Cover for Wage Curbs

April 7, 1973 with the company for technical and financial collaboration for the setting up of a project at Ludhiana for manufacture of 50,000 tonnes of steel billets per annum. The company was later informed by PSIDC about the 'onerous' conditions, imposed by IDBI for granting loans to PCCS, which were '*in serious conflict' with the main terms of the agreement entered into by the company with PSIDC. PSIDC has unilaterally terminated the agreement with the company and it has taken up the matter with PSID. Meanwhile, from October last, the commission payable to the company's sole selling agents has been reduced, from 3 per cent on all the products of Khardah works to 1 per cent on the sale of steel ingot castings and 2 per cent on other products.