Punjab Engineering wind-up proposed

	Financial Daily from THE HINDU group of publications Tuesday, August 29, 2000

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Punjab Engineering wind-up proposed

Our Bureau

NEW DELHI, Aug. 28

THE Board for Industrial and Financial Reconstruction (BIFR) has proposed the winding up of Punjab Engineering & Cutting Tools Ltd.

The board had formed a prima facie opinion that the sick company could not be revived on a long-term basis and it was just and equitable that it was wound up, the Bench said.

The Bench also observed that there was no viable and agreed rehabilitation proposal with means of finance fully tied-up for consideration before it despite sufficient opportunities allowed to all concerned. It also noted that no other party was available to takeover the unit.

Priya Textiles

BIFR has formed a prima facie opinion of winding up Priya Textiles Ltd.

The Bench noted that there was no viable and agreed rehabilitation proposal with means of finance fully tied-up for consideration before the board despite sufficient opportunities allowed to all concerned.

It further noted that no other party was available to takeover the unit. Having explored and exhausted all possibilities of rehabilitating the company, the Bench has proposed winding up of the company.