Finally No Setu on Ramsetu! Cabinet may consider winding up controversial Sethusamudram Corp today

(Representative Image)

Cabinet may consider the proposal to winding up Sethusamudram Corporation Ltd (SCL) on June 1, according to sources. This SPV was set up to build ambitious Sethusamudram project.

Sethusamudram has been one of India’s most ambitious maritime projects, aiming to create a new shipping lane connecting the Gulf of Mannar and Bay of Bengal through the Palk Strait and Palk Bay. The project was to be financed through equity contributions from state-run firms, including Shipping Corporation of Indi(SCI).

But the construction of this project was stopped by the Supreme Court in 2007 following petitions filed by individuals and groups. Vishwa Hindu Parishad-led groups opposed the project on the grounds it would destroy a rock and sand ridge created by divine hand as recounted in the Ramayana.
Later government had also decided to abandon the project.

Now since government is all set to sale entire stake in Shipping corporation of India, it become necessary to formally wind up the SPV made for it.