(a) whether the Incab Industries Limited was referred to the Board for Industrial and Financial Reconstruction (BIFR);
(b) if so, the details in this regard; and
(
(c) the recommendations of BIFR and further action taken by the Government thereon?
(a) whether the Incab Industries Limited was referred to the Board for Industrial and Financial Reconstruction (BIFR);
(b) if so, the details in this regard; and
(
(c) the recommendations of BIFR and further action taken by the Government thereon?
THE MINISTER OF STATE IN THE MINISTRY OF FINANCE (SHRI BALA SAHEB VIKHE PATIL)
(a): Yes, Sir. Board for Industrial and Financial Reconstruction (BIFR) has reported that a reference was received from M/s Incab Industries Ltd and registered with BIFR u/s 15(1) of the Sick Industrial Companies (Special provisions) Act, 1985 on 16.12.1999.
(b) & ( c): BIFR has reported that the case was heard by the Board on 4th April, 2000 and company was declared as sick industrial company and State Bank of India was appointed as an Operating Agency (OA). The company was directed to submit a rehabilitation proposal to the OA within eight weeks. OA was also directed to take techno-economic viability study and formulate a viable rehabilitation scheme and report to the Board. OA however reported that due to failure of company to give necessary information it could not comply with the directions of Board. The case was again heard by the Board on 20th October, 2000 and the Board directed OA to issue public advertisement inviting offers of takeover/leasing/amalgamation/merger for rehabilitation of the company. However, the advertisement could not be issued as the company filed a writ petition in Hon`ble Calcutta High Court, in which the court passed the interim order staying the operation of sale and/or change in the management of the company. Further action can be taken by the Board/OA only after the decision of the High Court.