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

Case No.93/1987
M/s Alluminium Industries Ltd
Ben ch Officer to h a n d over a ll th e written s u bm is s ion s to OA (SBT) a n d
directed OA (SBT) to file its comments/report to the Board within a period of
two weeks.
19.10 Th e Ld. Advoca te repres en tin g th e com pa n y s ta ted th a t a s per
Specia l In ves tiga tive Au dit (SIA) report, th e a llega tion s of u n a u th orized s a les
of assets a n d divers ion of fu n ds were ba s eles s a n d fa ls e. He a dded th a t 03
(th ree) u n its of th e com pa n y viz. Ma n n a r, Triva n dru m a n d Hydera ba d a re
opera tion a l. Th e com pa n y h a s a ch ieved a tu rn over of Rs .15.00 crores for
th e cu rren t yea r. Th e com pa n y pres en tly em ploys 463 workers . Th e
pres en t m a n a gem en t of th e com pa n y is in teres ted in revivin g a ll th e u n its of
th e com pa n y with th e s u pport of BIFR, Govern m en t of Kera la a n d oth er
s ta ke h olders . Th e com pa n y h a d a lrea dy filed th e DRS before th e Boa rd,
h owever, it wa s n ot con s idered s o fa r, a n d th e prom oters a re rea dy to
u pda te th e s a m e. Th e prom oters of th e com pa n y h a d dis cu s s ion s with
Govern m en t of Kera la , wh o h a d a greed to s u pport th e pres en t prom oters for
s ta rtin g opera tion of Ku n dra Un it. He requ es ted th e Ben ch to give a s h ort
da te to th e pa rties wh o h a ve yet to file th eir com m en ts on Specia l
Investigative Audit (SIA).
19.11 The Special Commissioner from the office of Resident Commissioner,
Govt. of Kera la (n ot s ign ed) s ta ted th a t th e Sta te Govern m en t h a d h eld a
h igh level m eetin g a n d it wa s decided to s u pport th e exis tin g prom oters of
th e com pa n y s u bject to s ta rtin g opera tion of Ku n dra u n it with in a s pecified
period of time.
19.12 The Bench obs erved th at the Un ions to file their com m en ts / objections if
any on S pecial In ves tigative Aud it (S IA) to the Operatin g Agency (S tate Ban k
of Travancore).
20. Ha vin g con s idered th e s u bm is s ion s m a de in th e h ea rin g a n d m a teria l
on record, the Bench issued the following directions:-
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