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August 25, 2001
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Money > Business Headlines > Report August 25, 2001 |
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OERC admits case against CescoImran Khan in Bhubaneswar The Orissa Electricity Regulatory Commission has admitted a case against the American power giant AES-managed Cesco, official sources said on Saturday. The OERC admitted Grid Corporation of Orissa Limited's plea against Cesco and posted the case to August 27 for final hearing. A two-member bench of the OERC comprising H S Sahu and B C Jena took cognisance of Gridco charges and observed that there are sufficient grounds to proceed against Cesco under the OERC Act for 'abjuring its obligations'. The OERC rejected the Cesco plea on Friday to put off the case for a week since the senior counsel for the company was ill. The commission has asked Cesco to clarify the issues in the next hearing. Strongly objecting to the petition, the Gridco counsel urged the commission not to entertain it in view of the emergency situation arising out of AES authorities abandoning the day-to-day management of the utility. Enough time has been given to the management to bring back order in the company, the counsel said. Being a distribution licensee, the company has been violating all norms. It has been headless for nearly three weeks, which has seriously affected the restoration works in the flood affected areas, the Gridco counsel said. On the revenue front, Gridco's counsel said that Cesco's performance was far from satisfactory. Gridco's outstanding on Cesco has reached Rs 4.48 billion. Cesco 's failure to pay the staff salary for the month of July has required state government intervention. Gridco also brought to the notice the Cesco managing director Roberto Podesta's letter to Gridco chairman asking Gridco not to supply power in view of the precarious financial condition of Cesco. The Gridco counsel said that the licensee had behaved irresponsibly knowing full well the consequences. Early this month, Cesco -- one of the four private companies in power distribution in Orissa -- decided to abandon the power distribution business from the state. YOU MAY ALSO WANT TO READ:
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