 "Still trying to revive Sahagunj, says Dunlop")
Beleaguered tyre-maker Dunlop India (DIL), which is contesting a winding-up order by Calcutta High court, today said that the company was making efforts to make the Sahagunj unit operational with industrial products in the first phase.
“We want to revive the company. We are trying to restart production Sahagunj in a phased manner starting with IP unit in the first phase. Also, there is a plan for a 15 MW power plant in Sahagunj, which is still awaiting clearances from the government,” Ashok Kumar Agarwal, one of the directors of the company who presided over the company's annual general meeting today told shareholders.
Operations at both Sahagunj (West Bengal) and Ambattur (Tamil Nadu) plants of the company are suspended from October, 2011 and February, 2012 respectively.
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Responding to a query from shareholders on what would DIL if the SC order goes against the company, he said, “We will take a decision at that point of time,” he added.
Agarwal and all company officials, however, evaded the media after the meeting. Pawan Kumar Ruia, the lead promoter of the company, who had resigned from the company's board, did not attend the meeting. The AGM was attended by some 20-30 shareholders and was wrapped up within half an hour.
On January 31 this year, Justice Sanjib Banerjee of Calcutta High Court had ordered winding up of the company. It had directed the official liquidator to take immediate possession of all of the company's assets and books of records, following an application from a Kerala-based partnership firm EV Mathai and Sons and many other creditors of the company.
However, by an order of Supreme Court, status quo is prevailing on the matters. The matter is still under review of the apex court.
However, Supreme Court later stayed the winding up order. The matter is still under review of the apex court.