BIFR pulls up PNFCL for slackness in revival

BIFR took serious note on the company/promoters and the state government for not showing their commitment for the revival of the sick company. quot;Their promoters and state govt. commitment or rather lack of it was established in response to a pointed query by the bench if they were willing to deposit Rs 25 crore in a no-lien account or were agreeable to settle the dues of FIs and banks by payment of at least 100 per cent loan along with 50 per cent of interest,quot; a recent BIFR order said.

Brar also CMD, Punjab State Industrial Development Corporation PSIDCsubmitted before the board in response to BIFR query that he was not in a position to make any commitment in this regard.

Following the lack of interest shown by PNFCL promoters and state government the two-member BIFR bench formed a prima-facie opinion that it was just and equitable in the public interest to wind up the company.

However, workers of PNFCL pleaded that winding up the company would affect them as they have been making sincere efforts for running the company.