Rs. 223 cr. released for RRBs

The Ministry of Finance has released Rs. 223 crores for the recapitalisation of the Regional Rural Banks selected for the second phase of restructuring. The amount would be infused into 55 RRBs, out of the 68 recommended for restructuring during the second phase by the K. Basu committee. The Government has also suggested to the National Bank for Agriculture and Rural Development (Nabard) to add two new RRBs to the list suggested by the Basu committee taking the total number of RRBs to be taken up during the second phase to 70.

Gordon Woodroffe case takes new turn

The Appellate Authority for Industrial and Financial Reconstruction (AAIFR) has, in a recent order, directed the Board for Industrial and Financial Reconstruction (BIFR) not to consider or entertain any alternative proposals for the revival of the Madras-based Gordon Woodroffe Ltd (GWL) until the proposal for merger/amalgamation of GWL with Shaw Wallace and Co. is found unviable. If AAIFR’s order brightens the prospect of the merger of GWL with SWC, it upsets Tracstar Investments Pvt. Ltd because its rehabilitation scheme for GWL on “stand-alone” basis cannot be considered by BIFR.

Stir hits output at RCF Trombay plant

The agitation by employees over the appointment of a new chairman and managing director (CMD) has hit production at the Trombay plant of the public sector Rashtriya Chemicals and Fertilisers Ltd (RCF). According to officials, production has drastically come down during the past three days with the per day output declining to less than 1,000 tonnes per day as against the capacity of 3,000 tonnes per day.

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