Ispat group company Ispat Profiles India is changing its name to Global Profiles. Further, promoters M L Mittal, P K Mittal, V K Mittal, and their nominee Vivek Sett, director (commercial) of group flagship Ispat Industries, have resigned from the board.
This has led to speculations that the Ispat group is distancing itself from Ispat Profiles following the company becoming sick. However, the group spokesperson could not provide an explanation.
Market sources said the group is dissociating itself from the company as it will be referred to the Board for Industrial and Financial Reconstruction (BIFR). The net worth of the company as at the end of the financial year, September 30, 2001, has been completely eroded.
Ispat Profiles India will place the resolution to change its name at the company
