m/s. shah alloys ltd. summary record of the proceeding - Board for ...

Case No..13/2010
M/S Shah Alloys Ltd
s ickn es s on 31.5.2010 a n d 5.7.2010. In th e h ea rin g h eld on 31.8.2010, th e
Ben ch decla red th e com pa n y a s a s ick in du s tria l com pa n y u / s 3(1)(o) of
SICA a n d a ppoin ted Un ion Ba n k of In dia (UBI) a s Opera tin g Agen cy u / s
17(3) of SICA to prepa re a Dra ft Reh a bilita tion Sch em e (DRS) for th e
com pa n y, a s per Section 18 of SICA a n d th e en clos ed gu idelin es , based on
the DRS to be submitted by the company.
1.2 The hearing in the case was held on 30.11.2011(MA) before the Board.
1.3 In the last hearing held on 17.01.2012, the Bench issued the following
directions :-
(i) OA (UBI) to file a copy of TEV Stu dy report to th e Boa rd s office with in
a period of 15 days, with copies to all secured creditors of the company.
(ii) Th e com pa n y to n egotia te with a ll s ecu red creditors for s ettlem en t of
their dues and submit DRS to the OA within 30 days.
(iii) Th erea fter, UBI (OA) to con ven e a join t m eetin g of a ll con cern ed a n d
s u bm it a fu lly tied-u p DRS b efore th e Boa rd s office with in a period of 08
weeks.
(iv) Th e Ben ch Officer, Ben ch -I to delete th e n a m e of J in da l Steel & Power
Ltd from the mailing list, as they are unsecured creditors of the company.
(v) The next hearing in the case will be held on 24.04.2012.
2.1 In toda y s h ea rin g (23.04.2012), th e repres en ta tive of Un ion Ba n k of
In dia (UBI) (OA) s ta ted th a t TEV Stu dy report h a s been received on ly on
16.04.2012. OA (UBI) will convene a joint meeting of all the lenders and will
s u bm it its report with in a period of on e m on th . On a query from the Bench
w h eth er th e com pan y h as en tered in to s ettlem en t of its d ues , th e
repres en ta tive of OA (UBI) s ta ted th a t th ey a re n ot a wa re of a n y s u ch
settlement whether the company has done.
2.2 Th e repres en ta tive of SBI s ta ted th a t th ey h a d filed a n a pplica tion in
which certa in objection were ra is ed. He a dded th a t in th e Con cu rren t
Au ditors Report, it wa s observed th a t th e com pa n y du rin g two qu a rters
2