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Thursday, July 26, 2001

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Delay in BIFR nod `will hit Dunlop revival'

Our Bureau

NEW DELHI, July 25

THE management of Dunlop India Ltd (DIL) has alleged that the ``inordinate delay'' in the approval of the Draft Rehabilitation Scheme (DRS) by the Board for Industrial and Financial Reconstruction (BIFR) was jeopardising the revival of the company.

In a statement, DIL said that the delay in the implementation of DRS was `pushing the company to a point of no return'.

Apprising the board that the current ``holding operations'' at Dunlop was costing the company nearly Rs 8 crore every month, Dunlop President, Mr T.C. Goel, said that the company's resources were being expended on non-productive activities and that DIL w as ``precariously poised'' in terms of revival prospects.

According to the company, BIFR does not seem to appreciate the `grim situation' prevailing in the company despite the advice of AAIFR to hasten the process of rehabilitation. Under such circumstances, the situation may come to such a pass that the reviva l process goes beyond the realm of possibility, Mr Goel informed the Board.

Related links:
Chhabria assurance on Dunlop investments

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