Meghalaya: No regularisation for MeECL contractual employees

Power minister Abu Taher Mondal said there is no policy to regularise the services of the contractual employees in the Meghalaya Energy Corporation Limited (MeECL).

"There is no such policy to regularise." "Whenever it is necessary, MeECL advertises, and appointments are made on that basis," Mondal told reporters.

He went on to say that "those who work in other categories would not be treated like that; they will have to go for correct employment policy."

It should be noted that the MeECL Progressive Workers' Union has called for a series of agitations asking that the MeECL management develop a strategy for the regularisation of long-term casual employees.

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Meghalaya Electricity Corporation Ltd is also considering raising Rs 240.70 crore through 10-year bonds, according to Tipsons Consulting Services, the issue's sole arranger.

Nagesh Chauhan, Tipsons Group's head of the debt capital market, stated that the business is proposing a 10.55 per cent coupon rate on these notes.

The bonds will be auctioned off on March 31. The arranger said that the pay-in date and considered date of allotment is April 3.

ACUITE Ratings has assigned these bonds an A-(CE) Stable rating. According to the arranger, it is supported by the Meghalaya State Government Guarantee and structural characteristics such as DSRA and bond redemption reserve account.

This money will be used to repay high-interest-rate loans as well as interest and principal payment responsibilities on current loans.