BIFR orders Growel Times to wind up

NEW DELHI, NOV 9: Board for Industrial and Financial Reconstruction (BIFR) has ordered closure of the sick Growel Times Ltd as the company was not likely to remain viable in future.

A two-member bench of BIFR, comprising chairman P P Chauhan and member G Narayanan, said Growel Times was not likely to make its networth exceed its accumulated losses within a reasonable time, while meeting all its financial obligations and hence it was just, equitable and in public interest to wind it up.

The bench said the promoters of the sick company were not serious in reviving the company and despite ample opportunities did not have a rehabilitation proposal with means of finance fully tied for consideration.However, the company, in its submission, claimed that Titan Industries and Cenzer Industries had shown interest in taking over.