Odisha deposits Rs 150 crore to keep OTM from winding up

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Theliquidationprocess ofOrissa Textiles Limited(OTM) in Cuttack district is likely to be reversed as the has deposited Rs 150 crore for obtaining a permanent stay on winding up of the company.

In June 2001, the government had filed a petition inOrissahigh court for the liquidation of OTM, then considered eastern India’s largest composite Cotton mills, at Choudwar. The HC had subsequently appointed an official

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liquidator for the purpose. The liquidation process was started under the company judge of the HC in March 2002.

OTM, set up in 1946 by Biju Patnaik and Pratap Singh, had started commercial production in 1950. In 1981, it was taken over by the state government after the private management declared a lockout.