Cabinet approves dissolution of Central Inland Water Transport Corporation Limited

The Union Cabinet on 31 August 2016 approved the proposal for dissolution of Central Inland Water Transport Corporation Limited (CIWTC).
•    CIWTC was incorporated on 22 February 1967 under the Companies Act 1956 by the Union Government. It was incorporate after government took over the assets and liabilities of the erstwhile River Steam Navigation Company Limited under a scheme approved by the Calcutta High Court.
•    Due to inherent limitation and infrastructure bottle necks, the operations of CIWTC could never become viable and company has been incurring losses since inception. The Company has only five employees at present.
•    In line with the decision of the Government to revitalize sick CPSUs wherever possible or to wind up irretrievable cases, the dissolution of the CIWTC would be initiated after disposal of movable and immovable assets.
•    This would free up the assets for better utilization and for the benefit of the people. A number of assets would be taken up by Inland Waterways Authority of India to provide services on Brahmputra River (NW-4).