Business Daily from THE HINDU group of publications
Thursday, Mar 06, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Thursday, Mar 06, 2008 ePaper | Mobile/PDA Version |
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Corporate
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Sick Units AAIFR validates Jessop’s rights issue Our Bureau Kolkata, March 5 The Appellate Authority for Industrial and Financial Reconstruction (AAIFR) has upheld a BIFR order de-listing Jessop & Co as a sick company. The AAIFR has also validated the rights issue by the company. According to a statement issued by the company, in an order on February 28, the apex authority dismissed all the appeals against the four orders of BIFR in relation to Jessop & Co Ltd. While validating the rights issue of Jessop, the AAIFR felt that the company had justly been declared to be out of the purview of Sick Industrial Companies Act. The Chairman, Mr Pawan K. Ruia, said: “Jessop will immediately go for completion of the process of the rights issue, which was earlier stayed by the AAIFR.” After completion of the rights issue Ruias will control approximately 93 per cent of the equity capital. More Stories on : Sick Units | Rights Issue | Courts/Legal Issues
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