Four firms may be declared 'sick'

The Ministry of Industry (MoI) is soon recommending the government to declare four firms as sick industries. The ministry finalized the names after conducting field visits and completing due diligence audit of the firms.
According to sources, the ministry will recommend the government to declare Birat Shoes, Birat Leather, Shree Nepal Borders and Basulingi Pvt Ltd as sick industries.
“We are currently studying due diligence auditing and field study reports prepared by a team of officials," said Yam Kumari Khatiwada, joint secretary at the MoI, who chairs the technical committee of sick industries at the ministry. "We, however, are yet to make a formal decision.”
The ministry had outsourced a team of chartered accountants to conduct due diligence auditing of the firms.
"Going by the report, it seems that we will recommend the government to declare four firms as sick industries,” said Khatiwada.
However, a source privy to the issue said the technical committee has already decided to recommend four firms. “The meeting minutes are yet to written. But an understanding has been reached to recommend four firms,” the source added.
The government had formed a technical committee to carry out a study to find out the actual situation of the firms that have applied to get status of sick industries. The government has already announced a slew of facilities for the sick industries. Around 30 firms had applied for the facility.