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October 20, 2001
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Money > Business Headlines > Report October 20, 2001 |
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BIFR rejects Dunlop's revival packageBS Bureau The Board for Industrial Finance and Reconstruction has rejected the revival package submitted by Dunlop India Ltd, the ailing tyre manufacturer of the M R Chhabria group of companies. Dunlop was up for BIFR hearing today and the board has directed the company, along with Industrial Development Bank of India, its operating agency, to submit another revised package in the next three months. The board is yet to allot another hearing date to the company, although it has provided the IDBI and Dunlop India a three months deadline for submitting a revised package. Dunlop India's public relations agency said company executives were not available for comment, while the group's corporate relations representative in Bombay could not be reached. It was learnt that the unions, along with the bankers, objected to the revival package submitted to the board. Dunlop India' manufacturing unit at Sahagunj still remains closed. The management closed it on the grounds that the employees had turned violent since salaries were due from January. The management blamed BIFR for this as it had taken a lot of time to approve the package. Now that the package has been rejected by BIFR, the Sahagunj unit will not be opened for another three months. Company executives, at the annual general meeting, said resumption of operations was also, however, linked to mobilisation of funds and achieving a sensible understanding with the unions. The unions allege that the management was not keen on reopening the unit. Dunlop India's bankers had asked for a repoll on the Resolution 5(a) under which M R Chhabria was to be elected as director of the company at the 74th annual general meeting. Although the institutions lost in the polls, the move to block the election indicated a hostile stance by financial institutions.
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