The Hindu Business Line : Corporate developments

Coimbatore, June 26 Atlas Copco India Ltd has said that the Board of Directors at its meeting held on June 25 has considered the proposal of buy back of shares and decided to defer a decision on the same.

Madras Fertilizers Ltd has said that with regard to an auditor’s opinion that the company’s accounts should not have been compiled on a ‘going concern’ basis, the company has represented to the Government that the policy on pricing of NPK (nitrogen, phosphorus, potassium) since April 2002 and of urea from April 2003, have adversely affected its profitability. Consequently, it has been making huge losses. The net worth has been fully eroded on March 31, 2004. The company has been urging the Government to make suitable corrections in the pricing policies. The DOF referred the company to Board for Reconstruction of Public Sector Enterprises. BRPSE has recommended certain relief measures. Meanwhile, Deloitte Touche Tohmatsu India (P) Ltd has been engaged as consultant to assist in preparing the revival plan. Based on their recommendations, a financial restructuring package aimed at making the operations of the company commercially viable will be submitted for the consideration of Government.

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