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Rayapati Firm Has No Money Even For Salaries?

Transstroy India Ltd, promoted by Guntur MP Rayapati Sambasiva Rao, which is out of Polavaram project works, seems to have gone bankrupt so much so that it can’t even pay salaries to its workers.

A couple of months back, Canara Bank filed a petition before National Company Law Tribunal, Hyderabad asking it to declare Transstroy as insolvent and initiate the process for winding up of all its business activities, auction its properties and repay the dues to the banks to the tune of Rs 725 crore.

The bank authorities later seized all the equipment belonging to the company, on the Polavaram project site.

For the last few days, the workers of Transstroy working on Polavaram project have been agitating for their salary dues pending for the last four months. They were agitating in front of Transstroy office in Eluru demanding their dues.

On Thursday, Transstroy officials told the workers that the company is not in a position to pay the arrears of salary as the Government has to pay their Bill for the works done.

“We are not in a position to pay the salaries. If the Government pay the bills, we will clear your pending salaries”, he told the workers. However, the workers did not give up their agitation.

About 200 workers came from Chattisgarh, Jharkhand, Uttar Pradesh, West Bengal and Bihar said they would  continue their agitation till their salaries are paid.

The workers said that they are starving due to lack of money and living by eating samosas and other snacks for the last one week.

Most of the workers returned to their native places as their hopes were gone with the attitude of the contracting agency.

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Tags: Rayapati Sambasiva Rao Transstroy India Ltd