ( Acquisition and Transfer of Undertakings and other properties ) Act, 1980 ( Act No. 67 of 1980). Consequent upon such nationalization of the Undertaking, shares held by the said company in twenty one companies specified in Schedule I to the aforesaid Act stood transferred in the name of the President of India. Based on the shareholding pattern, out of the twenty-one companies, the following companies came under the administrative control of the Ministry of Steel, Government of India, and renamed as Bird Group of Companies which has head quarter at Salt Lake in Kolkata, West Bengal.
EASTERN INVESTMENTS LIMITED (EIL)
EIL is an investment company & was incorporated in the year 1927.
THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED (OMDC)
The company was incorporated in the year 1918. A prospecting License was granted over 93 square miles area for Mining in Keonjhar district of Orissa (1917). The 1st Mining Lease was granted in the year 1924 (for 30 years) to M/s Bird & Company (P) Ltd. OMDC was the operating Company for the Leaseholds of M/s Bird & Company (P) Ltd. M/s Bird & Company (P) Ltd. relinquished all its rights & claims in favour of OMDC through an Aggrement in the year 1927.
THE BISRA STONE LIME COMPANY LIMITED (BSLC)
BSLC was incorporated in the year 1910.
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