1 board for industrial and financial reconstruction ma no. 553/bc ...

M.A. NO. 553/BC/2011CASE NO. 516/92M/S. HINDUSTAN FERTILIZER CORPN. LTD.the company and submit a fully tied up DRS u/s 17 (2) of the Act within threemonths to the Board.(b)the Secretaries of the Department of Fertilizers and Department of Shippingto hold meetings to sort out with mutual consent the issue of transfer of landto KPT within three months.(c)GAIL may be impleaded as party in the case in view of the gas linkagerequired for revival of the company.(d)the Department of Fertilizers to appoint a full time CMD for the company inthe interest of revival of the company.(e) the next hearing in the case would be held on 26.3.2009.1.6 In the hearing held on 26.3.2009, the Bench issued the following directions:-(a)the company and the Government of India to sort out the outstanding issuesin the company s revival process and submit a fully tied up DRS u/s 17 (2)of SICA within six months to the Board.(b)the company to make its written submissions on the outstanding issues withKPT, within 15 days.(c)the company to furnish its application giving details of the assets forpermission of BIFR for disposal of its surplus assets within 15 days.(d)M/s. Shriram EPC Ltd. is directed not to attend future hearings in the case assuch parties can attend hearing only on their selection in response toadvertisement for change of management.(e)The employees unions representing only retired employees may take up theirissues at the appropriate forum and they need not attend future hearings.6