HYDERABAD: The ‘profit-making’ Singareni Collieries Company Limited (SCCL) is in a difficult and paradoxical situation, as its management has been running from pillar to post to pay employees their salaries for the last 10 months. The SCCL clocked a net profit of Rs 1,765 crore in 2018-19, and recently gave its employees a massive bonus. But its financial situation is unhealthy.
Accumulated liabilities have been increasing and bonds have been redeemed. With the cash flow reduced, the SCCL is knocking on the doors of banks and other financial institutions for funds to pay employees’ salaries every month.
