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BIFR reserves order on Incab

Jamshedpur, Nov. 24: Board for Industrial and Financial Reconstruction (BIFR) today reserved its order on the revival issue of city-based Incab Industries Limited.

At a hearing in New Delhi, the apex body that helps in revival of sick industries, seem to be leaning towards recommendations made by State Bank of India (SBI), the operating agency of the company.

The SBI after studying the detailed revival schemes of three bidders had recommended Tata Steel’s name to become the next promoter and which could takeover the company. The other two bidders were RR Kabels Ltd and Pegasus Assets Reconstruction Company.

Union officials of the ailing company said after the hearing, which lasted for about an hour, BIFR reserved the order. “The BIFR chairman, Cherian Verghese, made it clear that it won’t extend the hearing any longer and the verdict will be pronounced on December 30,” said assistant secretary of Incab Employees Association Aloke Sen, who was present at the hearing.

After the hearing began at 1pm, representatives of RR Kabels tried to raise objections on the revival package submitted by the steel major. However, Verghese ignored the objections.

Representatives of Tata Steel, Pegasus Assets Reconstruction Company, management and other stakeholders of the company were also present on the occasion.

One of the directors of the company, Y.K. Kori, could not provide relevant information to BIFR related to its employees. Currently, the company has in its rolls 1,265 employees.

“We are hopeful that BIFR will give its judgement in favour of Tata Steel. The steel company has submitted a better financial package and can run the ailing unit efficiently,” said a senior union functionary.

In its last hearing on November 12, the BIFR had directed RR Kabels and Pegasus Assets Reconstruction Company to submit their viewpoints in writing on SBI’s alleged favour for Tata Steel’s revival scheme. Both the bidders based in Mumbai had objected to SBI’s decision to recommend the steel company’s revival scheme as the fittest.

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