DCI Faces Hard Times (India)
Dredging Corporation of India has plunged into a deep slump over the recent period which resulted in a very poor dredging activity, if any, for its fleet.
According to the Non-Executive Employees’ Union affiliated to the CITU, this has further resulted in the failure to recover huge amounts of money from clients, such as Sethusamudram Corporation Ltd, Kolkata Port and others, the Hindu Business Line writes.
What used to be a very profitable enterprise is now unable to meet its minimum operational and financial targets in order to survive on the market, let alone compete with its counterparts.
The union is accusing the company of corruption and lack of the management’s interest in saving the company’s business.
The ones afflicted the most are the employees, who haven’t been paid productivity-linked incentive bonus over the past three years straight, Mr G. Raja Rao, the union President noted among other things, in a petition, submitted to the Parliamentary Committee on Assurances
Dredging Today Staff, July 26, 2012; Image: dredge-india