Financial Daily from THE HINDU group of publications
Saturday, Mar 08, 2003
Financial Daily from THE HINDU group of publications Saturday, Mar 08, 2003 |
|
|
|
|
|
Corporate
-
Sick Units Kolkata co asked to submit revival package for Triveni Richa Mishra
NEW DELHI, March 7 WITH a clear intention of `rehabilitation' rather than `winding up' on its mind, the Board for Industrial and Financial Reconstruction (BIFR), while considering the show-cause notice (SCN) issued for winding up Triveni Structurals Ltd (TSL), has directed the Kolkata-based Techno Electric & Engineering Co Ltd (TEECL) to submit a rehabilitation proposal for TSL by March 21. Considering the case, the BIFR bench noted that TEECL had indicated its interest in submitting a proposal for the revival of TSL as a joint venture partner. Further, the company has proposed to engage SBI Cap to do due diligence and a consultant to examine the techno-economic viability of TSL. The bench has, therefore, directed TEECL to get the due diligence done through its merchant banker, and also get the viability study done. It has directed the company to submit a fully tied-up rehabilitation proposal to the operating agency (OA), State Bank of India (SBI), within a stipulated timeframe (March 21). SBI had been directed to examine the proposal submitted by the company in a joint meeting of all concerned by April 21 and submit its status report to the board. However, the notice would continue to be operative, the BIFR bench said. At the recent hearing, the bench noted that the Department of Heavy Industries, Government of India, had informed that TEECL had indicated interest in TSL in response to the advertisement issued by SBI inviting offers for a change in its management. The department has requested the bench to examine the offer received from TEECL. Further, SBI stated at the hearing that TEECL had submitted an expression of interest to submit a rehabilitation proposal as a joint venture partner for the revival of TSL. The company has also submitted its balance sheet indicating the networth at Rs 18.3 crore as on March 31, 2002 with sales of Rs 75.46 crore during 2001-02. Further, it had earned a profit of Rs 2.02 crore during 2001-02.
Article E-Mail :: Comment :: Syndication
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | The Sportstar | Frontline | The Hindu eBooks | Home |
Copyright © 2003, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|