No regularisation for MeECL contractual employees In M’laya

Guwahati: Power minister Abu Taher Mondal said the Meghalaya Electricity Corporation Limited (MeECL) has no policy for regularising the employment of contractual staff.

“There is no such policy to regularise.” “Whenever it is necessary, MeECL advertises, and appointments are made on that basis,” Mondal told reporters.

He went on to say that “those who work in other categories would not be treated like that; they will have to go for correct employment policy.”

It should be mentioned that the MeECL Progressive Workers’ Union has requested that the company’s management create a plan for the regularisation of long-term casual workers and has called for a number of protests.

According to Tipsons Consulting Services, the issue’s sole arranger, Meghalaya Electricity Corporation Ltd. is also exploring raising Rs 240.70 crore through 10-year bonds.

According to Nagesh Chauhan, head of the debt capital market at Tipsons Group, the company is recommending a 10.55 percent coupon rate on these notes.

The bonds will be auctioned off on March 31. The arranger stated that April 3 is both the pay-in date and the considered date of allocation.

These bonds have an A-(CE) Stable rating from ACUITE Ratings. The arranger claims that it is supported by structural elements including the DSRA and bond redemption reserve account as well as the Meghalaya State Government Guarantee.

This money will be used to pay off loans with high interest rates as well as the interest and principal obligations on existing loans.