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

Case No..13/2010
M/S Shah Alloys Ltd
res tru ctu rin g u n der CDR pa ck a ge i.e. in 2006 a n d 2009. Sh e requ es ted the
Ben ch th a t even th ou gh TEV Stu dy report h a s been received, IDBI requ es ts
th a t a n SIA (Special In ves tiga tive Au dit) be con du cted on th e a ccou n ts of
th e com pa n y on th e lin e of ca s h flow, debts etc. Th e com pa n y is s h owin g
h u ge debts ou t of wh ich a pprox 50% of these debts perta in s to th ree tra de
creditors , wh ich looks like th ey a re group companies or gen eric com pa n y,
wh ich n eeds to be a s certa in ed.
In terven in g, th e ld a dvoca te represen tin g
th e com pa n y s u bm itted IDBI n eed to file a ppropria te MA a pplica tion
rega rdin g th is .
regarding this.
Ben ch observed th a t IDBI ca n a ls o file written s u bm is s ion s
2.5 Th e repres en ta tive of Pu n ja b Na tion a l Ba n k (PNB) s ta ted th a t th ey
had received the copy of TEV Study report on 19.04.2012. PNB will analysis
and submit its comments in the joint lenders meeting.
2.6 Th e repres en ta tive of Ba n k of Ma h a ra s h tra (BOM) s ta ted th a t they
received th e copy of TEV Stu dy report yes terda y a n d will s u bm it its
comments in the joint lenders meeting, after analysis of the report.
2.7 Th e repres en ta tive of Ka ru r Vya s a Ba n k Ltd (KVBL) s ta ted th a t th ey
received the copy of TEV Study report only recently.
2.8 Th e repres en ta tive of Orien ta l Ba n k of Com m erce (OBC) s ta ted th a t
th ey h a d n ot received th e copy of TEV Stu dy report till da te. Th e ld
a dvoca te repres en tin g th e com pa n y s ta ted th a t th e com pa n y h a s a lrea dy
sent to all the creditors. The Bench obs erved th at a copy of TEV S tud y report
to be provided to OBC.
2.9 Th e repres en ta tive of IOB s ta ted th a t th e Ba n k h a s in ves ted in Bon ds
and go by the stand of OA (UBI).
2.10 Th e ld a dvoca te repres en tin g th e com pa n y s ta ted th a t M/ s MECON
Ltd h a s con du cted th e TEV Stu dy a n d s u bm itted its report. Th e com pa n y,
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