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Thursday, Jul 18, 2002

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FIs meeting on Modi Rubber case in Mumbai

Our Bureau

NEW DELHI, July 17

THE heads of financial institutions may take up for review the progress achieved in the Modi Rubber Ltd (MRL) case at their meeting in Mumbai.

"The meeting is expected to be held in Mumbai on Thursday. The Modi Rubber matter including Mr V.K. Modi's proposal to run the company along with the FIs may be taken up for discussion'', company sources said.

According to these sources, the Unit Trust of India, a significant shareholder in MRL among the FIs, is keen that the Modipuram plant, which has been closed for nearly a year now, commences operations at the earliest.

MRL officials, however, said that there has been no progress in the LIC's case on the open offer of the Modi Brothers. The case is pending before the Mumbai High Court.

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