Specific proposals for PSUs mooted

The CCEA has asked the ministry of Heavy Industries to come up with papers on specific proposals in 10 areas, including corporate governance, R038;D and quality. The measure is intended to make PSUs more efficient.

CCEA also approved a proposal to revise provisions on liquidated damages LDs and incentives in project contracts. According to the revised clause, in case of delay in completion, LDs will be levied at the rate of 0.5 pc of the contract price.

CCEA approved the revised cost estimates for rehabilitation and upgradation of the Surat-Manor section of NH 8 from Rs 867.25 crore to Rs 1331.35 crore.

The FM said the CCEA expressed unhappiness about the formulation of the original project.