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G.K. Nair

Kochi , Sept. 25

THE Coimbatore-based Dinosaur Industries Ltd (DIL) will soon submit a final and revised proposal for reviving the ailing Travancore Rayons Ltd at nearby Perumbavoor, based on the discussions the company had with the Cabinet Sub-Committee on September 12 last.

The Cabinet would discuss the revised proposal for taking a final decision, official sources told Business Line on Thursday. The extended time granted by the Kerala High Court to file the Government's decision expired on September 22 and the Trade Unions, Management and the Government would now seek another three to four month-time for filing the Government's final decision. Their application for further extension would be heard by the Court within a fortnight, they said.

Once a positive decision is taken by the Cabinet on the final proposal, they said, it would take another three to four months for finalising a one time settlement with the financial institutions and banks and to complete the formalities with the statutory institutions and those related to the SEBI.

The Cabinet sub-committee had asked the promoters to come down on their demand to the minimum and submit a proposal soon.

The meeting convened by the State Industries Minister, was attended by Ministers of Electricity, Forests, Finance and Transport. The promoters were represented by Mr Damodaran and Mr M.S. Singh.

There was agreement on the demands of the promoter except on deferment of electricity charges, it is learnt.

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