ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846
-A A +A

SANDVIK ASIA-New Distributors

available by bankers and institutions ag- gregating Rs 1,354 lakh have been fully utilised and the production capacity in textile has been enhanced to 21 lakh metres of cloth per month. The relief undertaking status granted by the government of Gujarat has been extended by one more year till December 8, 1989. The company had made a reference to the Board for Industrial and Financial Reconstruction, hearing for which was held on September 16, 1988, BlFR has appointed ICICI as the operating agency for working out a comprehensive rehabilitation package for the company. The directors say that debt burden of the company has grown disproportionate to the capital structure, necessitating a major restructuring, which would call for sacrifices by all concerned. Calico would establish viability only with drastic sacrifices. In this context, the management is endeavouring to liquidate some of its assets. The subsidiaries, Ahmedabad Jubilee Mills and Kalol Mills, had to stop the manufacturing activities due to the financial crisis and both the units are not in operation for more than a year now. The chemicals and plastics division of Ilac at Bombay has also not been in operation since 1985 due to lock-out. Ahmedabad Jubilee Mills is under liquidation due to the court's order in pursuance of the case filed by TLA for which a provisional liquidator has also been appointed. The directions of the BIFR in regard to Kalol Mills and llac are awaited.

Subscribers please login to access full text of the article.

New 3 Month Subscription
to Digital Archives at

826for India

$50for overseas users

Get instant access to the complete EPW archives

Subscribe now


(-) Hide

EPW looks forward to your comments. Please note that comments are moderated as per our comments policy. They may take some time to appear. A comment, if suitable, may be selected for publication in the Letters pages of EPW.

Back to Top