Indian Road Construction Corporation Limited
IRCC is a public sector enterprise under the Ministry of Road Transport and Highways. It was incorporated during 1976 as a specialized commercial enterprise in the field of construction of roads, Bridges, airfield pavement and allied civil works both in Indian and abroad. Initially the Corporation earned profit between the years 1981 � 84. Thereafter, the financial performance of the Company started deteriorating and the company incurred losses.
The Union Cabinet in its meeting held on 1st February, 2000 had approved the proposal for winding up of IRCC Ltd. It was also decided to write � off losses to the tune of Rs.562.88 crore in respect of Government loan and interest thereon payable by IRCC. As regards the employees of IRCC numbering about 154, it was decided that they might be encouraged to opt for VRS failing which they will be entitled for compensation on closure under Industrial Disputes Act, 1947.
As per the decision of the Board of Directors of IRCC, all the employees of the Corporation had applied for VRS by 30th June, 2000. A majority of employees have been relieved from the services of the Corporation on September 30, 2000 by giving them ex-gratia @ 60 days emoluments for each year of service apart from other retirement benefits.
The Corporation went into Member�s voluntary liquidation on 28.06.2001 and Shri M Pran Konchady, the then Chief Controller of Accounts, Ministry of Shipping, Road Transport and Highways was appointed as Liquidator, IRCC Ltd to wind up the affairs of the Corporation. The remaining 26 employees were also relieved from the regular services of the Corporation w.e.f. 28.06.2001. At present 09 employees are working on contractual basis for completing the work relating to the winding up process.