The two paper mills of Assam, Nagaon and Pachgram, under the Hindustan paper Corporation shall be e-auctioned as a scrap on June 30.
The advertisement seeking e-bid was published yesterday by liquidator Kuleep Verma after a maze of legal web.
There was an attempt before the National Company Law Tribunal to save the company from going to auction but nothing materialized as no concrete proposal came from Assam Government even if it was high on the political agenda of the ruling BJP party.
The two paper mills used to produce 2,00,000 tonnes of newsprint in its hey days. But since last 51 months, there were no salary and 87 employees died not getting proper medical treatment, three of which committed suicide.
A single private group had shown some interest as they would have monetized the massive land of the two papers mills as real estate besides brining in new machinery to run the plants at a smaller capcity, but that too did not materializes.
The e-auction advertisement has put Rs 1139 croes as a reserve price for the two paper mills and Rs 55 crore has been fixed as earn4st money deposits. The auction shall be opened at 1000 hours of June 30 and it will close at 1800 hours of same day.