BIFR circulates draft revival scheme on Citurgia Biochemicals

Citurgia Biochemicals Ltd has announced that the Hon'ble Board for Industrial and Financial Reconstruction (BIFR) had circulated a Draft Revival Scheme (DRS) vide its order dated June 28, 2006, in the matter of the Company, envisaging the revival of the Company on the basis of sale / development of part-property available at its Rishikesh plant, induction of a new co-promoter, viz. M/s. Elite Capital & Management Services Ltd., one-time settlement of secured lenders’ dues, recommencement of operations, VRS to existing workers, staff etc., payment of statutory dues and restructuring of other liabilities of the Company.

The objections / suggestions to the said DRS were considered by the Hon'ble BIFR at the hearing called on September 12, 2006, whereat the said DRS was sanctioned with some modifications as per decisions taken by Hon'ble BIFR at the said hearing and the Union Bank of India, the Operating Agency was directed to submit the modified revival scheme, to be circulated thereafter by BIFR as sanctioned scheme to all concerned parties. While the formal order in the said matter is awaited.

Source : Equity Bulls

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