Hindustan Organic Updates on rehabilitation plan

Hindustan Organic Chemicals Ltd has informed BSE that the Company has already started the implementation of Rehabilitation Plan (as approved by the Government) for restructuring of the Company. The Company may take on record the following:

1. As a part of Restructuring, the Company is in the process of starting of Caustic Soda / Chlorine Plant and its auxiliary, Engineering & Project Management Consultant have been appointed, orders have been processed for procurement of Imported Spares, consumable parts. Further, it is tentatively proposed to recommission the Caustic Soda Plant by the forth Quarter of the year 2007. (Oct - Dec 2007).

2. Further, as a part of implementation of Revival Package, the Company has settled the outstanding loan in respect of Bank of Baroda (VRS) and the outstanding dues of a number of Bond holders as per the Company approved Restructuring Scheme. The restructuring and repayment of the remaining Bond holders are still in the process.

3. The Company has introduced Voluntary Retirement Scheme (VRS) for its employees response is moderate.

4. Other actions are being taken in phased manner.

Source : Equity Bulls

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