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The office of the Liquidator of Calcutta High Court has set to disburse adhoc money to the former workers of the Durgapur-based Mining and Allied Machinery Corporation (now a closed PSU) and their dependents, which is slated to continue till 10 January, 2025.
The Assistant Official Liquidator, HC, in his ‘Notice of Dividend’ stated: “An order passed by the HC, Calcutta on 5 September declared payment of the adhoc dividend on individual claims against the company in liquidation.” In all, 3,427 former MAMC workers will be provided such a dividend, of them, 1,100 persons have received payment notices, said Asim Chatterjee, general secretary, Heavy Engineering Workers’ Union, a trade union of former MAMC.
MAMC, a CPSU, by an order on 29 June, 2001, the Board for Industrial and Financial Reconstruction had recommended for liquidation. The Company’s Court of the HC, on 16 May, 2002, following the BIFR’s recommendation, had directed absolute winding up of the company that used to manufacture heavy machinery for the domestic mining industry.
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Dividends are a percentage of a company’s earnings that are paid to shareholders as a share of its profit.
Adhoc dividend is a benefit paid to shareholders whenever a company earns additional profit, without a fixed schedule. Once the company was liquidated in 2002 and not in production for 22 years, how it could pay dividend, and how its retrenched workers are entitled to be treated as shareholders, asked Chatterjee. “It’s not a profit earned by the closed company. Actually, its cash profit automatically generated out of a fund deposited with the liquidator during the closure of the company,” he explained.
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