Finolex Industries and BPCL restratined from using Jetty at Ratnagiri

Finolex Industries Ltd has announced that the Company owns a Jetty at Ratnagiri and the same is used for off-loading of raw material for manufacture of PVC Resin. The Jetty is also used by Bharat Petroleum Corporation Ltd for off-loading of Liquified Petroleum Gas [LPG].

On or around September 14, 2006, a carrier ship KEW Bridge carrying LPG for Bharat Petroleum Corporation Ltd got grounded about 1.5 Kms. away from the Company’s Jetty. Since then, various Government authorities as well as internationally reputed Salvage experts have been working to pull and navigate the ship from its present position. In a PIL Writ Petition, the High Court of Judicature at Bombay has passed an Order directing the concerned Naval and Coast Guard authorities to extend the help with regard to pulling and navigation of the ship KEW Bridge and also restrained the Company and Bharat Petroleum Corporation Ltd from using the Jetty at Ratnagiri until further orders or until KEW Bridge is pulled and navigated.

This order will affect the Company’s activities to the extent of its inability to off load the raw material till the above referred order gets vacated. The matter will come up for further consideration on October 04, 2006.

Source : Equity Bulls

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