Financial Daily from THE HINDU group of publications
Tuesday, Dec 10, 2002
Financial Daily from THE HINDU group of publications Tuesday, Dec 10, 2002 |
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Corporate
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Sick Units Money & Banking - Non-Performing Assets I am ready to quit, says Mardia Chem chief Our Bureau
Mr Rasiklal Mardia, CMD of Mardia Chemicals Ltd, addressing a press conference in the Capital on Monday.
NEW DELHI, Dec. 9 EXPRESSING keenness for reviving the fortunes of Mardia Chemicals Ltd (MCL), its Chairman, Mr Rasiklal Mardia, today said that he is even willing to quit his post for the welfare of the company and its shareholders. "Mardia Chemicals is like a child for me. I have lot of attachment with it. Even three years back I offered to step down from the board and told the institutions to appoint their nominee to run the company. Even that did not happen. I am again making that offer. I am ready to step down," Mr Mardia told newspersons here. Refuting allegations that MCL was "defaulter No 1", Mr Mardia said that MCL was facing the brunt of unfair treatment from the financial institutions, especially the erstwhile ICICI Ltd. "We have no intention of running away. All that I am asking for is fair treatment. We have been paying all our statutory dues like PF, etc. We have consistently been paying salaries to employees even though sometimes there have been delays." "While we have companies in this country in the private sector that have been getting loans rescheduled at least 5-6 times, MCL was not given this chance even once. Institutions continue to pick and choose their non-performing assets as default notices can be served only on NPA accounts," he said. Mr Mardia also claimed that he "had been picked up personally" as he had not in 1997-98 accepted some of the demands made on him. "They (institutions) wanted me to accept sale of our caustic chlorine facility to an industrial house. I did not consent to the sale as the facility is crucial for the integrated chemical complex that we have built," he said. He also said that the company had in 1995 purchased large piece of land in Dahej for manufacture of paraxylene, but could not initiate action on the project due to the problems emanating from MCL since 1997. Mr Mardia said that the Supreme Court was expected to take up for hearing the company's petition challenging the Securitisation Ordinance after four weeks. "In the November 29 hearing, it was decided to take up the matter again after four weeks," he said, adding that a revival package for MCL had already been submitted to the Board For Industrial and Financial Reconstruction (BIFR) without involving fresh disbursements from the banks and FIs.
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