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

Case No.93/1987
M/s Alluminium Industries Ltd
(ii)
(iii)
(iv)
Th e com pa n y s h a ll a ppoin t a firm of a u ditors from th e pa n el of
approved auditors by C&AG to draw up the accounts and financial
s ta tem en t of ALIND, get th e s a m e a u dited a n d a dopted in th e
EGM within 16 weeks from the date of this order.
Th e a u dited fin a n cia l s ta tem en ts s h ou ld be filed with BIFR, wh o
a re th erea fter directed to give a period of 4 weeks to th e exis tin g
prom oters of ALIND to s u bm it a com preh en sive reh a bilita tion
s ch em e to th e OA/ BIFR for ta kin g n eces s a ry fu rth er s teps in
accordance with law.
In th e even t th e exis tin g prom oters a re u n a ble to s u bm it a
com preh en s ive reh a bilita tion s ch em e for ALIND with in th e
s tipu la ted period, BIFR s h ou ld explore oth er a ven u es for revivin g
ALIND including the option of change of management.
6 (i). Bein g a ggrieved by th e orders pa s s ed by AAIFR, th e a pplica n t M/ s
Volta Im p ex Ltd. (VIL) filed a WP No. 3369/ 2007, in th e Hon ble High Cou rt
of An dh ra Pra des h (HCAP), ch a llen gin g Hon ble AAIFR s a bove order dt.
06/ 02/ 07 a n d HCAP pa s s ed a n interim order dt. 30/ 04/ 07, wh erein th e
HCAP directed th e BIFR n ot to fin a lis e a n y s ch em e, till 30/ 06/ 07, if s u ch a
s ch em e is s u bm itted by th e s ick com pa n y M/ s AIL or by M/ s Un ited
Sh ippers Ltd. (USL). HCAP a ls o perm itted th e com pa n y M/ s AIL to h old
EGM on 26/ 05/ 07 for a doption th e com pa n y s a ccou n ts wh ich wa s
reported to h a ve a lrea dy been a u dited. HCAP pos ted th e ca s e for h ea rin g
again on 04/06/07.
(ii) HCAP h ea rd th e WP No. 3369/ 07 on 11/ 06/ 07 a n d directed th a t th e
interim order, ea rlier pa s s ed by HCAP on 30/ 04/ 07 wou ld s ta n d exten ded
u pto 18/ 06/ 07 a n d HCAP a ls o lis ted for ca s e for h ea rin g a ga in on
14/06/07.
(iii). Th e a pplica n t M/ s VIL filed a M WP No. n o. 4304/ 2007 in r/ o th eir
WP No. 3 369/ 2007 before HCAP a n d th e HCAP directed, vide its order dt.
14/ 06/ 07, th a t th e in terim ord er ea rlier pa ssed on 30/ 04/ 07 wou ld
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