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Friday, Jan 18, 2002

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Unions want Trayons wind-up postponed

G.K. Nair

KOCHI, Jan. 17

TRADE Unions at the ailing Travancore Rayons Ltd (Trayons) at nearby Perumbavoor have requested the Board for Industrial and Financial Reconstruction (BIFR) to postpone the winding-up proceedings, scheduled to be held on January 22, by another six months.

Trade Union sources told Business Line that nine trade unions, in a joint petition, had requested BIFR not to go ahead with the winding-up proceedings.

``With the present positive developments, we feel that it will be in the fitness of things that the unit is given enough time for its survival,'' they have said.

They said that the management and the State Government had been on the lookout for a suitable promoter for the past five years.

The operating agency, IDBI, had tried to locate a promoter earlier, but could find none.

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