The Hindu Business Line : Appellate authority stays BIFR order on Jessop

The Appellate Authority of Industrial and Finance Reconstruction (AAIFR) today stayed a BIFR order discharging Jessop & Co Ltd from its purview of sick companies.

The stay was issued based on a petition filed by Jessop Staff Association. BIFR order was issued on April 28.

JSA has made Bharat Bhari Udyog Nigam Ltd the erstwhile holding company of Jessop and Securities and Exchange Board of India party to their petition.

When contacted a company spokesperson said that they were yet to receive the order. The group has already moved to High Court against the previous stay by AAIFR on the rights issue. "We will consider our next course of action as soon as we receive the order".

Jessop was referred to BIFR in 1995. The company turned the corner soon after Ruia Group had taken over the company in September 2003 and was making profits since 2004-05.

Dunlop

Meanwhile, the West Bengal Labour Minister met the representatives of both the CITU and INTUC affiliated unions to resolve the dispute over bipartite agreement at Dunlop Sahagunj facility.

Both the unions here had previously denied accepting the payment for past dues alleging loopholes in the agreement. The unions have also barred the employees of the factory in taking part in the maintenance work thereby delaying the scheduled the re-opening.

Promising an early settlement of the dispute the State Labour Minister, Mr Mrinal Bannerjee, said that he would soon meet the Dunlop Chairman, Mr P.K. Ruia, on the same.

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