BOARD FOR INDUSTRIAL AND FINANCIAL RECONSTRUCTION

Case No.70/2006 Duncans Industries Ltd. (DIL)
under irrigation in the tea gardens / factories of the DIL to
improve the quality of tea and productivity .
viii)
Details of provision for Rs. 115.88 Cr in the Cost of Scheme:
Loans (other than banks) of Rs 11.80 Cr secured against the
investments of DIL and unsecured debts i.e. Optionally
convertible debentures, fixed deposits, inter corporate deposits
from body corporate and FCCB s aggregating to Rs 253.83 Cr
were raised by DIL from time to time for meeting working capital
requirement of the fertiliser unit. These debts are appearing in the
Books of Accounts of DIL Head Office at Kolkata.
Details of settlement amount Rs 115.88 Cr. provided in the Cost
of the Scheme are as under:
Rs. / Cr
O/s
Principal
Amount
Settlement
Amount in the
Cost of the
Scheme
Secured Loans other than Banks
15 % Optionally Convertible Debentures 5.20 2.54
15% Redeemable NCD 1.30 0.64
ICD's Bodies Corporate 5.30 2.60
Sub-total 11.80 5.78
Unsecured Loans
15% Optionally Convertible Debentures
(OCD)
0.25 0.06
Loans from Bodies Corporate 30.10 7.53
Fixed Deposits 77.73 66.07
FCCB 145.75 36.44
Sub-total 253.83 110.10
Total 265.63 115.88
All Liabilities relatable to the Fertiliser Undertaking (including the secured
debts other than Banks / FI s and unsecured debts) are to be discharged
by Kanpur Fertilizers & Cement Ltd (KFCL).
Duncans Depositors Welfare Forum (DDWF) (representing the Fixed
Deposit holders) had raised their concern in Joint Stakeholders Meeting
about the proposed transfer of unsecured fixed deposits to the Fertiliser
Undertaking. Large number of depositors are from West Bengal. Various
depositors have filed recovery proceeding under the jurisdiction of
Calcutta Courts, which are pending. DDWF has asked DIL to facilitate
the settlement of their dues from Kolkata only so that unsecured lenders
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