The BIFR has declared Gayatri Sugars as a sick industrial company. IDBI has been appointed as the Operating Agency.
The management is expecting, among other things, deferment of payment of installments with interest due and waiver of penal interest with some secured creditors, exemption from levy of duties, cess and taxes, waiver of interest and penalty on delayed payment of purchase tax and grant of finer rate of interest.
Shares may react positively to the development.