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Enron to wind up Indian operations, axes DPC,Enron India staff
Embattled US energy major Enron Corp has decided to wrap up operations in India and has axed over 150 employees of its subsidiary Enron India and Dabhol Power Company (DPC) retaining the latter`s managing director K Wade Cline and few others on a contract basis as its `core team`.
Embattled US energy major Enron Corp has decided to wrap up operations in India and has axed over 150 employees of its subsidiary Enron India and Dabhol Power Company (DPC) retaining the latter's managing director K Wade Cline and few others on a contract basis as its 'core team'.
A day after it filed the bankruptcy suit in US courts last Sunday, Enron Corp communicated its decision to lay off the employees of DPC and Enron India with December seven as a deadline.
"A small core team will be engaged on a contract basis to undertake certain essential activities related to site security, pursuing legal claims and asset preservation subject to adequate funding being received," he said. The core team comprises DPC managing director K Wade Cline, Chief Financial Officer S Mohan Gurunath, senior Vice-Presidents Mukesh Tyagi, Sanjeev Khandekar, Jimmy Mogal, legal team member Paul Krasky among others.
Ironically, the spokesperson has not attributed the development as a fallout of the parent company's bankruptcy and instead blamed DPC's estranged partner Maharashtra State Electricity Board, the state government and the Centre as being responsible for closing down of operations in India. "DPC was compelled to take this step due to continuing defaults by MSEB, GoM and GoI, which were responsible for DPC having insufficient funds for staffing purposes," he alleged.
MSEB chief Vinay Bansal has refused to take the blame over DPC's position and said that the board had always made its payments to the company on time. Bureau Report
A day after it filed the bankruptcy suit in US courts last Sunday, Enron Corp communicated its decision to lay off the employees of DPC and Enron India with December seven as a deadline.
"A small core team will be engaged on a contract basis to undertake certain essential activities related to site security, pursuing legal claims and asset preservation subject to adequate funding being received," he said. The core team comprises DPC managing director K Wade Cline, Chief Financial Officer S Mohan Gurunath, senior Vice-Presidents Mukesh Tyagi, Sanjeev Khandekar, Jimmy Mogal, legal team member Paul Krasky among others.
Ironically, the spokesperson has not attributed the development as a fallout of the parent company's bankruptcy and instead blamed DPC's estranged partner Maharashtra State Electricity Board, the state government and the Centre as being responsible for closing down of operations in India. "DPC was compelled to take this step due to continuing defaults by MSEB, GoM and GoI, which were responsible for DPC having insufficient funds for staffing purposes," he alleged.
MSEB chief Vinay Bansal has refused to take the blame over DPC's position and said that the board had always made its payments to the company on time. Bureau Report