1 board for industrial and financial reconstruction bench iii case no ...

Case No.93/1987
M/s Alluminium Industries Ltd
(h) The next date of hearing in this case is fixed on 15.09.2011.
The hearing fixed for 15-09-2011 has been cancelled.
19.1 In toda y s h ea rin g (30-01-2012), th e Ben ch n oted th a t a n u m ber of
representatives from Workers Union a re pres en t in th e h ea rin g a n d
announced th a t th e Ben ch will con s ider only th e views / com m en ts on th e
Special Investigative Audit (SIA) report in toda y s h ea rin g.
19.2 Th e repres en ta tive of SBT (OA) s ta ted th a t in com plia n ce of th e Ben ch
direction s , Specia l In ves tiga tive Au dit (SIA) h a ve been con du cted by M/ s
Loon ker & Co. A copy of th e s a m e wa s forwa rded to th e Boa rd s office on
06-09-2011. Copies of SIA report wa s a ls o forwa rded to a ll th e secured
creditors in Sep 2011, a s kin g th em to file th eir com m en ts on th e report
with in a p eriod of 10 da ys . Th ree of th e s ecu red creditors viz PARAS, IDBI
a n d CARE h a d filed th eir com m en ts . KMBL h a s a ls o provided its com m en ts
toda y ju s t before th e h ea rin g. ICICI, Ca n a ra Ba n k a n d Pu n ja b Na tion a l
Ba n k a re yet to s u bm it th eir com m en ts on SIA. Th e Ben ch en qu ired wh a t
are discrepancies n oted in SIA, th e repres en ta tive of SBT (OA) s ta ted th a t
th ey h a d n ot obs erved a n y divers ion of fu n ds by th e prom oters . Th e
com pa n y h a s a ls o n ot crea ted a n y n ew ch a rges on th e fixed a s s ets of th e
com pa n y du rin g th e la s t 10 yea rs . Th e com pa n y h a s n ot dis pos ed a n y pa rt
of its fixed a s s ets . Th e com pa n y h a s defa u lted in repa ym en t of Deben tu res
a n d redem ption of preferen ce s h a res . Th e repres en ta tive of SBT (OA) a dded
th a t n o s evere la pses were fou n d in the Specia l In ves tiga tive Au dit (SIA)
report. Th e Ben ch en qu ired wh eth er SBT (OA) h a d provided th e copy of SIA
to th e com pa n y, th e repres en ta tive of OA (SBT) s ta ted th a t th ey h a d already
provided th e s a m e in Sep 2011 its elf. Th e Ben ch th en en qu ired from th e
com pa n y wh eth er th ey h a d filed th eir com m en ts on th e SIA report, th e
Director of th e com pa n y s ta ted th a t th ey were n ot a wa re th a t th e com pany
h a d to file its com m en ts , a n d requ es ted th e Ben ch to gra n t on e week s tim e
for submitting their comments.
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