Incab plea to financial body
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- Published 29.04.10
Jamshedpur, April 28: The members of the newly constituted co-ordination committee at a meeting here today decided to appeal to the Appellate Authority for Industrial and Financial Reconstruction (AAIFR) to vacate the stay on Incab’s takeover bid by Tata Steel.
The co-ordination committee members, representatives of various unions, expressed serious concern over the way one of the bidders, R/R Kabels, was acting against the revival of the company.
The Board for Industrial and Financial Reconstruction (BIFR) had already gave a verdict in favour of Tata Steel. But, the BIFR order was challenged by R/R Kabels, which filed a petition before AAIFR.
The next AAIFR hearing is scheduled on May 5. “We support Tata Steel as the next promoter of the company. The ailing unit can look forward to a smooth revival only if Tata Steel takes over,” said Rakeshwar Pandey, president of Incab Industries Employees Association.
Pandey, a veteran trade union leader said Tata Steel was keen to revive the company. “The company’s revival package was adjudged as the best and therefore the operating agency, SBI recommended its name to BIFR,” said Pandey.
Incab is lying closed for the past one decade. The present Malaysian promoter of the company — Leader Universal Berhard Cables —has refused to pump in funds due to gross financial irregularities by the then local management.
Tata Steel managing director H.M. Nerurkar had said like Indian Steel and Wire Products, Incab Industries would also be a success story
R/R Kabels and Pegasus Assets Reconstruction Company are the other two bidders in fray for the sick company.