DECODE RESOLVENCY, DOING CONTEMPT OF SUPREME COURT

Dear All

The email sent without the name of sender is another feeble attempt at misleading the employees and workers of Gujarat NRE Coke Ltd and doesn’t look good for the Liquidator Mr Sumit Binani or the people advising him to indulge in all the wrong acts as he has done till date.

Ever since the involvement of Decode Resolvency, the liquidator is doing such illegal and highly deplorable and inhuman acts with your personal gains being the sole objective of all your actions as is becoming abundantly clear.

You have suppressed the stay order passed by Supreme Court of India from the bankers as well as NCLT and other authorities to continually mislead them that you intend to pay our salaries from sale of assets on liquidation and are showing us the order of NCLT to complete the liquidation process quickly.  Why Have you not informed the NCLT judges about stay by Supreme Court?  You have very conveniently not shown the NCLAT order which very clearly asked you to maintain the company as a going concern and protect the employees.

Despite such clear orders, you have been misleading all of us and has been acting inhumanly and against our human rights by not making timely payment of wages and thereafter disturbing the plant operations forcefully by misusing your powers to stop the regular cash flow that was being generated in the Company.  Even now, instead of allowing the management to operate the plant as was being done till mid September when you suddenly stopped approved payments for raw material purchases and transport etc to disturb and close the plant with an open remark by your team member, Mr.Rajiv Agarwal in Kolkata office that “he does not want to run the plant”

Dharwad plant was being operated through the contract with Jeju Metals who have been regularly paying the minimum amount of Rs 47.20 lacs every month which covers the entire plant fixed costs including our salaries.  Despite there becoming amounts payable to Jeju, because of the lockdown and business interruption issues, they paid more then Rs.90 lac during the lockdown.  However, ignoring the advise of senior management, you started asking wrongful sums from Jeju which led to them reconciling their account and demand Rs 4.82 crores from you.  With such large outstanding due for transactions done during liquidation, there is no argument for you to say that Jeju has not been paying the monthly charges and deny payment of our salaries and wages or to otherwise disturb and shut down operations and then say that the company does not have any funds.

All attempts during last few months to restart operations at the Bhachau Coke plant has been denied by you citing impractical procedures and protocols which cannot be maintained for any commercial activity.

All options provided for operating the steel plant have been similarly turned down by you misusing the powers vested in you instead of allowing the employees to generate enough cash flow which allowed the company to pay its employees for last 3 years before the said agency namely DECODE RESOLVENCY was involved to disturb all operations, shut the plants and push the company forcefully into liquidation.

Could MR Sumit Binani, provide one reason for suddenly involving DECODE RESOLVENCY now after 31 months of smooth operations during liquidation which allowed the Company to pay all its workers even during the lockdown phase for last 5 months before their entry and total destruction leashed on all of us in an inhuman manner.

Mr Binani, why you filed false cases against senior employees leading to resignation of CCO Pawan Agarwal and COO Sunil Maskara which now looks like part of your grand design to destroy a lively running company without caring for the 10,000 families dependent for their living and acting inhumanly.

Why should we suffer for your inhuman and illegal acts and how could you put such out such anonymous emails while hiding behind the cover of such an agency which doesn’t have the moral right to exist with the blood of all employees and their families on its hands.

Regards

Team Gujarat NRE