Assam Company India Limited, the first tea company to be set up in the world has been put out for auction by the Guwahati bench of the National Company Law Tribunal (NCLT) last Wednesday. On Wednesday, the NCLT called for expression of interest (EOI) for resolution plan of the company .
The Assam Company, which was set up in 1839 by a deed of the British Parliament, has 14 gardens in Assam. The company became Assam Company India Limited in 1977. All powers are now vested with resolution professional Tiruvengadam Kannan, who is an independent person appointed by the NCLT. The EOI issued by the resolution professional says any private or public limited company interested in the bid should have a minimum tangible net worth of Rs 400 crore and above, and a minimum surplus fund of Rs 50 crore in cash as on March 31 2018.
All those wishing to participate in the bidding will have to deposit non-refundable process participation fees of Rs 10 lakh plus applicable taxes. The last date for submission of expression of interest is April 26. A tea planter said that this development does not show the tea industry in a positive light. It sends out signals that the industry is not doing well due to various reasons and serious introspection is needed. There is no point in playing a blame game now, he added.