Gridco moves against BSES for recovering Rs 536 cr

Gridco moves against BSES for recovering Rs 536 cr

BHUBANESWAR, DEC 4: Grid Corporation of Orissa Ltd (Gridco) has filed cases against the four power distribution companies (Distcos) in the state before the Orissa Electricity Regulatory Commission (OERC) to realise its outstanding dues along with delayed payment surcharge.

Initially, when no bank had agreed to give them a letter of credit and open an escrow account, Gridco identified a banker who opened an escrow account for the Distcos in July- August last. Although an escrow account had been opened, the Distcos had not tied it up with all their collection centres and, as a result, the revenue collected by them was not being remitted to the central escrow account, he said. The Distcos were utilising a part of the revenue collected by them to pay salary to their employees which was a violation of the agreement.