• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Canvas
• Praxis
• Urban Pulse
• Brand Quest
• The New Manager

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources
• In Focus
• In Depth

Group Sites

• The Hindu
• The Hindu ePaper
• Business Line
• Business Line ePaper
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

Our Bureau

Kolkata , Sept. 14

After being referred to the Board for Industrial & Financial Reconstruction (BIFR), Duncans Industries Ltd, belonging to the G.P. Goenka group, would soon start preparing a rehabilitation package.

The reference to BIFR was made in August this year after the company reported an accumulated loss of Rs 954.40 crore for the year ended March 31, 2006.

While addressing shareholders at the 12th annual general meeting of the company, Mr G.P. Goenka, Chairman of Duncans Industries Ltd, tried to assure them that the management is considering several options to turn around the fortunes.

BIFR would soon appoint an operating agency. The existing debt restructuring package approved through CDR (corporate debt restructuring) mechanism would become the referral point for future discussions at the BIFR.

Regarding the company's proposed foray into real estate building, Mr Goenka said, it is just an enabling resolution. "We are looking at this possibility but there are several obstacles," he said.

At the shareholders meeting many resolutions including accounts, augmentation of authorised capital and others were put to poll.

Regarding the outstanding payments for the fixed deposit (FD) holders, Mr Goenka urged the FD holders to bear with the company but did not spell out any time frame. He only said that the company would fulfil its commitments.

Related Stories:
Duncans Industries to be referred to BIFR

More Stories on : Sick Units | Tea

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
FIEM Industries to set up new R&D facility in Delhi

Copyright © 2006, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line