With the Shipping Corporation of India (SCI) announcing loss for two consecutive years, it may lose the coveted navaratna status, which is given to only profit-making state-run companies.
It may be noted that the loss of the firm stood at Rs 428.2 and Rs 114.3 crore in 2011-12 and 2012-13 respectively.
Owing to losses, the firm has reportedly not given bonus to employees last year.
Losing navaratna status also impacts any company’s financial autonomy as the coveted tag empowers the board of a Central PSU to take investment decisions up to Rs 1,000 crore.
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