HC directs RTC to remit Rs. 50 crore to employees credit society

HYDERABAD: Explaining its inability to repay Rs. 639 crore to its Employees’ Credit and Thrift Cooperative Society, TSRTC approached the Telangana High Court seeking extension of time to pay back the money. The High Court  had on November 25 last year directed the corporation to pay Rs. 200 crore to the society within two months.

Corporation vice-chairman and managing director V.C. Sajjanar submitted that the corporation could not meet the deadline due to its precarious financial position. The corporation was remiting Rs. 10 crore every month; so far it had paid the society Rs. 44 crore, he said.

The society objected and pointed out that the Rs. 639 crore had been amount deducted from the salaries of employees. Since the corporation did not hand over the money to the society, it was not able to help its members in their hour of need.

Justice P. Madhavi Devi directed the corporation to pay Rs. 50 crore to the society within 15 days and another Rs. 100 crore by November 25. She asked the corporation to to clear the balance Rs. 439 crore in due course.