Financial Daily from THE HINDU group of publications
Tuesday, May 10, 2005
Financial Daily from THE HINDU group of publications Tuesday, May 10, 2005 |
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Corporate
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Sick Units Jessop hopes to come out of BIFR purview this year Our Bureau
Kolkata , May 9 JESSOP & Co hopes to wipe out its accumulated loss of Rs 118 crore and come out of BIFR purview in the current fiscal. The company has also expressed its intention to go back to the dividend list latest by 2007. Listed on the Calcutta Stock Exchange, the company has a negligible one per cent public shareholding, which is hardly traded. The Ruia group holds 72 per cent of the equity capital, the remaining 27 per cent being held by the Union Government. Speaking to newspersons, the company Chairman, Mr P.K. Ruia, said that Jessop was currently awaiting the Centre's nod to its proposal to reduce the face value of the shares from Rs 10 to Re 1, so as to bring down the paid-up equity capital from Rs 95 crore to Rs 9.5 crore and adjust the residual sum against the net loss. The capital restructuring, along with adjustment of Rs 10 crore of `advances' against sell-of of land by Jessop to Metro Rail and internal accruals, would make the company's net worth positive, which is a qualifying criterion for the company to come out of the BIFR's purview. Jessop has also expressed its intention to buy back the Centre's 27 per cent stake in the company. A proposal to this effect is lying with the Government. Addressing the 73rd AGM of the company today, Mr Ruia said that the company was aiming at attaining the Rs 1,000-crore turnover mark in the next few years.
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