EXTRAORDINARY

PUBLISHED BY AUTHORITY

No. 1671 CUTTACK, FRIDAY, AUGUST 30, 2019 / BHADRA 8, 1941

COMMERCE & TRANSPORT (TRANSPORT) DEPARTMENT

NOTIFICATION

The 29th August, 2019

No.6011–TRN-CORP-OSRTC-0001/2018/T.―Whereas, the Odisha Road Transport

Corporation is running with huge accumulated losses amounting to Rs.169.93 Crore as on

31st March, 2017 which is attributable to― (i) merger of the loss making erstwhile

ORT Company with OSRTC; (ii) loss on plying of buses in hilly inaccessible areas;

(iii) outstanding M.V. Tax and penalties ; (iv) interest payable to Government on loan etc.;

And, whereas, certain claims of OSRTC amounting to Rs.77.44 Crore against

Government of Odisha is due as detailed below:―

(i)

Towards compensation of running buses in hilly and inaccessible areas amount

to Rs.44.38 Crore.

(ii)

Claims amounting of Rs.4.51 Crore towards concession to students, physically

challenged persons and other deserving categories.

(iii)

Claims amounting of Rs.28.55 Crore towards merger of ORT Co. Ltd.

And, whereas, there are some long pending Government dues on OSRTC to a tune

of Rs.72.03 Crore as detailed below:―

(i) Towards M.V. Tax and penalty of Rs.38.26 Crore.

(ii)

Dues of OSRTC towards Government Loans and Advances along with interest

of Rs.33.77 Crore.

After careful consideration and in order to enable to avail loans from different Banks

and Financial Institutions to strengthen its transport system and to provide better service to

the General Public, Government have been pleased to decide that the outstanding

Government dues to a tune of Rs.72.03 Crore receivable from OSRTC as detailed above

is converted into equity share capital of OSRTC and the accumulated losses will be

adjusted subsequently in phased manner and the claims of OSRTC from Government

amounting to Rs.77.44 Crore is waived out by OSRTC.

This has been concurred in by Public Enterprises and Finance Department.

This Notification will come into force from date of publication in the Odisha Gazette.

By Order of Governor

G. SRINIVAS

Principal Secretary to Government

Printed and published by the Director, Printing, Stationery and Publication, Odisha, Cuttack-10

Ex. Gaz. 1002-173+50