The Union Cabinet on Thursday approved the restructuring of Bird group of Companies under the Ministry of Steel. It gave the nod for the proposal for modification of the grant-in-aid instead of waiver of income tax liability arising due to restructuring of Bisra Stone Lime Company Limited (BSLC) of the Bird Group of Companies under the Ministry of Steel.

The Cabinet gave the nod for fulfillment of this statutory requirement for payment of income tax arisen due to waiver of interest on Government loan and conversion of principal amount of the Government loan into equity of the company. The Grant-in-aid to waive the income tax liability will help BSLC to fulfill the statutory requirement of Income Tax Department.

Since Cabinet approved the restructuring proposal in September, 2009, all the decisions regarding restructuring of Bird Group of Companies have since been implemented, except the decision regarding waiver of income tax likely to arise due to restructuring of Bisra Stone Lime Company Ltd. (BSLC) under the Bird Group of Companies.

The Union Cabinet also approved the transfer, disposal of the assets acquired by the New Delhi Commonwealth Games Organising Committee (OC) to Government Departments and organisations, including the Delhi State government and Schools run by the Cental and State governments. These include free of cost, handing over of the Aerostat and its accessories to the Defence Research and Development Organisation and the Kitchen Equipment to the Ministry of Railways.

Other Assets of the Organising Committe are also to be handed over to various Central and State government Agencies and Schools with the approval of Ministry of Youth Affairs and Sports.

The Cabinet also ratified the decisions taken by the Ministry of Youth Affairs and sports Organizing Committee, CWG-2010 regarding disposal, transfer, writing off of certain materials which have already been disposed of or transferred by the Organising Committee.