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PC Vaish takes over as CMD of National Textile Corporation
18
Mar '15
Mr. PC Vaish
Mr. PC Vaish
PC Vaish, who was earlier serving as director finance has taken charge as chairman-cum-managing director (CMD) of National Textile Corporation (NTC).
 
Vaish became director finance of NTC in 2012. Prior to that, he served as a non-executive director at Swadeshi Polytex and was a member of the Share Transfer Committee and audit panel.
 
Vaish succeeds RK Sinha, who retired as CMD last week.
 
The Public Enterprises Selection Board had recommended Vaish’s name for the post of CMD way back in 2013.
 
In December this year, the Indian Parliament passed the Textile Undertakings (Nationalisation) Laws (Amendment and Validation) Bill, 2014. The Bill frees the NTC, which has property of around Rs 25 lakh crore, from rent control laws. The Bill says there is a need “to protect public investment in the acquired textile undertakings to explicitly clarify the status of such vesting of the lease-hold rights in the central government.”
 
Textiles minister Santosh Kumar Gangwar said, “NTC mills are turning around and government is committed to turning them around.” He added that “The bill will help to run NTC smoothly so that in future there is no complaint against the running of NTC.”
 
NTC was set up as a public sector enterprise in 1968 for managing the sick textile undertakings in the private sector that were taken over by the Government. Initially, the NTC managed 16 textile mills. This number has now grown to 119. However, only 23 of these 119 mills are currently operational. 
 
Vaish faces a challenge of turning NTC into a vibrant and self-sustainable organisation. (RKS)
 

Fibre2fashion News Desk - India


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