The report being prepared by Ravi Rajan & Co to suggest a turnaround strategy for Modi Rubber Ltd will be ready later this month.
"The report will be available by the end of this month," said Modi Rubber chairman T Panduranga Rao.
Ravi Rajan & Co was appointed to work out a revival strategy for the company a few months ago.
Modi Rubber had reported a loss of Rs 43 crore for the financial year ended September 30, 2000, against a net profit of Rs 8.82 crore in the previous year.
The turnover of the company fell from Rs 942.27 crore in 1998-99 to Rs 812.44 crore in 1999-2000.
"This year has been the worst in the annals of your company," the directors' report attached to the 1999-2000 account reads.
Meanwhile, Modi Rubber director B K Modi said that he, along with his brother Vinay Kumar Modi, vice-chairman & managing director of the company, too is working on a revival strategy for the company revolving round increasing sales and cutting costs.
"We are together looking at how to revive the company. There are no issues between us," he said.
However, it is not clear as to when the Modi Rubber board will meet next to consider the changes in the board of directors consequent upon the successful completion of the open offer by the Modi brothers for a 35 per cent stake in the company at Rs 90 per share.
While Modi said that the board will meet after the shareholders have received their payment for participating in the offer, Rao said that it will happen after the picture about the open offer clears.
The Life Insurance Corporation, which had a 12 per cent stake in Modi Rubber, has moved the Bombay High Court against the sale of its stake to the Modi brothers on the grounds that the officials responsible for the act had not gone through the laid-down process.
At its meeting held on July 31, the Modi Rubber board had restored the powers of B K Modi. On July 28, the board, at its special meeting, had stripped him of his executive powers in the company and transferred the same to V K Modi.
On that day, three executives perceived to be close to B K Modi were suspended. It has now been left to the two Modi brothers to review the decision.
